Title
Chief Administrative Office recommending the Board:
1) Make findings that the provision of pension actuarial software and services provided by GovInvest Inc. are in the public's best interest and that there are specialty skills, qualifications, and equipment not expressly identified in County classifications involved in the performance of the work in accordance with El Dorado County Ordinance Code, Chapter 3.13.030(B);
2) Approve and authorize the Chief Administrative Officer to sign the attached Actuarial Services and Technology Licensing Agreement 8089 with GovInvest Inc., in the total amount of $98,750, for a term of five years from October 15, 2023, through October 14, 2028, with annual fees of $19,750; and
3) Authorize the Purchasing Agent to execute any necessary amendments relating to Agreement 8089, excluding term extensions and increases to the not-to-exceed amount, contingent upon approval by County Counsel and Risk Management.
FUNDING: General Fund.
Body
DISCUSSION / BACKGROUND
The Chief Administrative Office and Human Resources Department currently have Agreement 3428 with GovInvest for their Pension Module, which offers the ability for staff to conduct detailed CalPERS financial impact analyses and modeling of various scenarios. On October 9, 2018, with Legistar item 18-1541, the Board approved Agreement 3428 which was executed on October 15, 2018, for a five-year term. The Chief Administrative Office and Human Resources Department determined that the costs for these services moving forward should fall under the Chief Administrative Office.
GovInvest provides financial analysis tools that relate to CalPERS costs and liabilities. The availability of this technology tool will continue to allow staff to conduct detailed cost analysis and future projection analyses in-house and when needed. Without this tool, this type of analysis would be either contracted-out, conducted by hand using basic spreadsheets (demanding more staff time yet yieldi...
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