Title
Resolution relative to approving an Agreement with Key Benefit Concepts for completion of a subsequent study on the Other Post Employee Benefit (OPEB) Valuation in an amount not to exceed $8,000.
Body
WHEREAS, the Government Accounting Standards Bureau (GASB) requires public entities to complete an actuarial liability study of Other Post Employee Benefit (OPEB) valuation; and,
WHEREAS, Key Benefit Concepts completed the original OPEB valuation study for the City in February 2009 (January 1, 2008 valuation date), and the second OPEB valuation study for the City in February 2011 (January 1, 2010 valuation date); and,
WHEREAS, every two years the OPEB valuation needs to be updated; and,
WHEREAS, the subsequent studies are more complex than the initial studies and require more work than merely updating employees, which result in almost a complete redoing of the previous report; and,
WHEREAS, Key Benefit Concepts is uniquely qualified to perform this subsequent valuation study because of it having done the initial study and its familiarity with the City's other post employee benefit plans, justifying this selection on a sole source basis; and,
WHEREAS, Key Benefit Concepts has quoted a reasonable price of $7,600-$7,900 to do this third OPEB Subsequent Valuation Study.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the attached Agreement in an amount not to exceed $8,000 between the City and Key Benefit Concepts be and is hereby approved.
BE IT FURTHER RESOLVED by the Common Council of the City of West Allis that the proper City officials are hereby authorized and directed to execute said agreement on behalf of the City.
ADM\ORDRES\ADMR442