S76-H10475-A2 - Approve a first amendment to Ordinance No. 2015-0721 for the Sole Source contract (4600013411) between the City of Houston and Retirement Horizons, Inc. to extend the contract term from June 30, 2018 to June 30, 2019 for pension actuarial consulting services for the Finance Department.
Specific Explanation:
The Finance Director and the Chief Procurement Officer recommend that City Council approve a first amendment to Ordinance No. 2015-0721 for the Sole Source contract between the City of Houston and Retirement Horizons, Inc. (RHI). This Amendment extends the contract term from June 30, 2018 to June 30, 2019 for pension actuarial consulting services for the Finance Department.
The contract was awarded on July 29, 2015 by Ordinance No. 2015-0721 for a two-year term with a one-year option to renew in an amount not to exceed $1,000,000.00. It was amended by Ordinance No. 2017-329 on May 16, 2017 to increase the maximum contract amount from $1,000,000.00 to $1,450,000.00. As of May 24, 2018, expenditures total $1,221,913.00. The current contract is in effect until June 30, 2018 and this one-year extension is necessary to develop a new contract for services.
RHI has gained unique in-depth institutional knowledge of the pension challenges facing the City of Houston by performing independent actuarial audits, independent replication of actuarial valuations, analysis of alternative actuarial assumptions and methods. In addition, RHI continues the study of possible plan design alternatives, actuarial analysis and consulting support for pension negotiations. RHI has developed proprietary actuarial modeling system and gathered and input the employee data necessary to complete many of the overall tasks.
M/WBE Participation:
M/WBE zero-percentage goal document approved by the Office of Business Opportunity.
Fiscal Note:
No significant Fiscal Operating impact is anticipated as a result of this project.
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Jerry Adams, Chief Procurement Officer
Finance/Strategic Procurement Division
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Department Approval Authority
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