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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/9/2014
ALL
Item Creation Date:
FIN-RHI Items - Pension Actuarial Consulting Services Agreement
Agenda Item#: 13.
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| | | | | | | | Summary:
ORDINANCE amending Ordinance 2012-684 to increase the maximum contract amount to the Pension Actuarial Consulting Services Agreement between the City and RETIREMENT HORIZONS INC. |
| | | | | | | | Background:
On August 1, 2012, City Council approved a contract with RETIREMENT HORIZONS INC. (RHI) for pension actuarial services, Ordinance 2012-0684 in the amount of $395,000. RHI assists in the independent actuarial audits of each of the three retirement systems sponsored by the City of Houston (Houston Firefighter's Relief and Retirement Fund (HFRRF), Houston Police Officers' Pension System and Houston Municipal Employees Pension System). The Finance Department is requesting the current contract amount of $395,000 be increased by $200,000 for a new maximum contract amount of $595,000. the increase is needed to continue to evaluate the health of the HFRRF pension system.
RHI is retained for providing actuarial consulting services under a two-year contract with a one year renewal option and is funded through the contingency line item in General Government Fund.
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| | | | | | | | Prior Council Action:
Ordinance 2012-0684, August 1, 2012 |
| | | | | | | | Amount of Funding:
Current Maximum Contract Amount $395,000
Increase Amount $200,000
New Contract Maximum Amount $595,000
General Government Fund (9900) |
| | | | | | | | Contact Information:
Kelly Dowe
832.393.0951 |
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