TITLE
Recommendation to adopt resolution authorizing City Manager to execute an agreement and all related documents with Bartel Associates, LLC to provide actuarial services for the Public Agency Retirement System (PARS) Defined Benefits Plan Trust, in an amount not to exceed $25,000 annually. (Citywide)
DISCUSSION
The City's temporary and contract employees receive retirement benefits through the Public Agency Retirement System (PARS) Defined Benefit Plan Trust (Plan). PARS, the Trust Administrator, is a 401 (a) tax-qualified multiple employer trust composed of various California governmental agencies including cities, school districts, community colleges, counties and other special districts.
Since the Plan's inception, Bartel Associates, LLC has performed the actuarial function under a consolidated contract with PARS. To increase transparency, the attached Resolution segregates the services of Bartel Associates, LLC into a separate contract. PARS has been and will remain responsible for the day-to-day administration of and record-keeping for the Plan. Union Bank of California N.A. is the trustee for the Plan, and is responsible for investing contributions, safeguarding assets and distributing benefits to eligible Plan participants or their beneficiaries.
Bartel Associates, LLC has assisted the City with California Public Employees Retirement System (CaIPERS) and PARS actuarial valuations since 1992. Bartel Associates, LLC is the premier actuarial services provider to cities, based on their particular expertise on CalPERS issues, and have proven to be an extremely valuable resource for the City. A primary function of actuarial professionals is to ensure the Plans' trust estates are sufficient to meet the projected benefit obligation to the participants. Additionally, Bartel Associates, LLC is an expert in Other Post Employment Benefits and defined-contribution retirement plans. Bartel Associates, LLC is currently advising the City on these issues as well...
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