2003/06/10 City Council Resolution (10)RESOLUTION NO. 2003-139
A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK APPROVING
A CONTRACT WITH OLIVER CONSULTING FOR ACTUARIAL SERVICES
WHEREAS, the City provides health benefits to qualified
retirees; and
WHEREAS, the City has established a reserve to fund future
retiree health costs; and
WHEREAS, in 1999, Oliver Consulting prepared performed an
actuarial study on retiree health costs to determine the required
reserve balance and unfunded liability; and
WHEREAS, the study showed that the City's reserve
requirement was $8,968,000 and that a $821,000 annual
contribution for thirty years was necessary to adequately fund
the reserve; and
WHEREAS, the City has been unable to fully meet the annual
contribution due to the City's financial condition; and
WHEREAS, the economic and demographic projections factored
in the study vary significantly from current data due to the
dramatic rise in health care costs, major changes in the economy
and unanticipated recent events; and
WHEREAS, Oliver Consulting has submitted a proposal to
update the 1999 actuarial study based on current data and
industry trends to reflect a more accurate reserve requirement
for a cost not to exceed $6,000.
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
award the contract for actuarial services to Oliver Consulting.
DULY AND REGULARLY ADOPTED by the Rohnert Park City Council
this 10th day of June, 2003.
ATTEST: CITY OF ROHNERT PARK
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Dep City Clerk
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My
MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE FLORES: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)