HomeMy WebLinkAboutMINUTES - 04242012 - C.61RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract with Buck Consultants in
an amount not to exceed $200,000 for pension plan consulting for the period of July 1, 2012 through June 30, 2014.
FISCAL IMPACT:
The cost of the contract will be paid out of the cost center for employee pensions and benefits.
BACKGROUND:
In 2009, the County contracted with Buck for pension plan counsulting in an effort to mitigate increasing retirement
costs. Buck was tasked with analyzing the current pension plan structure and developing alternative benefit formulas
that might provide the County long-term savings. Additionally, they were asked to develop recommendations to assist
the County in managing and mitigaing its short-term and long-term retirement costs.
The original contract was for a three year period. The County wishes to renew the contract for an additional two year
term.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 04/24/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Gayle B. Uilkema, District II
Supervisor
Contact: Lisa Driscoll, 925-335-1023
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: April 24, 2012
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Carrie Del Bonta, Deputy
cc: Robert Campbell, County Auditor-Controller
C. 61
To:Board of Supervisors
From:David Twa, County Administrator
Date:April 24, 2012
Contra
Costa
County
Subject:CONTRACT with Buck Consultants LLC for Pension Planning Consultation
BACKGROUND: (CONT'D)
Buck is an expert in Pension Liability Management. This contract will allow the County to continue to address rising
pension costs which are unsustainable in their present form.
CONSEQUENCE OF NEGATIVE ACTION:
The County would not have the acturial expertise to develop alternative benefit formulas.
CHILDREN'S IMPACT STATEMENT:
None.