HomeMy WebLinkAboutMINUTES - 06242014 - C.73RECOMMENDATION(S):
APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract amendment/extension
with Buck Consultants, LLC, effective June 18, 2014, to modify the general conditions language and extend the
contract term from June 30, 2014 through June 30, 2016 with no change in the contract payment limit of $200,000, to
provide pension planning consulting.
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.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 06/24/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYES 5 NOES ____
ABSENT ____ ABSTAIN ____
RECUSE ____
Contact: Lisa Driscoll, County Finance Director
(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: June 24, 2014
David J. Twa, County Administrator and Clerk of the Board of
Supervisors
By: Chris Heck, Deputy
cc: Robert Campbell, County Auditor-Controller
C. 73
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 24, 2014
Contra
Costa
County
Subject:Pension Plan Consulting Contract Extension
BACKGROUND: (CONT'D)
Buck is an expert in Pension Liability Management, and this contract amendment/extension will allow the County to
continue working with Buck to address rising pension costs. Language in Section 9, Disputes, was revised to reflect
Buck Consultants' internal contract requirements.
CONSEQUENCE OF NEGATIVE ACTION:
The County will not have the actuarial expertise to develop alternative benefit formulas.
CHILDREN'S IMPACT STATEMENT:
Not applicable.