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Subcommittee approves two-year extension for Osborne Carrero actuary contract
Summary
The ALC executive subcommittee approved a two-year extension of the contract with Osborne Carrero and Associates, the actuary used by the joint retirement committee, keeping the maximum not-to-exceed amount at $175,000; final approval will be at the ALC meeting on May 22.
The ALC executive subcommittee voted to approve a two-year extension of the contract with Osborne Carrero and Associates, the actuarial firm used by the joint retirement committee, keeping the contract’s maximum at $175,000.
Jill Thayer, Bureau of Legislative Research, told the subcommittee members that the firm provides the actuarial statements on bills for the joint retirement committee and that “the maximum contract amount is $175,000,” adding, “it’s my understanding we’ve never reached that maximum amount in the years that we’ve been utilizing them.”
Thayer said that if the subcommittee approved the extension, “the final approval will be by ALC at its meeting on May 22.” The motion to approve passed on a voice vote.
No detailed vote tally was recorded in the transcript. The subcommittee did not identify any amendments to the contract amount or scope during the discussion.
The contract extension preserves the current maximum compensation level while continuing the bureau’s relationship with the firm that prepares retirement-related actuarial statements; the bureau will forward the approved item for final action at the May 22 ALC meeting.
