Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Valuation Services topic
No spam. Unsubscribe anytime.
Council approves consulting contracts for pension valuations; conversion study to RSA also funded
Summary
The council authorized Kevin O. McDonald Consulting to provide GASB valuation services for police and fire pensions and approved a separate valuation to estimate costs of converting local pensioners to RSA membership.
The Tuscaloosa City Council voted to authorize an agreement with Kevin O. McDonald Consulting for GASB valuation services for the city's police and fire pension plans and other postemployment benefit reporting. The council also approved a separate valuation contract to analyze the cost implications of converting current police and fire pension retirees to membership in the Retirement Systems of Alabama (RSA).
The nut graf: the two contracts cover routine actuarial and accounting services required for GASB 67/68/75 reporting and a conversion study to inform potential pension plan changes; council members asked about funding sources to pay for the work and were told part of the cost would come from council outside-services funds.
City staff told the council the GASB 67/68/75 valuation contract is the same as last year and is $24,200. Staff described that contract as covering the city's accounting and financial reporting obligations for pension plans and other postemployment benefits. The council approved the item by voice vote; no roll-call tally was provided in the public transcript.
A second contract with the same consulting firm was presented to perform a valuation related to converting the police and fire pension plan into RSA membership. Staff described the amount for that work in discussion but the transcript’s phrasing was unclear; staff and council referenced using a portion of council outside-services funds to pay the cost. Council approved the conversion valuation item by voice vote; no detailed vote tally was recorded in the meeting transcript.
Ending: Staff said the conversion valuation will help the city understand the fiscal impact on current pensioners if a conversion to RSA occurs; the study's results and funding-source clarifications will be reported back to the council when available.
