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Imperial County Board of Retirement approves extension of actuarial contract with Segal
Summary
The Board approved an amendment extending the Segal Company actuarial contract for an additional five years with one optional year. The amendment was presented as a formal amendment to the original agreement and approved by motion.
The Imperial County Board of Retirement voted June 18 to approve an amendment extending its actuarial services contract with the Segal Company.
Retirement Administrator Scott (staff member) told trustees that counsel and staff concluded it was appropriate to present the change as an amendment to the existing agreement rather than a new contract. Scott said the amendment “was to include the extension of Segal’s new term for an additional 6 years. Again. Well, 5 plus an optional year.”
Trustee David H. Prince made the motion to accept the amendment; Suzanne Bermudez seconded it. The board approved the motion by voice vote.
The board packet included a supplemental handout with the amendment language, and staff indicated the item was ready for approval at the meeting. No additional fiscal detail about cost changes to the contract was given during the public discussion.
The board then moved on to other agenda items.
(For context: the board considered this amendment as a modification to the original Segal agreement rather than as a new procurement.)
