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Council approves $35,408 payment for required actuarial study related to employee retirement benefits
Summary
Council authorized paying Gabriel Ro(t)er Smith and Company $35,408 for an actuarial cost study required by law to evaluate proposed enhanced retiree benefits and to settle a prior invoice for services performed under a 2020 contract.
Pontiac City Council authorized a single payment totaling $35,408 to Gabriel Ro(t)er Smith and Company to fund an actuarial cost study required by state law before increasing certain retiree benefits and to settle additional services tied to a 2020 contract. Administration said roughly $13,500 covers the new cost study and the remainder addresses past services and termination valuation work. The city consulted outside counsel and pension experts and concluded the expense is legitimate; council approved the payment unanimously.
