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Oklahoma County trustees approve $275,000 judgment purchase, renew pension administration contracts
Summary
Trustees authorized buying a $275,000 judgment at the request of the district attorney and approved renewals for pension administration and audit services, including a $250 increase for the actuary/CPIC and an audit fee increase to $6,000.
Oklahoma County trustees approved a series of financial and administrative items on the consent docket, including purchasing a $275,000 judgment requested by the district attorney and renewing contracts for pension administration and the county's pension actuary.
Butch Freeman told trustees the district attorney asked the county if it would buy a $275,000 judgment; Freeman said the county has the liquidity to do so and moved approval of item 6. The motion was seconded and approved by voice vote.
John Wilkerson reported the Bank of Oklahoma forfeiture account had a balance of $1,500,000 at the end of April. Wilkerson also asked for approval of a no-change renewal with Bank of Oklahoma to administer the county's defined-contribution retirement account; trustees approved the renewal.
Wilkerson said the county's actuary, Sageview, has renamed to CPIC and the renewal cost will rise by $250 this fiscal year (from $12,150 to $12,400) for annual disclosures and the required calculation of the minimum contribution to the pension plan; trustees approved that renewal. Wilkerson also noted the pension-plan audit firm's fee increased to $6,000; the board approved that item as part of the consent docket.
What happens next: Contracts and purchases approved at the meeting will be processed in standard county administrative channels; trustees gave voice approval on these items during the consent portion of the meeting.
