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Board approves one-year extension with Segal for actuarial services
Summary
The retirement board approved the optional one-year extension in Segal Company's actuarial services agreement to cover valuations and GASB reporting while staff prepares a longer-term contract next year.
The board approved an optional one-year extension with Segal Company to continue actuarial work that includes actuarial valuations and GASB '67 and '68 reporting.
"Approval of the optional year… will allow Segal to continue their service to the board with respect primarily to the actuarial valuation, the GASB '67 and '68 report, and their annual cost of living report," staff said when presenting the item. The extension was moved, seconded and the motion carried without recorded opposition.
Staff told trustees Segal will return next year with a proposed new contract for longer-term actuarial services; the one-year extension bridges service continuity while the procurement or contract negotiations proceed.
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