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FINANCIAL MANAGEMENT DEPARTMENT <br /> #2010-08 <br /> DATE: February 16, 2010 <br /> TO: Honorable Mayor Michael T. McElroy a City Council Members <br /> FROM: Ryan P. McCrady, City Manager <br /> Ron Neufeld, Financial Management Director <br /> SUBJECT: Actuarial Services <br /> � <br /> The City sent an RFP for actuarial services to seven firms requesting bids to provide <br /> actuarial services over a five year period. The bid was to include the initial year, with four <br /> renewal periods. The current contract with Milliman has ended. The seven firms receiving <br /> RFP's were as follows: <br /> Gabriel Roeder Smith & Co. <br /> Milliman Actuary <br /> MWM Consulting <br /> Sandor Goldstein & Associates <br /> Segal Company <br /> Tim Sharpe, Actuary <br /> Tepfer Consulting Group <br /> Only the firms of Gabriel Roeder Smith, Milliman Actuary, Sandor Goldstein and Segal <br /> Company submitted bids. The recap of the bids is as follows: <br /> Gabriel <br /> Roeder Milliman Sandor Segal <br /> Smith Actuary Goldstein Company <br /> Fiscal Year Ending April 30, 2010 $ 11,500 $ 16,800 $ 6,000 $ 25,600 <br /> Fiscal Year Ending April 30, 2011 11,500 17,000 6,000 25,600 <br /> Fiscal Year Ending April 30, 2012 11,500 17,200 6,300 26,400 ' <br /> Fiscal Year Ending April 30, 2013 11,500 17,400 6,300 27,200 <br /> Fiscal Year Ending April 30, 2014 11,500 17,600 6,300 28,000 <br /> TOTAL FOR FIVE YEARS $ 57,500 $ 86,000 $30,900 $132,800 <br /> The City paid Milliman $16,800 for the actuarial services they provided for fiscal year <br /> ending April 30, 2009. This year Sandor Goldstein has submitted the low bid of $6,000. <br /> Attached is a resolution accepting the bid of Sandor Goldstein in the amount of$6,000. <br />