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File #: 2021-1832    Version: 1
Type: Resolution Status: Passed Finally
File created: 9/3/2021 In control: Committee on Finance and Law
On agenda: 9/7/2021 Final action: 9/21/2021
Enactment date: 9/21/2021 Enactment #: 588
Effective date: 9/22/2021    
Title: Resolution amending Resolution 261 of 2018 which authorized the Mayor and the Director of the Department of Finance to enter into an agreement or agreements with Korn Ferry Hay Group, Inc. to provide actuarial services for the City of Pittsburgh to include the required quadrennial experience study at an additional cost not to exceed Forty Five Thousand Dollars ($45,000).
Indexes: AGREEMENTS (AMENDING)
Attachments: 1. 2021-1832 Cover Ltr Letter Korn Ferry Experience Study, 2. Summary 2021-1832
Title
Resolution amending Resolution 261 of 2018 which authorized the Mayor and the Director of the Department of Finance to enter into an agreement or agreements with Korn Ferry Hay Group, Inc. to provide actuarial services for the City of Pittsburgh to include the required quadrennial experience study at an additional cost not to exceed Forty Five Thousand Dollars ($45,000).

Body
Be it resolved by the Council of the City of Pittsburgh as follows:

Section 1. Resolution 261 of 2018 entitled, "Resolution authorizing the Mayor and the Director of the Department of Finance to enter into an agreement or agreements with Korn Ferry Hay Group, Inc. to provide actuarial services for the City of Pittsburgh for two years, with an optional two year extension, at a total cost not to exceed Four Hundred Thousand Dollars ($400,000.00)," is hereby amended as follows:

The Mayor and the Director of Finance, on behalf of the City of Pittsburgh, are hereby
authorized to enter into an agreement or agreements with Korn Ferry Hay Group, Inc. to provide actuarial services for the City of Pittsburgh for the years 2018 and 2019, with an optional two year extension for 2020 and 2021, study at a cost not to exceed One Hundred Thousand Dollars ($100,000.00) per year, and perform the City's quadrennial experience study at a cost not to exceed Forty Five Thousand Dollars ($45,000.00) subject to annual appropriation by City Council for future years.

Funds shall be paid from the following accounts:

$100,000.00 from 11101.107000.53.53501.2018
$100,000.00 from 11101.107000.53.53501.2019
$100,000.00 from 11101.107000.53.53501.2020
$100,000.00 from 11101.107000.53.53501.2021
$45,000.00 from 11101.107000.53.53501.2021

Section 2. The Comprehensive Municipal Pension Trust shall reimburse the City annually for actuarial services provided to the pension plans through this Agreement. The City Controller is directed to deposit these reimbursements to the following JDE accounts:

Police: 11101.10...

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