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HomeMy WebLinkAboutR-90-08510 f J-90-964 10/3 1/9 0 RESOLUTION NO. 90__ 951 A RESOLUTION, WITH ATTACHMENT S), AUTHORIZING THE CITY MANAGER TO EXECUTE A PROFESSIONAL SERVICES AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH THE FIRM OF A. FOSTER HIGGINS & CO., INC., FOR EXPERT ACTUARIAL ASSISTANCE IN PENSION MATTERS AT A COST NOT TO EXCEED $25,000 WITH FUNDS THEREFOR ALLOCATED FROM THE FY 190-91 PENSION ADMINISTRATION TRUST FUND, ACCOUNT NO. 440103-270, PROJECT NO. 681001. WHEREAS, the City of Miami is concerned about the fiscal stability of its municipal operation; and WHEREAS, State laws require annual actuarial valuation reports; and WHEREAS, the City of Miami must make contributions on an actuarial basis to the pension plans of its employees; and WHEREAS, the firm of A. Foster Higgins & Co., Inc. has expertise in the area of pension and is extr•_nely knowledgeable about the City's pension program; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City Manager is hereby authorized to execute a professional services agreement,/ in substantially the attached form, with the firm of A. Foster Higgins & Co., Inc., for expert actuarial assistance in pension matters at a cost not to exceed $25,000, with funds therefor being hereby allocated The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. FR�� CSTTTA H co �^��I�-IE- CITY COD.'MSSION MEETING OF N 0 V 8 1990 UT,� - ski 1 from the FY '90-91 Pension Administration Trust Fund, Account No. 440103-270, Project No. 681001. Section 3. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 8th day of November , 1990. t XAVIER L. S AREZ, YOR ATTES . MAT HIRAI CITY CLERK BUDGETARY REVIEW: MANOHAR lS/ j/ANA, DIRECTOR DEPARTMENT W)F/ BUDGET FINANCIAL R7VIEW: Gin, c.`Z CARLOS . GARCIA, DIRECTOR DEPARTMENT OF FINANCE APPROVED AS TO FORM AND CORRECTNESS: JO E L. NANDEZ CITY ATTOR EY bss:M1817 90-- 851 -2- PROFESSIONAL SERVICES AGREEMENT This Agreement entered into this — day of 1990, by and between the City of Miami, a municipal corporation of the State of Florida, hereinafter referred to as "CITY" and A. Foster Higgins & Co., Inc. hereinafter referred to as "CONSULTANT". RECITAL: WHEREAS, THE CITY OF MIAMI, FLORIDA, requires professional services, in the nature of actuarial consulting; and WHEREAS, the CONSULTANT has expressed a desire to perform the required actuarial services for the CITY; and WHEREAS, the City Commission authorized the City Manager to negotiate and execute a professional service agreement by Resolution No. . NOW, THEREFORE, in consideration of the promises and the mutual convenants and obligations herein contained, and subject to the terms and conditions hereinafter stated, the parties hereto understand and agree to follows: TERM The term of this Agreement shall be from October 1, 1990 through September 30, 1991. II. SCOPE OF SERVICE The CONSULTANT i«ay provide the following professional services as part of this Agreement, as needed: (1) Assist the City Administration in the preparation of policies related to the City's pension plans. (2) Present and explain pension policies to the City Commission. (3) Prepare special actuarial reports for both City pension plans. (4) Analyze and explain to the City Administration and the City Commission actuarial requireinents as proposed by WHEN RETURNING FOR FUNTI R both pension plans. REVIEW, PLLXA IDENTIFY AS JQ- 851 (5) Prepare funding alternatives for the City's pension plans. (6) Assist the City Administration in complying with the requirements of Florida's Public Employee's Retirement Benefits Act. (7) Keep City Administration informed on Federal and State laws affecting pension plans. (8) Provide expert testimony in litigations related to pension matters, including but not limited to methodology and soundness of pension systems. (9) Other pension related activities and additional work as required by the City Manager. III. COMPENSATION (A) The CITY shall pay the CONSULTANT, as compensation for the services required pursuant to Paragraph 2 hereof, a fee not to exceed Twenty Five Thousand Dollars ($25,000), to be calculated and billed upon a time and expense basis based on the CONSULTANT'S standard hourly rate schedules and expense charges which, at this date, are approximately as follows: (1) Professional fees - hourly rates October 1, 1990 - September 30, 1991 Chief actuary $ 252.00 Senior consultants/actuaries 140.00 - 200.00 Consultants/actuaries 106.00 - 139.00 Junior consultants/actuaries 71.00 - 105.00 Actuarial associates/senior administrative staff 34.00 - 70.00 Computer systems manager 85.00 - 135.00 Statisticians/clerical 22.00 - 33.00 (2) Computer expense charges - 150% of costs is charged directly to the client accounts; of which the 50% margin covers unassigned overhead costs associated with computer processing; efforts relating to generalized sub -routine development and analysis, training, terminal maintenance, 90- 851 -2- 4V record keeping, auditing of invoice charges, management, etc. (3) Additional expense costs not included in professional fees (other than computer charger) - 100% of the cost for the items listed below are charged directly to the client account without additional margin. (a) copying/printing (b) postage (c) telephone (d) delivery (e) travel (B) Such fee shall be paid upon submission by the CONSULTANT of monthly billings; such monthly billings shall be paid within fifteen (15) days of submission by the CONSULTANT. The CITY shall have the right to review and audit the time records and related records of the CONSULTANT pertaining to any such billings. (C) Notwithstanding the above rates or the time and cost involved, the CONSULTANT shall be reimbursed for attending meetings in Miami at a cost not to exceed rive hundred & Twenty Five Dollars ($525.00) for any one meeting. All expenses relating to travel shall be approved in advance by the CITY. (D) The CONSULTANT and the CITY hereby agree that the maximuri amount payable under this contract shall not exceed twenty five thousand dollars ($25,000), and that any party may immediately and at any time terminate this Agreement when the costs hereinabove reaches twenty five thousand dollars. (E) City shall have the right to review and audit the time records and related records of CONSULTANT pertaining to any payment by the CITY. IV. COMPLIANCE WITH FEDERAL, STATE AND LOCAL LAWS: Both parties shall comply with all applicable laws, ordinances, and codes of Federal, State, and Local Government. �3- 90-- 851 Mom, V. GENERAL CONDITION% A. All notices or other cormnunications which shall or may be given pursuant to this Agreement shall be in writing and shall be delivered by personal service, or by registered mail addressed to the other party at the address indicated herein or as the same may be changed fro►n time to time. Such notice shall be deemed given on the day on which personally served; or, if by mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier. CITY OF MIAMI CONSULTANT City of Miami A. Foster Higgins & Co., Inc. 3500 Pan American Drive 1800 K Street, N. W., Suite 500 Miami, Florida 33133 Washington, D.C. 20006 B. Title and Paragraph headings are for convenient reference and are not part of this Agreement. C. In the event of conflict between terms of this Agreement and any terms or conditions contained in any attached documents, the terms in this Agreement shall rule. D. No waiver or breach of any provision of this Agreement shall constitute a waiver of any subsequent breach of the same or any other provision hereof, and no waiver shall be effective unless inade in writing. E. Should any provision, paragraphs, sentences, words or phrases contained in this Agreement be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State of Florida or the City of Miami, such provisions, paragraphs, sentences, words or phrases shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable to conform with such laws, then same shall be deemed severable, and in either event, the remaining terms and provisions of this Agreement shall remain unmodified and in full force and effect. 90- 851 -4- LA �3 VI. OWNERSHIP OF DOCUMENTS: All documents developed by the CONSULTANT under this Agreement shall be delivered to CITY by said CONSULTANT upon completion of the services required pursuant to paragraph II hereof and shall become the property of CITY, without restriction or limitation on its use. CONSULTANT agrees that all documents maintained and generated pursuant to this contractual relationship between CITY and CONSULTANT shall be subject to all provisions of the Public Records Law, Chapter 119, Florida Statutes. It is further understood by and between the parties that any -11 information, writings, maps, contract documents, reports or any other matter whatsoever which is given by CITY to CONSULTANT pursuant to this Agreement shall at all times remain the property of CITY and shall not be used by CONSULTANT for any other purposes whatsoever without the written consent of CITY. VII. NONDELEGABILITY That the obligations undertaken by CONSULTANT pursuant to this Agreement shall not be delegated or assigned to any other person or firm unless CITY shall first consent in writing to the performance or assignment of such service or any part thereof by another person or firm. AUDIT RIGHTS CITY reserves the right to audit the records of CONSULTANT at any time during the performance of this Agreement and for a period of one year after final payment is made under this Agreement. IX. AWARD OF AGREEMENT CONSULTANT warrants that he/she has not employed or retained any person employed by the CITY to solicit or secure this Agreement and that he/she has not offered to pay, paid, or 90-- 851 -5- agreed to pay any person employed by the CITY any fee, commission percentage, brokerage fee, or gift of any kind contingent upon or resulting from the award of this Agreement. X. CONSTRUCTION OF AGREEMENT This Agreement shall be construed and enforced according to the laws of the State of Florida. XI. SUCCESSORS AND ASSIGN This Agreement shall be binding upon the parties herein, their heirs, executors, legal representatives, successors, and assigns. XII. INDEMNIFICATION CONSULTANT shall indemnify and save CITY harmless from and against any and all claims, liabilities, losses, and causes of action which may arise out of CONSULTANT'S activities under this Agreement, including all other acts or omissions to act on the part of CONSULTANT, including any person acting for or on his/her behalf, and, from and against any orders, judgements, or decrees which may be entered and from and against all costs, attorney's fees, expenses and liabilities incurred in the defense of any such claims, or in the investigation thereof. CONFLICT OF INTEREST A. CONSULTANT covenants that no person under its employ who presently exercises any functions or responsibilities in connection with this Agreement has any personal financial interest, direct or indirect with CITY. CONSULTANT further covenants that, in the performance of this Agreement, no person having such conflicting interest shall be employed. Any such interest on the part of CONSULTANT or its employees, must be disclosed in writing to CITY. 90- 85►1 -6- B. CONSULTANT is aware of the conflict of interest laws of the City of Miami (City of Miami Code Chapter 2, Article V), Dade County, Florida (Dade County Code Section 2-11.1) and the State of Florida, and agrees that it shall fully comply in all respects with the terms of said laws. XIV. INDEPENDENT CONTRACTOR CONSULTANT and its employees and agents shall be deemed to be independent contractors, and not agents or employees of CITY, and shall not attain any rights or benefits under the Civil Service or Pension Ordinances of CITY, or any rights generally afforded classified or unclassified employees; further he/she shall not be deemed entitled to the Florida Worker's Compensation benefits as an employee of CITY. XV. TERMINATION OF CONTRACT CITY retains the right to terminate this Agreement at any time prior to the completion of the services required pursuant to paragraph II hereof without penalty to CITY. In that event, notice of termination of this Agreement shall be in writing to CONSULTANT, who shall be paid for those r services performed prior to the date of his/her receipt of notice of termination. In no case, however, will CITY pay CONSULTANT an amount in excess of the total sum provided by this Agreement. It is hereby understood by and between CITY and CONSULTANT that any payment made in accordance with this Section to CONSULTANT shall be made only if said CONSULTANT is not in default. If said CONSULTANT is in default then CITY shall in no way be obligated and shall not pay to CONSULTANT any sum whatsoever.. XVI. NONDISCRIMINATION CONSULTANT agrees that it shall not discriminate as to race, sex, color, creed, or national origin or handicap in connection with his/her performance under this Agreement. 90- 8,1 -7- XVII. MINORITY PROCUREMENT COMPLIANCE CONSULTANT acknowledges that he/she has been furnished a copy of Ordinance No. 10062, the Minority Procurement Ordinance of the City of Miami, and agrees to comply with all applicable substantive and procedural provisions therein, including any amendments thereto. XVIII. CONTINGENCY CLAUSE Funding for this Agreement is contingent on the availability of funds and continued authorization for program activities and is subject to amendinent or termination due to lack of funds, or authorization, reduction of funds, and/or change in regulations. XIX. DEFAULT PROVISION In the event the CONSULTANT shall fail to comply with each and every term and condition of this Agreement or fails to perform any of the terms and conditions contained herein, then CITY, at its sole option, upon written notice to CONSULTANT may cancel and terminate this Agreement, and all payments, advances, or other compensation paid to CONSULTANT by CITY while CONSULTANT was in default of the provisions herein contained, shall be forthwith returned to CITY. XX. ENTIRE AGREEMENT This instrument and its attachments constitute the sole and only Agreement of the parties hereto relating to said grant and correctly sets forth the rights, duties, and obligations of each to the other as of its date. Any prior agreements, promises, negotiations, or representations not expressly set forth in the Agreement are of no force of effect. XXI. AMENDMENTS No amendments to this Agreement shall be binding on either party unless in writing and signed by both parties. go- 851 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by the respective officials thereunto duly authorized, this the day and year first above written. ATTEST: MATTY HIRAI, CITY CLERK _ __ ATTEST: CORPORATE SECRETARY APPROVED BY: HUMBERTO HERNANDEZ ASSISTANT CITY ATTORNEY CITY OF MIAMI, a municipal corporation of the State of Florida BY —CESAR H. ODIO, CITY MANAGER CONSULTANT: A FOSTER HIGGINS & CO., INC. BY: APPROVED AS TO FORM AND CORRECTNESS: SEGUNDO R. PEREZ INSURANCE COORDINATOR APPROVED AS TO LEGAL FORM AND CORRECTNESS: JORGE L. FERNANDEZ CITY ATTORNEY -9- 90- 851 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO : Honorable Mayor and Members of The City Commission e" FROM A?se�z_ Cesar H. Odio City Manager RECOMMENDATION: CA-7 13c; C�i 22., 3 -, DATE : �flE 24 OCT 3 01990 SUBJECT : Resolution Authorizing City Manager to Negotiate Professional REFERENCES tervices Agreement with A. Foster Higgins ENCLOSURES, & CO. Inc. It is respectfully recommended that the City Commission adopt the attached resolution authorizing the City Manager to execute a professional services agreement with A. Foster Higgins & Co., Inc., for expert actuarial assistance in pension matters at a cost not to exceed $25,000. BACKGROUND: The Finance Department recommends executing an agreement with A. Foster Higgins & Co., Inc., for professional services, related to pension issues, such as the review of the Annual Pension Valuation Reports presented to the City by the Independent Retirement Board, the preparation of cost information for labor negotiations, and other related pension matters. It is necessary at this these services for fiscal and available in account Administration Trust Fund. time to execute an agreement to cover year 1990-91. Funds are appropriated 440103-270, project 681001, Pension 90-- 851 CA-? ^-1