RECOMMENDATION(S):

APPROVE and AUTHORIZE the County Administrator, or designee, to execute a contract extension with Buck Consultants, LLC, effective July 1, 2016, to extend the contract term from June 30, 2016 through June 30, 2018 with no change in the contract payment limit of $200,000, to provide pension planning consulting.

FISCAL IMPACT:

The cost of this contract will be paid out of the cost center for employee pensions and benefits.

BACKGROUND:

In 2009, the County contracted with Buck for pension plan consulting in an effort to mitigate increasing retirement costs. Buck was tasked with analyzing the current pension plan structure and developing alternative benefit formulas that might provide the County long-term savings. Additionally, they were asked to develop recommendations to assist the County in managing and mitigating its short-term and long-term retirement costs. Buck is an expert in Pension Liability Management, and this contract extension will allow the County to continue working with Buck to address rising pension costs.