CITY COUNCIL AGENDA ITEM
Memo Date: September 16, 2022
Agenda Date: September 27, 2022
Prepared By: Tammy Gemmati, Administrative Services Director
Through: Stockton Whitten, City Manager
Requested Action:
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Approve City Staff's vendor selection for award of RFQ# CS-22-02-COC, Workers' Compensation Actuarial Study for the City of Cocoa and authorize the City Manager to negotiate and execute a multi-year contract and subsequent renewals with AMI Risk Consultants, Inc. from October 1, 2022 to September 30, 2025 and any approved renewal terms in the contract.
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BACKGROUND:
The City of Cocoa operates under a self-insured Worker's Compensation plan and follows Florida Statute requirements for operational requirements and funding. The City annually budgets funding for our Workers' Compensation self-insured claims fund and contracts with a third-party administrator (TPA) to administer the claims in accordance with the laws of the State of Florida. An annual actuarial study is required to estimate funding levels for Workers' Compensation for current and future claims. Additionally, the recommendations for funding levels must comply with the Governmental Accounting Standards Board Statement Number 10 (GASB-10).
In an exercise of due diligence and in an effort to contain costs, the Administrative Services Department staff worked with Finance to advertise a Request for Quote for the Workers' Compensation Actuarial Study via VendorLink. The solicitation was advertised August 10 - August 29, 2022. There were minimum qualification requirements set to be considered a qualified proposer. The City received three complete quotes and all met the minimum qualifications. The price quotes were as follows:
1. AMI Risk Consultants, Inc., $2,500
2. Madison Consulting Group, Inc., $5,000
3. Pinnacle Actuarial Resources, Inc., $5,000
AMI Risk Consultants has completed the actuarial report for the City of Cocoa annually since 2016. In the past we solicited...
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