ORDINANCE No. 176314

*Accept contract with EFI Actuaries, Inc. for consulting services to analyze the implications and costs to install a Deferred Retirement Option Plan for Fire and Police Disability and Retirement Fund Members (Ordinance)

The City of Portland ordains:

Section 1. The Council finds:

1.  That a unique form of retirement option referred to as the Deferred Retirement Option Plan (DROP) has been implemented by several public sector pension plans.

2.  That the Board of Trustees of the Fire and Police Disability and Retirement Fund (Fund) approved the formation of a DROP Design Committee to investigate the possibility of making a DROP available to members of the Fund and the financial impact to the Fund and the City of Portland.

3.  That EFI Actuaries, Inc. is engaged in the business of providing actuarial consulting services to state and local governments.

4.  That the Fund staff recommended the selection of EFI Actuaries, Inc.

5.  That the established cost for the services of EFI Actuaries is not to exceed $50,000. Funds are available in the Fund budget.

 6.  That an appropriate form of agreement is attached hereto as Exhibit “A”.

NOW, THEREFORE, the Council directs:

 a.  The Fund Administrator is hereby authorized to enter into a contract with EFI Actuaries, Inc. in accordance with the Agreement attached hereto as Exhibit “A”.

Section 2.  The Council declares that an emergency exists in order that the actuarial services may begin as stated in Exhibit “A” without undue delay; therefore, this Ordinance shall be in force and effect from and after its passage by the Council.

Passed by the Council: MAR 13 2002   GARY BLACKMER

Gary Blackmer          Auditor of the City of Portland

SDobrof/kk            By /S/ Susan Parsons

February 7, 2002             Deputy

BACKING SHEET INFORMATION

AGENDA NO. 241-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176314