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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Ann Green-Barton, Chief People Officer |
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PRESENTER(S): |
Ann Green-Barton, Chief People Officer |
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JD Tazoi, Director of Total Rewards |
TITLE:
Atitle
Contract: UTA Retirement Plan Pension Actuarial Services (Milliman)
end
AGENDA ITEM TYPE:
Procurement Contract/Change Order
RECOMMENDATION:
Approve and authorize the Executive Director to execute contract 25-039664 and associated disbursements with Milliman for a base term of three (3) years and two (2) additional one-year option periods for a total contract period extending from January 1, 2026 - December 31, 2030, in an amount not to exceed $278,300.
BACKGROUND:
UTA outsourced pension administration functions beginning in 2018, including actuarial services. The UTA Pension Committee conducted Request for Proposal (RFP) during the third quarter of 2025 to select a vendor to provide actuarial services for UTA’s defined benefit retirement plan. As a result of this process, the Evaluation/Pension Committee selected Milliman as the vendor to continue providing these services beginning January 1, 2026.
DISCUSSION:
This contract engages Milliman to provide actuarial services for UTA’s defined benefit retirement plan.
The contract is for a base term of three years beginning January 1, 2026 through December 31, 2028, with the option to extend the base term for up to two additional one-year periods for a total contract period of five years (January 1, 2026 - December 31, 2030).
CONTRACT SUMMARY:
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Contractor Name: |
Milliman |
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Contract Number: |
25-039664 |
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Base Contract Effective Dates: |
Base Term: January 1, 2026 - December 16, 2028 |
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Option Years: December 17, 2028 - December 16, 2030 |
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Extended Contract Dates: |
N/A |
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Existing Contract Value: |
N/A |
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Amendment Amount: |
N/A |
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New/Total Contract Value: |
$278,300 |
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Procurement Method: |
RFP |
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Budget Authority: |
Included in pension/retirement plan fund |
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ALTERNATIVES:
Complete pension actuarial work in-house, which could affect the investment opportunities available to the retirement plan’s portfolio.
FISCAL IMPACT:
These costs are included in the retirement plan fund.
Contract Not-To-Exceed Total: $278,300
Base Term: $161,100
Option Year 1: $57,500
Option Year 2: $59,700
• 2026 Contract Total: $51,700
• 2027 Contract Total: $53,700
• 2028 Contract Total: $55,700
• 2029 Contract Total: $57,500
• 2030 Contract Total: $59,700
ATTACHMENTS:
• Contract: UTA Retirement Plan Pension Actuarial Services (Milliman)