2017-20 GovInvest, Inc - Actuarial Services Master Software LicenseRevised May 2017
M E M O R A N D U M
TO: Frank J. Spevacek, City Manager
FROM: Karla Campos, Finance Director
DATE: December 27, 2017
RE: GovInvest, Inc., AGR#, Master Software License Agreement
Attached for your signature is the Master Software License Agreement with GovInvest, Inc., to
provide software services and support.
Please sign the attached agreement(s) and return to the City Clerk for processing and
distribution.
Requesting department shall check and attach the items below as appropriate:
X Contract payments will be charged to account number: 101-1006-60103
X Amount of Agreement, Amendment, Change Order, etc.: $49,680
N/A A Conflict of Interest Form 700 Statement of Economic Interests from Consultant(s) is attached with
_____ no reportable interests in LQ or ____ reportable interests
N/A A Conflict of Interest Form 700 Statement of Economic Interests is not required because this Consultant
does not meet the definition in FPPC regulation 18701(2).
Authority to execute this agreement is based upon:
N/A Approved by the City Council on
X City Manager’s signature authority provided under Resolution No. 2015-045 for budgeted expenditures
of $50,000 or less. This expenditure is $49,680 and authorized by contract approved by ________
___ Initial to certify that 3 written informal bids or proposals were received and considered in selection
The following required documents are attached to the agreement:
X Insurance certificates as required by the agreement (approved by Risk Manager on _____________ date)
N/A Performance bonds as required by the agreement (originals)
N/A City of La Quinta Business License number ________________________
X A requisition for a Purchase Order has been prepared (amounts over $5,000)
X A copy of this Cover Memo has been emailed to Finance (Sandra)
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12-27-17
SIGNED IN COUNTERPART
SIGNED IN COUNTERPART
IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates stated
below.
CITY OF LA QUINTA,
a California municipal corporation
ACEK, City Manager
aw,11167:i
By; 12-27-17
Name: Ted Price
Title: Chief Executive Officer
Dated:
ATTEST:
la.la8 i�
Monika Radeva, Deputy City Clerk
La Quinta, California
APPROVED AS TO FORM:
SIGNED IN COUNTERPART
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California
Two signatures are required if Vendor is a corporation.
NOTE: VENDOR'S SIGNATURES SHALL BE DULY NOTARIZED, AND APPROPRIATE
ATTESTATIONS SHALL BE INCLUDED AS MAY BE REQUIRED BY THE BYLAWS, ARTICLES OF
INCORPORATION, OR OTHER RULES OR REGULATIONS APPLICABLE TO VENDOR'S BUSINESS
ENTITY.
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City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 1
SaaS Licensing Agreement
Attention: Karla Campos, Finance Director / Treasurer, City of La Quinta
Prepared by: Ted Price, CEO
December 15, 2017
Exhibit A
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 2
Summary of Services and Implementation
Customer:
City of La Quinta
Attn: Karla Campos, Finance Director / Treasurer
Services:
Service Capacity: Use of the Standard Pension Module and Other Post-Employment Benefits Module of
the Total Liability Calculator; Annual GASB 68 Reports; Bi-annual GASB 75 Actuarial Valuation; one
roll-forward GASB 75 actuarial valuation (collectively, the “Service(s)”).
Service Fees: Total contract value fees are payable in advance, subject to the terms of Section 4 herein.
Pension Module: $21,893 $21,468 with holiday discount** total contract value* (including onboarding).
$6,500 annual licensing fee.
OPEB Module: $24,893 $24,318 with holiday discount** total contract value* (including onboarding).
$6,500 annual licensing fee.
Bi-annual GASB 75 actuarial valuation: $2,424 $2,364 with holiday discount** total contract value*.
$1,200 per report.
One roll-forward GASB 75 actuarial valuation: $1,530 total contract value*.
Total Contract Value: $49,680
Initial Term: Three- years from Effective Date.
*Total contract values include 2% CPI adjustment.
**Holiday discount is honored if contract signed prior to 12/31/17.
Implementation Services:
Company will use commercially reasonable efforts to provide Customer the services described in
accordance with the terms herein, and Customer shall pay Company the Implementation Fee in
accordance with the terms herein.
Pension Implementation Fee (One-Time): $2,000.
OPEB Implementation Fee (One-Time): $5,000.
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 3
This Scope of Services and Specifications (“Exhibit A”) is between GovInvest, Inc. (“Company”), and
the Customer listed above (“Customer”). This Exhibit A includes and incorporates the above Summary of
Services and Implementation, as well as the attached Terms and Conditions and contains, among other
things, warranty disclaimers, liability limitations and use limitations.
GovInvest Inc. City of La Quinta
By: ______________________________ By: _____[See Agreement]____________
Name: ___________________________ Name: ____________________________
Title: ____________________________Title: _____________________________
Date: ____________________________ Date: _____________________________
TERMS AND CONDITIONS
1.SAAS SERVICES AND SUPPORT
1.1 Subject to the terms of the Agreement, Company will use commercially reasonable efforts to
provide Customer the Services in accordance with the Service Level Terms attached hereto as
Attachment 1. As part of the registration process, Customer will identify an administrative user
name and password for Customer’s account. Company reserves the right to refuse registration or
cancel passwords it deems inappropriate.
1.2 Subject to the terms hereof, Company will provide Customer with reasonable technical support
services in accordance with the terms set forth in Attachment 2.
2.RESTRICTIONS AND RESPONSIBILITIES
2.1 Customer will not, directly or indirectly; reverse engineer, decompile, disassemble or otherwise
attempt to discover the source code, object code or underlying structure, ideas, know-how or
algorithms relevant to the Services or any software, documentation or data related to or used to
provide the Services (“Software”); modify, translate, or create derivative works based on the
Services or any Software (except to the extent expressly permitted in writing by Company or
authorized within the Services); use the Services or any Software for timesharing or service
bureau purposes or otherwise for the benefit of a third party; or remove any proprietary notices or
labels.
2.2 Further, Customer shall not export or re-export, either directly or indirectly, the Software or any
copies thereof in such manner as to violate the export laws and regulations of the United States or
any other applicable jurisdiction in effect from time to time (including, without limitation, when
such export or re-export requires an export license or other governmental approval without first
obtaining such license or approval). Without limiting the foregoing, Customer shall not permit
any third parties to access or use the Services in violation of any United States export embargo,
prohibition, or restriction.
2.3 Customer hereby agrees to indemnify and hold harmless Company against any damages, losses,
liabilities, settlements and expenses (including without limitation costs and attorney’s fees) in
connection with any claim or action that arises from Customer’s failure to comply with the terms
of this Exhibit A. Although Company has no obligation to monitor Customer’s use of the
Services, Company may do so. Company reserves the right, in its sole discretion, to prohibit or
suspend Customer’s use of the Services at any time Company believes such use to be in violation
of this Exhibit A or otherwise harmful to the Service. Except for the limited indemnity provided
to Company by Customer in this Section 2.3, the indemnity provisions in Section 7 of this Exhibit
A and Paragraph 8 of the Agreement apply.
Ted Price Chief Executive Officer
12-27-17
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 4
2.4 Customer shall be responsible for obtaining and maintaining any equipment and ancillary services
needed to connect to, access or otherwise use the Services, including, without limitation,
modems, hardware, servers, software, operating systems, networking, web servers and the like
(collectively, “Equipment”). Customer shall also be responsible for maintaining the security of
the Equipment, Customer account, passwords (including but not limited to administrative and
user passwords) and files, and for all uses of Customer account or the Equipment with or without
Customer’s knowledge or consent.
3.CONFIDENTIALITY; PROPRIETARY RIGHTS
3.1 One party (the “Receiving Party”) understands that the other party (the “Disclosing Party”) has
disclosed or may disclose business, technical or financial information relating to the Disclosing
Party’s business (hereinafter referred to as “Proprietary Information” of the Disclosing Party).
Proprietary Information of Company includes non-public information regarding features,
functionality and performance of the Service. Proprietary Information of Customer includes non-
public data (“Customer Data”) provided by Customer to Company to enable the provision of the
Services. The Receiving Party agrees: (i) to take reasonable precautions to protect such
Proprietary Information, and (ii) not to use (except in performance of the Services or as otherwise
permitted herein) or divulge to any third party any such Proprietary Information. The Disclosing
Party agrees that the foregoing shall not apply with respect to any information after five (5) years
following the disclosure thereof or any information that the Receiving Party can document (a) is
or becomes generally available to the public, without any action by, or involvement of, the
Receiving Party or (b) was in its possession or known by it prior to receipt from the Disclosing
Party, or (c) was rightfully disclosed to it without restriction by a third party, or (d) was
independently developed without use of any Proprietary Information of the Disclosing Party or
(e) is required to be disclosed by law. The Receiving Party acknowledges that in the event of a
breach of Section 3.1 by the Receiving Party, substantial injury could result to the Disclosing
Party and money damages will not be a sufficient remedy for such breach. Therefore, in the event
that the Receiving Party engages in, or threatens to engage in, any act which violates Section 3.1,
the Disclosing Party will be entitled, in addition to all other remedies which may be available to it
under law, to seek injunctive relief (including, without limitation, temporary restraining orders, or
preliminary or permanent injunctions) and specific enforcement of the terms of Section 3.1. The
Disclosing Party will not be required to post a bond or other security in connection with the
granting of any such relief.
3.2 Company shall own and retain all rights, title and interest in and to: (i) the Services and Software,
together with all improvements, enhancements, modifications, changes, translations, compilation,
and derivative works thereto, (ii) any software, applications, inventions or other technology
developed in connection with Implementation Services or support, (iii) any analytics generated
through Customer’s use of the Services, including but not limited to, any data, materials,
information, and reports (“Analytics”) and (iv) all intellectual property rights related to any of the
foregoing. Company hereby grants Customer a non-exclusive, non-transferable and non-
sublicensable license to access and use the Analytics.
3.3 To the extent permitted by law, Company shall have the right to collect and analyze data and
other information relating to the provision, use and performance of various aspects of the
Services and related systems and technologies (including, without limitation, information
concerning Customer Data and data derived therefrom), and Company will be free (during and
after the term hereof) to: (i) use such information and data to improve and enhance the Services
and for other development, diagnostic and corrective purposes in connection with the Services
and other Company offerings, (ii) disclose such data solely in aggregate or other de-identified
form in connection with its business, and (iii) disclose, share, license, or resell Analytics to third
parties for consideration. No rights or licenses are granted except as expressly set forth herein.
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 5
3.4 The confidentiality and propriety rights provisions in Sections 3.1-3.3 are in addition to, and do
not supplant or supersede, such provisions in the Agreement.
4.PAYMENT OF FEES
4.1 Customer will pay Company the then applicable fees described in the Summary of Services and
Implementation in accordance with the terms therein (the “Fees”). If Customer’s use of the
Services exceeds the Service Capacity set forth in the Summary of Services and Implementation
or otherwise requires the payment of additional fees (per the terms of this Agreement), Customer
shall be billed for such usage and Customer agrees to pay the additional fees in the manner
provided herein. Company reserves the right to change the Fees or applicable charges and to
institute new charges and Fees at the end of the Initial Term or then current Renewal Term, upon
thirty (30) days prior notice to Customer (which may be sent by email). If Customer believes that
Company has billed Customer incorrectly, Customer must contact Company no later than 60 days
after the closing date on the first billing statement in which the error or problem appeared, in
order to receive an adjustment or credit. Inquiries should be directed to Company’s customer
support department.
4.2 Company may choose to bill through an invoice, in which case, full payment for invoices issued
in any given month must be received by Company thirty (30) days after the mailing date of the
invoice. Unpaid amounts are subject to a finance charge of 5% per month on any outstanding
balance, or the maximum permitted by law, whichever is lower, plus all expenses of collection
and may result in immediate termination of Service. Customer shall be responsible for all taxes
associated with Services other than U.S. taxes based on Company’s net income.
4.3 Notwithstanding any provisions in Section 4.1-4.2 to the contrary, the total amount that Customer
has an obligation to pay to Company for any and all Services and Fees shall not exceed the
License Fee in Paragraph 4(a) of the Agreement.
5. [Reserved]
5.1 [Reserved]
5.2 [Reserved]
6.WARRANTY AND DISCLAIMER
Company shall use reasonable efforts consistent with prevailing industry standards to maintain
the Services in a manner which minimizes errors and interruptions in the Services and shall
perform the Implementation Services in a professional and workmanlike manner as expressed in
Attachment 3. Services may be temporarily unavailable for scheduled maintenance or for
unscheduled emergency maintenance, either by Company or by third-party providers, or because
of other causes beyond Company’s reasonable control, but Company shall use reasonable efforts
to provide advance notice in writing or by e-mail of any scheduled service disruption. However,
Company does not warrant that the Services will be uninterrupted or error free; nor does it make
any warranty as to the results that may be obtained from use of the Services. EXCEPT AS
EXPRESSLY SET FORTH IN THIS SECTION, THE SERVICES, THE ANALYTICS, AND
IMPLEMENTATION SERVICES ARE PROVIDED “AS IS” AND COMPANY DISCLAIMS
ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO,
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE AND NON-INFRINGEMENT.
7.INDEMNITY
Company shall hold Customer harmless from liability to third parties resulting from infringement
by the Service of any United States patent or any copyright or misappropriation of any trade
secret, provided Company is promptly notified of any and all threats, claims and proceedings
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 6
related thereto and given reasonable assistance and the opportunity to assume sole control over
defense and settlement; Company will not be responsible for any settlement it does not approve in
writing. The foregoing obligations do not apply with respect to portions or components of the
Service (i) not supplied by Company, (ii) made in whole or in part in accordance with Customer
specifications, (iii) that are modified after delivery by Company, (iv) combined with other
products, processes or materials where the alleged infringement relates to such combination, (v)
where Customer continues allegedly infringing activity after being notified thereof or after being
informed of modifications that would have avoided the alleged infringement, or (vi) where
Customer’s use of the Service is not strictly in accordance with this Agreement. If, due to a claim
of infringement, the Services are held by a court of competent jurisdiction to be or are believed by
Company to be infringing, Company may, at its option and expense (a) replace or modify the
Service to be non-infringing provided that such modification or replacement contains
substantially similar features and functionality, (b) obtain for Customer a license to continue
using the Service, or (c) if neither of the foregoing is commercially practicable, terminate this
Agreement and Customer’s rights hereunder and provide Customer a refund of any prepaid,
unused fees for the Service. The provisions in this Section 7 are in addition to, and do not
supplant or supersede, Paragraph 8 of the Agreement.
8. [Reserved]
9. [Reserved]
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 7
Attachment 1
Service Level Terms
The Services shall be available 99% of the time, measured monthly, excluding holidays and weekends
and scheduled maintenance. If Customer requests maintenance during these hours, any uptime or
downtime calculation will exclude periods affected by such maintenance. Further, any downtime resulting
from outages of third party connections or utilities or other reasons beyond Company’s control will also
be excluded from any such calculation. Customer's sole and exclusive remedy, and Company's entire
liability, in connection with Service availability shall be that for each period of downtime lasting longer
than 12 hours, Company will credit Customer 1% of Service Fees for each period of 30 or more
consecutive minutes of downtime; provided that no more than one such credit will accrue per day.
Downtime shall begin to accrue as soon as Customer (with notice to Company) recognizes that downtime
is taking place, and continues until the availability of the Services is restored. In order to receive
downtime credit, Customer must notify Company in writing within 12 hours from the time of downtime,
and failure to provide such notice will forfeit the right to receive downtime credit. Such credits may not
be redeemed for cash and shall not be cumulative beyond a total of credits for one (1) week of Service
Fees in any one (1) calendar month in any event. Company will only apply a credit to the month in which
the incident occurred. Company’s blocking of data communications or other Service in accordance with
its policies shall not be deemed to be a failure of Company to provide adequate service levels under this
Agreement.
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 8
Attachment 2
Support Terms
Company will provide Technical Support to Customer via both telephone and electronic mail on
weekdays during the hours of 9:00 a.m. through 5:00 p.m. Pacific Standard Time, with the exclusion of
Federal Holidays (“Support Hours”).
Customer may initiate a help desk ticket during Support Hours by calling 310-371-7106 or any time by
emailing support@govinvest.com.
Company will use commercially reasonable efforts to respond to all help desk tickets within one (1)
business day.
City of La Quinta
Actuarial Services and Technology
Licensing Agreement
Page 9
Attachment 3
Disclaimer of Analysis
Company will provide software with financially sound projections and analysis, but does not yet
guarantee compliance with actuarial standards for funding and accounting purposes including GASB 27,
68, 45, or 75.
SOFTWARE MAINTENANCE AGREEMENT
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 1
Proposal for Actuarial Services and Technology
Attention: Karla Campos, Finance Director
Prepared by: Ted Price, CEO
Date: February 2, 2017
Proposal Number: 221650
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 2
GovInvest
3625 Del Amo Blvd
Suite 110
Torrance, Ca 90503
Date: February 2, 2017
Karla Campos
78-495 Calle Tampico
La Quinta, CA 92253
Dear Karla,
We are submitting this letter to summarize the actuarial consulting and technology services for the City of
La Quinta (the “City”). This proposal outlines the cloud-based software Defined Benefit Pension Plan and
Post-Retirement Healthcare benefit proprietary software for the pension and healthcare plan of the City.
The actuary assigned to your project will be one of our certified actuaries, who have extensive experience
in the defined benefit actuarial field.
The following material includes discussion of the Company Overview, Scope of Services, Data
Requirements, Implementation, Savings and ROI, and Terms.
Sincerely,
Ted Price
CEO
(310) 371-7106
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 3
Traditional
Actuarial
Consulting
Silicon Valley
Technology
GovInvest is bringing actuarial analysis out of the dark ages.
Company Overview
Since 2014, GovInvest has brought together leading actuaries, engineers, and designers to build
innovative technological solutions to empower government agencies to better control pension liability,
OPEB liability, and debt management.
When Co-founders Jasmine Nachtigall and Ted Price saw the actuarial valuation reports that agencies
depended on to make key decisions about funding their future employee benefits, they realized how
complicated, outdated, and obsolete the reports could be, and set out to build the Total Liability
Calculator, a cloud-based software platform that provides our clients with real-time information, instant
actuarial and financial analysis, and insights into how to pay down unfunded liabilities. By facilitating
easy communication of complex information to decision-makers and stakeholders, our firm has
effectively increased efficiency and education towards transparent solutions.
GovInvest’s traditional actuarial consulting is led by industry veterans. Our actuaries provide agencies
with the required Government Accounting Standards Board (GASB) reporting requirements, and present
the reports in simple and intuitive visualizations of the key information.
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 4
Benefits to your Agency
Total Liability Calculator – OPEB and Pension Module
The City pension plan and healthcare data will be presented on the Total Liability Calculator, a
comprehensive dashboard with results extremely easy to understand, convey, analyze, and interact with.
The calculator makes understanding GASB 45/75 and 68 simple and intuitive, while helping decision
makers and constituents get a clear picture of this important outstanding liability and the impact that
economic and demographic variables have on the results.
City’s who work with GovInvest get the added benefit of seeing the results of their actuarial valuations on
the Total Liability Calculator, which provides interactive visualizations, allows decision-makers to adjust
the assumptions and variables to stress-test different scenarios, see cost projections, and additional key
metrics that help to form context for finding solutions to paying down unfunded liabilities. Some sample
analyses include:
What happens if we change the discount rate, amortization period, or make a lump sum
payment?
How will changes in my agency like retirement or new hires affect my liability?
What happens if my agency issues a Pension/ OPEB Obligation Bond?
How much money can our agency save if we set up an OPEB trust?
The above actuarial analyses generally can take weeks or months for a traditional actuarial consulting
firm to produce, and can cost thousands of dollars per scenario change. Our actuarial engine produces
these results instantly. Our comprehensive software and consulting ultimately put agencies on a
sustainable path to provide pension and OPEB benefits to their employees.
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 5
Scope of Services
Step 1: GASB 75 OPEB Actuarial Valuation
The City provides medical benefits to eligible retirees who retire from the City with benefits under PERS.
The City has approximately 67 active employees and 12 covered retirees as of the last valuation, with two
bargaining groups. The City provides the CalPERS PEMHCA minimum eligible retirees.
The actuarial valuation will be based on the census data provided and the actuarial and economic
assumptions that are adopted. The calculations will produce the liabilities and annual plan costs on the
basis of the requirements of GASB 75. Results will be presented in a final report to be presented via
webinar or in person meeting to the City.
Step 2: Total Liability Calculator – OPEB and Pension Module
The actuarial valuation results, along with the City’s pension plan actuarials will be presented on the
Total Liability Calculator, which makes the results extremely easy to understand, convey, analyze, and
interact with.
The calculator makes understanding GASB 75 and 68 simple and intuitive, while helping decision makers
and constituents get a clear picture of this important outstanding liability and the impact that economic
and demographic variables have on the results.
• Comply with
GASB 45
• Easy-to-
understand
Report
Actuarial
Valuation
• Adjust
Assumptions
• Project Costs
• Present to
Council
• Funding
Solutions
Real-Time
Analysis on
Software
Platform
Step 1 Step 2
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 6
Data Requirements
GASB 68 Census Data (provided by CalPERS), in addition to active, retired, deferred members
in a simple excel file (provided by the agency).
The following reports downloaded from myCalPERS:
o Participant Appointment Details Report
o Benefit Recipients by Employer Report
o Present Employer Statement Report
Each payroll period, please email the same file you upload to myCalPERS for that payroll period.
OPEB active and retired membership census data in addition to plan provisions and benefit
summary.
Implementation
Once we receive the census data and plan information, the actuarial valuation can begin. The following
tasks outline the general steps included in the process:
1. Review the plan benefits and the census data for any missing or inaccurate information.
Discuss with the City any data issues that need clarification or correction.
2. Discuss and agree upon the actuarial assumptions to be applied in the valuation.
Assumptions include interest discount, mortality, gender split, turnover, retirement ages,
etc. Calculations will be performed on the basis of one set of assumptions and using the
Entry Age Normal Actuarial Cost method. GovInvest will consult the City and discuss
alternative assumptions using its Total Liability Calculator.
3. Perform a Full Valuation to determine the Liabilities (OPEB Obligation), the Annual
Cost (Annual Required Contribution), and Annual Expense to provide for benefits, in
compliance with GASB 75.
4. Determine the implicit rate subsidy and the impact it has on the OPEB Liability.
5. Summarize results and recommendations in a report and present them to the City. The
report will include results, recommendations, conclusions, and visual graphics to be
included in the City’s Annual Financial Statements.
6. Perform requested additional calculations or analysis to reflect benefit plan and/or
assumption alternatives if requested by the Town. Can use Total Liability Calculator
for this.
7. Submit a draft report for review and approval prior to submission of final report.
8. Upload the historical and current census data to the Total Liability Calculator and grant
the City access to the software package.
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 7
Savings and ROI
(Test case)
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 8
Terms
Below are the proposed terms of this agreement, which GovInvest is prepared to deliver:
Buyer: City of La Quinta
Seller: GovInvest Inc.
Services: GASB 75 Actuarial Valuation Report and use of the Pension and OPEB Module of the Total
Liability Calculator. The software presentation includes one in-person meeting with the City, with
reasonable travel expense to be billed to the City.
Delivery – Report (GASB 75): 6 – 8 weeks from receiving clean data file.
Delivery – Software Pension Module: 3 – 4 weeks after completion of data delivery.
Delivery – OPEB Module: Approx. 6 months from completion of data
delivery
Consulting Services Term: Five-years from software delivery. This term includes two actuarial reports;
however, the outlined additional GASB 75 fee is for the first years’ report. 50% actuarial services fee due
upon engagement, 50% due upon delivery. Pension and OPEB software services upon engagement,
OPEB software services fee due upon delivery.
Fee for Services (see summary next page):
Actuarial Report (GASB 75)*:
o $1,000 additional for basic GASB 75 requirements $800 with discount
o $750 for 5-year Cost and Benefit Projections (optional) $600 with discount
Software – Pension Module
o $2,500 onboarding fee $2,000 with discount
o $4,000 annual licensing fee
Software – OPEB Module (Incl GASB 45 report; with purchase of pension module)
o $2,500 onboarding fee (due upon engagement) $2,000 with discount
o $4,000 annual licensing fee (due upon engagement)
Software – OPEB Module (Incl GASB 45 report; without purchase of pension module)
o $5,000 onboarding fee $4,000 with discount
o $5,000 annual licensing fee
Incentive: 20% discount on onboarding fees if licensing agreement signed by March 17, 2017.
Consulting: GovInvest charges at $300/hr for our FSA work and $150/hr for actuarial associate work.
Consulting charges include: consulting with the agency on plan design or funding policies, review of
pension/OPEB financial disclosures, additional in person meetings beyond the included onboarding
meeting, phone/web/in-person meetings on results or guidance with liability management outside the
scope of services of the software.
City of La Quinta
Actuarial Services and Technology
Software Proposal
Page 9
*The fee may be higher if: the plan, financial, or census information is not provided as requested, is
untimely, is not complete, or is inaccurate when received by GovInvest; the agency changes its plan
design or policy after the valuation has begun.
Total Five-Year Contract Value Summary (with discount)
Pension onboarding: $2,000
Pension annual (total): $20,000
OPEB onboarding: $2,000
OPEB annual (total): $20,000
GASB 75 reporting (2): $1,600
TOTAL CONTRACT: $45,600