SS-25-029-KY_Comm._Memo_Approved.pdf

This document is a City Commission Memorandum from the City of Altamonte Springs, Florida, relating to a single-source procurement for pension administration software from Gabriel, Roeder, Smith & Company (GRS). The Finance Department seeks to waive the formal solicitation process to purchase a pension administration system and benefit calculation tool for the City's General Employees' and Police Officers' Pension Plans. The procurement process involved posting a Notice of Intent to Single Source on March 14, 2025, with interested parties having until 4:30 p.m. on March 19, 2025, to notify the City if they could provide similar services. No responses were received during this period.

The total cost of the system and tool for both pension plans exceeds $50,000, requiring single-source Commission approval. The contract term will be one year upon implementation, with annual renewal options and the ability for either party to terminate with ninety days' written notice. Sufficient funds are available in both Pension Fund budgets, and the purchase is expected to improve efficiency by automating and streamlining complex pension processing and calculation procedures, potentially resulting in cost savings and reduced employee time. The recommended action is to waive the formal solicitation process, declare GRS as a single-source provider, authorize the Mayor to execute the contracts, and approve the pension administration system and benefit calculation tool.