Specifications include, but are not limited to: 1. The Actuary must ensure compliance with GASB 75.; 2. The Actuary must prepare the next valuation for: a. December 31, 2021, that will provide recommended contributions/plan funding for Fiscal Year (FY) 2022/2023 and FY 2023/2024 and GASB 75 roll forward accounting information for the City’s audited Annual Comprehensive Financial Report (ACFR) FY 2021/2022 and 2022/2023. ; 3. Information shall include, but not be limited to: a. Actuarial present value of the total projected benefits; b. Actuarial accrued liability; c. OPEB assets both market value and actuarial value ; 4. The Actuary shall provide all documents and information (including the actuarial certification, funding policy certification, and Excel valuation information spreadsheet) required for agencies along with a certified final valuation results outline.; 5. The Actuary shall meet with the City (and its auditors if necessary) to discuss and review the report.; 6. The Actuary must assist in implementing any new GASB statement and other financial pronouncements related to OPEB and provide ongoing professional consultation.; 7. December 31, 2021, actuarial valuation must be provided by March 31, 2022.; 8. The annual reports for information necessary to prepare the City’s audited ACFR shall be provided by March 31st each year.; 9. The Actuary shall respond to the reasonable inquiries of successor Actuaries and allow successor Actuaries to review working papers relating to matters of continuing GASB and accounting significance.; 10. The City shall be free to publish the valuations and reports as they see fit without obtaining prior permission from the Actuary as long as they are not used in a potentially misleading manner and no material subsequent event has occurred that might render the valuation and reports potentially misleading.
