Summary of Specifications:
a. Conduct an actuarial valuation and review of the City’s “Supplemental (health care) Benefit program” and the City’s current “Implicit Rate Subsidy”. This would include providing written reports which comply with all federal and state accounting requirements including actuarial calculations that will satisfy GASB #45 reporting requirements. Including the following information: i. The actuarial present value of total projected benefits and unfunded actuarial accrued liability; ii. Actuarial accrued liability; iii. Actuarial value of assets; iv. Normal cost; v. Annual required contribution of the employer as a level dollar amount and as a level percentage of covered payroll; and vi. Net OPEB obligation for employer disclosure under GASB Statement #45, if necessary. b. Determine the implicit rate subsidy, if any, and the impact it would have on the OPEB liability. c. Provide useful, accurate, and timely reporting statements. d. Organize, design and evaluate retiree benefit programs and suggest strategies to help the City meet its long-term obligations. e. Attend, if requested, the Retiree Health Care Benefit Trust Board meeting and the City Council meeting to present your firm’s actuarial report and recommendations and to answer any questions raised during those presentations. f. Provide administrative and technical support to the City’s Fiscal Service group. g. When responding to the attached Request for Proposals, the City encourages you to describe the ways in which you believe your service capability is special or distinctive. B. Attend, if requested, the Retiree Health Care Benefit Trust Board meeting and the City Council meeting to present your firm’s actuarial report and recommendations and to answer any questions raised during those presentations. C. Provide administrative and technical support to the City’s Fiscal Service group. D. When responding to the attached Request for Proposal, the City encourages you to describe the ways in which you believe your service capability is special or distinctive.
