The objective of this project is to be able to recognize OPEB costs systematically over employees' years of service and to provide relevant information about the actuarial accrued liabilities for these benefits and ensure compliance with GASB Statement 75 and future amendments. Specifically, the selected firm will provide: 1. Methodology Info1mation: a. Describe the firm's process for conducting the annual evaluation b. Describe the required client information needed for the firm’s valuation 2. Deliverables: a. Prepare information for the financial reporting that confom1 to all the requirements of GASB 75 and required supplementary information. b. A complete demographic analysis of the Client's current covered employees, retirees, and their dependents. c. The calculation of the Actuarial Accrued Liability, separately identifying the amounts for Actives and Retirees. d. GASB Statement No. 75 accounting information including the following: i. Annual required contribution as a dollar amount percentage of payroll ii. Normal cost iii. Outstanding balance and amortization of the Unfunded Actuarial Accrued Liability iv. Annual OPEB cost v. OPEB assets vi. Reconciliation of the Net OPEB Obligation (NOO) during the current year, and projected NOO at end of year. e. Information to assist the Client in future budgeting, including: i. The ten-year "pay-as-you-go" cost projections. ii. Annual Required Contribution (ARC) to fund retiree benefits over the working lifetime of eligible employees. iii. Recommendations on managing the liability. f. A compilation of a comprehensive report including the following: i. Results of the Actuarial Study. ii. Description of the plan provisions, including groups covered and benefits valued. iii. Description of the Actuarial methods, including the actuarial funding method. Iv. Description of the Actuarial Assumptions. v. Description of the data used in the valuation, including age/service distribution table(s). g. Actuarial Certification, including indication of membership to the Society of Actuaries, and meeting the American Academy of Actuaries "General Qualification Standard for Prescribed Statements of Actuarial Opinion" relating to postretirement health care plans. c. Describe firm's methodologies and approach to developing actuarial assumptions
