Specifications include, but are not limited to: The City of Washington is seeking proposals from qualified firms interested in providing actuarial services to the city for valuation of OPEB offered by the city. The primary objectives for this actuarial valuation include: 1. Ensure compliance with the reporting requirements of all applicable GASB statements, including, but not limited to, GASB Statements 43, 45, 74, 75 and any future reporting requirements throughout contract. 2. Determine OPEB related valuation as of fiscal year ending September 30, 2024, and biannually through September 2030, with annual updates in the interim years. 3. Prepare necessary information for inclusion in the City’s ACFR. The City of Washington currently has approximately 127 participants (with 311 total covered lives) who receive some form of city-sponsored health insurance. The city contributes to a single employer defined benefit plan to provide post-employment health care benefits. Specifically, the City participates in Anthem Blue Cross/Blue Shield healthcare program to provide health insurance for its retired employees and their dependent spouses (if married and covered on the City's plan at time of retirement), or survivors per Board resolutions. Medical coverage is provided for retired employees until Medicare eligibility. The Retiree pays 100% of all premiums charged for the retiree and dependents under the health benefit plan. Deliverable(s): The city requires a final report that includes, at a minimum: 1. A summary of the current plan provisions. 2. A summary of all assumptions and methods applied in developing expenses and liabilities. 3. Liability and expenses by employee group based on medical benefits. 4. Liabilities by active, deferred vested, retiree and beneficiary status. 5. A projection of trends and cash flows to provide a forward-looking estimate of the financial impact on the City.
