The City of Perth Amboy is requesting proposals for GASB 75 Actuarial Services. The City is seeking a qualified, independent actuary to perform an actuarial valuation of the current retiree welfare plan in accordance with GASB 75. The City sponsors a retiree welfare plan that provides postemployment medical, prescription drug, dental, vision and life insurance benefits to eligible retirees. The Plan covers approximately 335 full-active employees and 361 retirees. The plan covers 1900 total lives. Determine City’s benefit obligation and annual expenses in accordance with current statements issued by GASB. Discuss preliminary results with the City prior to preparing final report. Final Report Shall Include: • Summary of current plan provisions • Summary of all assumptions and methods applied in developing plan expenses and liabilities • Liabilities and expenses by employee group based on covered medical benefits • Liabilities by active, deferred vested, retiree and beneficiary status. • Projections of cash flows to provide a forward looking estimate of financial impact to the City.
