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Request for Proposals - Actuarial Services to Value Other Post-Employment Benefits (OPEB) In Compliance with GASB 75

Questions/Answers

1. Can I get a PDF of the District's 6/30/12 GASB 45 valuation report? What was the fee paid for that report?

  • Unavailable.

 

2. Since the 6/30/12 valuation, has the District amended its retiree health eligibility/benefits/subsidy or started an OPEB prefunding program?

  • Yes, the District has amended its annuitant benefit as of 1/1/2017.
  • A Resolution was adopted moving the District to a minimum PEMHCA contribution and also implemented a vesting schedule for those hired on 1/1/2017 or after.
  • I have attached the benefit Schedule A to answer specifics of the plan.
  • The District has been paying for this benefit on a pay-go basis and also provide for funding of $150,000 in the District yearly budget.

 

3. It's true that under GASB 75 the actuary needs to collect new census data only every other year, but even in the interim (or roll forward) years there is some work the actuary needs to do to provide the employer with their OPEB disclosures for the year. Can I therefore interpret what you need as three full valuations plus three roll forwards (as listed below)?

  • Yes

 

4. RFP says that the last actuarial valuation was done on September 12, 2012? Please let us know what was recorded in the District's most recent financial statement as the liability related to OPEB plan and how the numbers being determined?

 

5. The "Proposal Requirements" section of the RFP requires bidder to submit a project plan for the actuarial services engagement to be performed under this RFP for the valuation of other post-employment benefits, and the project plan must include "Name of plan, identification of administering entity including whether the plan is a single employer, agent multiple-employer plan or cost-sharing plan; brief description of benefit terms; number of employees covered by benefit terms; brief description of contribution requirements; and information, if available, about how to obtain the OPEB plan's stand-alone financial report". We understand that the actuarial report must include all the information about the plan's details, but please confirm that you want it to be included in the proposal. Does the District expect that the bidder is already familiar with the District's OPEB Plan and therefore is aware of all the pertinent information about the Plan?

  • No

 

6. If not, can you provide the information about your plan that you want to be included?

 

7. Can you provide the amount of the total fees paid to the last actuarial vendor for OPEB plan?

  • Purchased a standalone program for about $1,500.

 

8. Was the scope of that work the same as required in this RFP?

  • No

 

9. Please identify a current actuarial vendor, if the District has one.

  • None at this time.

 

10. How long has the current actuarial vendor served the District in that capacity?

  • N/A

 

11. Is the current actuarial vendor allowed to bid on this assignment?

  • N/A

 

12. Has the District been totally satisfied with the current vendor?

  • N/A

 

13. How many people are currently covered by OPEB plan?

  • 34 Active Employees & 11 Retirees

 

14. Can you provide the copies of the most recent actuarial funding valuation report for OPEB plan and GASB disclosure report?

 

15. Will any preference be given to the bidder maintaining an office in the State of California?

  • No

 

16. How many live meetings will be required under the terms of the engagement and must be included into the total fees?

  • 1 or 2 maybe

 

17. Is there a specific reason that prompted this work to be taken out to bid?

  • GASB 75 requirement

 

18. Can you please provide a copy of the Attachment A that is referenced in the RFP?


2018_GASB_75_RFP_MVWD.pdf (Adobe Acrobat, 110KB)
OPEB_Actuarial_Report_9.21.2012.pdf (Adobe Acrobat, 1242KB)