Actuary Study: Claims Reserve in the City's Benefits Self-Insurance Fund

The City of Salem is soliciting quotes for an actuary study to determine the necessary claims reserve in the City's Benefits Self-insurance Fund. The study should include an independent review of funding level needed for self-insured claims reserve, including incurred but not reported (IBNR) and unpaid health, vision, dental, and prescription claims. The report must be drafted and signed by a certified actuary and include an analysis of the City's rate methodology and market alignment of the City's Health, Vision, and Dental self-insurance rates. Key points to consider: • A written report including an independent review of funding level needed for self-insured claims reserve • Analysis of the City's rate methodology and market alignment of the City's Health, Vision, and Dental self-insurance rates • Report must be drafted and signed by a certified actuary • The study seems to be related to the period between June 30, 2025, and June 30, 2026