GASB 75 Actuary Services

The City of Lee's Summit is seeking proposals from qualified actuarial firms to provide GASB 75 Actuary Services. The selected firm will be required to perform an actuarial valuation of the City's Other Post Employment Benefit (OPEB) programs, calculate the Total OPEB Liability, and provide journal entries and required disclosure information for financial statements. The firm will also be required to prepare a sensitivity analysis and provide other related services. The City is looking for a firm with experience in providing similar services to municipalities and a strong understanding of the GASB 75 requirements. Some key points to consider are: • The City has a single-employer health care plan that provides employees with the opportunity for continuation of medical and dental insurance coverage after retirement. • The plan is funded on a pay-as-you-go basis, and no assets are accumulated in a trust. • The City operates on a fiscal year from July 1st to June 30th and receives a full valuation on a biennial basis. • The selected firm will be required to execute the City's Agreement in a form acceptable to the City Attorney. • The City reserves the right to award by individual line item, by group of line items, or as a total, whichever is deemed most advantageous to the City.