Description
The City of Salem is seeking proposals from qualified actuarial firms to perform GASB 75 compliant valuations of the City's Other Post-Employment Benefit plan implicit liability. The selected firm will provide actuarial services for the valuation of the City's post-employment health benefit plan for all beneficiaries of the current substantive plan. The City is self-insured and currently contracts with Cigna to administer the plan. The scope of services includes performing an actuarial review of the City's post-employment health benefit plan, providing a demographic census of current employees and their beneficiaries, retirees, and other COBRA participants, and delivering a report that includes all requirements of GASB 75.
• The proposal should include a proposal summary, profile on the proposing firm, qualifications, work plan, fee proposal, and references.
• The City reserves the right to reject any or all proposals and to negotiate with any proposer.
• The successful proposer will be required to complete a Personal Services Agreement.
• The City operates on a fiscal year basis, with the current fiscal year being 2027.
• The City has approximately 1,300 employees and nine operating departments.