ACTUARY SERVICES FOR OPEB

The County of Greenville, South Carolina is seeking proposals from firms or individuals to provide Actuary Services to assist with the measurement, recognition, and reporting requirement of Other Post-Employment Benefits (OPEB). The selected firm will be responsible for providing two separate actuarially determined OPEB valuations for Greenville County and the Greenville County Library System. The scope of work includes determining the cost of benefits, recognizing OPEB expense on the accrual basis of accounting, projecting future benefit payments, and determining the present value of projected benefit payments. The selected firm will also be required to provide annual information to disclose in the notes to financial statements of the County and the Greenville County Library System. • Determine the cost of benefits • Recognize OPEB expense on the accrual basis of accounting • Project future benefit payments • Determine the present value of projected benefit payments • Provide the accrued liability of OPEB associated with the past services cost • Use an acceptable actuarial cost allocation method to assign cost specific accounting periods • Provide information useful in accessing potential demands on the County's cash flow • Reporting should be based on the approach used to report pension obligations • Amortize the Unfunded Actuarial Liability (UAL) over a thirty (30) year period using level dollar amounts • Provide annual information to disclose in the notes to financial statements of the County and the Greenville County Library System