Actuarial Services GASB 74/75

Summary (Newest Update)

Background The City of Laconia, located in the Lakes Region area of New Hampshire, is seeking qualified actuarial consulting firms to provide comprehensive actuarial and consulting services for the valuation of retiree medical implicit rate subsidies and other post-employment benefit obligations in accordance with Governmental Accounting Standards Board (GASB) Statements 74 and 75. This contract will encompass the City’s general fund operations, dependent school district, water works department, and sanitary sewer department operating through enterprise funds. The City operates on a fiscal year that begins on July 1. Work Details The selected firm will be responsible for preparing an actuarial valuation of the City’s liability for post-retirement health and other benefits for both current retirees and potential future retirees as required by GASB Statements 74 and 75. The consulting actuary will: 1. Meet with City staff to plan the project, make necessary decisions, and report progress. 2. Analyze data for inconsistencies and recommend enhancements. 3. Prepare an actuarial valuation following GASB standards for fiscal years 2027, 2028, 2029, and 2030, including: a. Actuarial present value of total project benefits b. Actuarial accrued liability c. Actuarial value of assets d. Unfunded actuarial accrued liability e. Normal cost f. Annual required contribution of employers g. Net OPEB obligation h. Annual required contribution “pay-as-you-go cost” for 2027-2028. 4. Determine implicit rate subsidy impacts on OPEB liability. 5. Prepare materials for Comprehensive Annual Financial Report to comply with GASB OPEB reporting requirements. 6. Provide recommendations on managing OPEB liability, including potential changes in plan design. Period of Performance The required implementation date for the City of Laconia is June 30, 2026. Place of Performance The services will be performed at the City Hall located at 45 Beacon Street East, Laconia NH 03246. Bidder Requirements Proposals must include a description of the firm’s experience with municipal government agencies, references from similar projects, resumes of key personnel, a project approach with a schedule of activities and estimated hours for completion, a cost proposal broken down into categories (City General Fund, Sanitary Sewer Fund, School District), current workload commitments indicating capacity to participate in this project, a statement regarding any conflicts of interest, a sample agreement for professional services and report indicative of expected deliverables.