Actuarial Services for Other Post-Employment Benefits

The City of Sun Prairie, Wisconsin is seeking actuarial services to conduct a comprehensive valuation of its Other Post-Employment Benefits (OPEB) liability for its existing health benefit program. The procurement, designated as RFQ 23FIN23, requires a qualified vendor to perform a full actuarial valuation study for fiscal year 2023 and a roll-forward valuation for fiscal year 2024, in compliance with GASB 75 accounting standards. Deliverables include a Public Statement of Actuarial Opinion (PSAO) for each valuation year, along with comprehensive annual reports detailing the city's OPEB liability. Vendors must submit sealed quotes by June 2, 2023, at 10:00 a.m. local time, with questions due by May 12, 2023, and responses to be posted by May 19, 2023. The proposal must include detailed sections covering contact information, key personnel qualifications, company description, GASB 75 methodology, census data collection, project overview, pricing, timeline, and references from government clients who have received similar OPEB valuations within the past year.

There are no specific set-aside designations or restrictions mentioned for this procurement. The previous service provider billed $4,000 for the most recent GASB 75 valuation, which may serve as a baseline for cost expectations. The contract, effective from July 14, 2023, through February 28, 2025, includes an option to extend for an additional two-year period. The current eligible employee population totals 230, with varying coverage types, and the city offers a high-deductible health plan with specific retirement eligibility requirements for different employee groups. While the exact budget is not explicitly stated, vendors are required to provide not-to-exceed pricing for the two primary years of service, with optional pricing for two additional years. The contract requires comprehensive insurance coverage, including workers' compensation, commercial general liability, automobile liability, umbrella liability, and professional liability insurance, with specific minimum coverage amounts.