Utah Labor Commission

The buyer seeks actuarial services for its Employers' Reinsurance Fund and Uninsured Employers' Fund. The contractor will provide annual actuarial analyses, liability calculations, and financial projections for both funds. Services include establishing reserves, projecting financial results, reviewing investment strategies, and meeting with advisory bodies. The contractor must deliver timely reports to assist with financial closings and surcharge rate setting.

• 6/30/2024 - Information provided by Commission
• 8/10/2024 - Initial claims liability letter due
• 8/15/2024 - Final claims liabilities report due
• 9/15/2024 - Final full report due
• 9/15/2024 - Proposal Due Date

• Provide actuarial analysis and liability calculations for ERF and UEF
• Establish financial statement reserves for both funds
• Project financial results for major categories over 10 years
• Review and advise on investment strategy for ERF and UEF
• Meet twice annually with Commission and Workers Compensation Advisory Council
• Provide final claims liabilities report by August 15th each year
• Suggest percentage surcharge on premiums for workers' compensation insurance
• Estimate dates ERF will be fully funded
• Provide graphs of historical and future projections for both funds
• Review data from various sources before using in projections