City of Grand Rapids

Buyer requires a comprehensive actuarial valuation of the Other Postemployment Benefits (OPEB) for General Employees. The project includes measuring the plan's funding progress and determining employer contribution rates for fiscal year ending June 30, 2026. The analysis must incorporate health care trend assumptions, premium rate development, and funding projections in compliance with applicable Actuarial Standards of Practice.

• 6/30/2024 - June 30, 2024 Valuation Date
• 5/9/2025 - Proposal Due Date

• Calculate Actuarially Determined Contribution for fiscal year ending June 30, 2026
• Develop unfunded actuarial accrued liability calculations
• Create illustrative projections for future benefit payments
• Determine retiree premium rate development
• Calculate health care cost trend assumptions
• Verify compliance with GASB Statement Nos. 74 and 75
• Analyze demographic data for active and retired members
• Perform valuation of plan assets
• Develop long-term investment return assumptions
• Calculate present value of future benefits for retirees and beneficiaries