2023-173A - Laserfiche WebLink

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Exhibit 1— Scope of Work The County's fiscal year is October 1St — September 30th. The full actuarial valuation completed every other year, beginning with October 1, 2023, will be based on data as of October 1St of that year, and the valuation report will be due prior to March 1St of the following year. Required GASB 74 and 75 reports shall be completed as of September 30th each year, beginning with September 30, 2024. These reports are necessary for the County's year-end close and should be provided by November 5th each year. Actuarial firm will request all necessary data to be provided by the County's Finance Department, and provide suggested letters to various parties for the Finance Department to utilize in gathering the data. Reports on the County's OPEB plan will include: • Service cost • Total OPEB liability • Interest on total OPEB liability • Changes of benefit terms • Differences between expected and actual experience pertaining to economic or demographic factors • Changes or assumptions about future economic or demographic factors • Contributions from active and inactive members (provided by Finance Department) • Net investment income (schedule provided by Finance Department) • Benefit payments (provided from insurance company) • Administrative expenses (provided by Finance Department) • OPEB fiduciary net position • Net OPEB liability • Fiduciary net position as a percentage of total OPEB liability • Inflation and healthcare cost trend rates assumptions: including 1 percentage point higher and 1 percentage point lower than the assumed healthcare cost trend rate • Assumptions made about projected cash flows in and out of the OPEB plan • Covered -employee payroll • Net OPEB liability as a percentage of covered -employee payroll • Actuarially determined contributions (ADC) • Amount of contributions recognized during fiscal year in relation to the ADC • Amount of contributions in relation to ADC as a percentage of covered -employee payroll • Annual money -weighted rate of return on OPEB plan investments (information provided by Finance Department) • Other data as outlined and required in GASB OPEB Statements Additional services may include: • Determine the implicit rate subsidy, if any, and the impact it would have on the OPEB liability • Use an acceptable actuarial cost allocation method to assign costs to specific accounting periods • Analyze the data to assess any inconsistencies and make recommendations for enhancing data quality • Review and update plan documents and design 10