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Basic Information

Reference Number

0000209338

Issuing Organization

City of Cadillac

Owner Organization

City of Cadillac

Solicitation Type

RFP - Request for Proposal (Formal)

Solicitation Number

2019-05

Title

Actuarial Valuation Services - Other Postemployment Benefits (OPEB

Source ID

PU.AG.USA.1533.C6019526

Details

Location

United States, Michigan, Wexford County

Delivery Point

City Hall

Purchase Type

Term: 06/30/2019 12:00 AM EDT - 06/30/2023 12:00 AM EDT

Piggyback Contract

Description

The City of Cadillac (“the City”) is requesting proposals for actuarial services from qualified firms to prepare an actuarial valuation and all required compliance reporting information for the City’s Other Postemployment Benefits (OPEB) in accordance with Government Accounting Standards Board (GASB). GASB Statements include:

GASB Statement 74 Financial Reporting for Postemployment Benefit Plans Other than Pension Plans;
GASB Statement 75 Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pension Plans;
Other GASB requirements as applicable.

Additionally, the City is requesting the required note disclosures and supplemental information to
report in its Comprehensive Annual Financial Report.

Beginning for the fiscal year ending June 30, 2019, the City must comply with Michigan Public Act 202 of 2017 which requires the City to report OPEB system assets, liabilities, funded ratio, and annual required contributions using uniform assumptions as determined by the State Treasurer. These calculations must be included in each annual valuation.

The City seeks to contract with a selected firm to prepare annual Actuarial Valuation Reports for
Postemployment Benefits for a term of five (5) years, with the option to renew for an additional five (5) year period. This will begin with the City’s fiscal year ending June 30, 2019.

Firms will be required to submit a not-to-exceed professional fee for the completion of all work. Firms will also disclose the employee(s) who will prepare the report, the position(s) of each employee performing work in accordance with the proposal and the estimated hours for each employee.

Dates

Publication

02/26/2019 04:30 PM EST

Question Acceptance Deadline

03/22/2019 05:00 PM EDT

Questions are submitted online

Closing Date

03/26/2019 02:00 PM EDT

Contact Information

Owen Roberts

2317797333

oroberts@cadillac-mi.net

Bid Submission Process

Bid Submission Type

Physical Bid Submission