The Consulting Actuary will: 1. Meet either in person or via telephone as necessary to plan the project and make necessary decisions and report progress with regard to conduct of the analysis. 2. Analyze the data to assess any inconsistencies and make recommendations for enhancing data quality. 3. Prepare an actuarial valuation following GASB 74 and GASB 75 standards. 3.1. The City desires to have a full actuarial update prepared for recognition as of Fiscal 2024- year end, then an interim update for fiscal year end 2025, and again a full actuarial for fiscal year end 2026 and an interim update for fiscal year 2027. The City of Dover is an early implementer of GASB 45 and had calculations prepared for recognition as of fiscal year end 2006, and early implemented GASB 75 as of fiscal year end 2016. 4. Said analysis to include all applicable city employees and retirees, including school department employees and retirees. 4.1. The actuarial present value of total projected benefits 4.2. Actuarial OPEB liability. 4.3. Actuarial value of assets. 4.4. The unfunded OPEB liability. 4.5. Normal cost. 4.6. Annual required contribution of the employer(s)-as a level dollar amount and as a level percentage of covered payrolls. 4.7. Net OPEB liability (for employer disclosure under GASB statement 74 and 75). 4.8. Annual employer contribution "pay-as-you-go-cost" on a cash flow basis for 2024 – 2026. 4.9. Annual determined contribution “pre-funding” an established OPEB Irrevocable Trust. 4.10. Prepare schedule reflecting OPEB ADC and Net OPEB liability by employee/retiree. 4.11. Prepare schedule reflecting OPEB ADC and Net OPEB liability by operational function.
