A. Actuarial valuation. The Contractor shall prepare an actuarial valuation of the OPEB plan classified as an agent multiple employer to include: 1. One combined and nine separate employer actuarial valuations of the EUTF OPEB Plan as of July 1, 2025 for each public employer participating in the EUTF, i.e., the State of Hawaii, City and County of Honolulu, the County of Hawaii, the County of Maui, the County of Kauai, the Board of Water Supply of Honolulu, the Hawaii Department of Water Supply, the Kauai Department of Water Supply, and Honolulu Authority for Rapid Transportation (HART). With respect to each actuarial evaluation, Contractor shall prepare and deliver to the EUTF and employers any and all statements, reports, and documents that an actuary would reasonably be expected to prepare and deliver in connection with an actuarial valuation conducted in accordance with actuarial standards of practice. Medicare Part B premiums for the State and counties shall also be included in the actuarial valuation. 2. The actuarial present value of total projected benefits. 3. The ARC of the State and county public employers. 4. Actuarial valuation reports. A written report on each actuarial valuation conducted is required for the combined and nine separate employer reports. Reports must be in the form and covering the subjects as specified by the EUTF. The actuarial valuation reports shall be completed three weeks prior to and presented at the EUTF Board’s first meeting of the calendar year which is the first or second Monday of January (e.g., the July 1, 2024 actuarial valuation will be presented at the January 6, 2025 Board meeting). All actuarial valuation reports shall contain the following information: a. An executive summary for formal presentation to the EUTF Board, the State’s executive branch and the Legislature as well as the other employers and the legislative bodies. b. All data necessary for the EUTF Plan and the employers to comply with the requirements of Act 268, SLH 2013 including, without limitation: i. Actuarial accrued liability ii. Actuarial value of accrued assets iii. Unfunded actuarial liability (UAAL) – funded percent of UAAL iv. Normal cost v. ARC per Act 268, SLH2013, as a dollar amount and percentage of covered payroll c. A description of: i. EUTF OPEB plan provisions, including group(s) covered and benefits valued ii. Actuarial methods including: 1. Actuarial funding method 2. UAAL amortization policy 3. All actuarial assumptions iii. Data used in the valuation, including age/service distribution table(s) iv. Perform an annual gain/loss analysis to determine reasons for changes in the UAAL, if and when prior actuarial valuations is available as support v. Assess the data for inconsistencies and make recommendations for enhancing data quality 5. For each employer, a valuation forecast of 30 years of UAAL, ARC, pay-as-yougo, funded percentage prospected asset balance gain as required by the stated funding policy of the State noted in Act 268, SLH 2013.
