Laserfiche WebLink
REV: 04-19-2024 LF <br />EXHIBIT “A” <br />SCOPE OF SERVICES AND FEE <br />Services to be provided by Consultant: <br />1. Actuarial Valuation <br />Provide a June 30, 2023 actuarial valuation funding report for the City’s retiree <br />healthcare plan, which include the liabilities and funded status as of June 30, 2023, <br />and recommended contributions for the 2023/24 and 2024/25 fiscal year. <br />The valuation will include a meeting with the City to review the plan provisions, <br />census data, actuarial methods and assumptions, and valuation results. The <br />discussion outline for the meeting will include: <br />Historical valuation results, asset information including returns, demographic <br />information, and contributions vs. ADC. <br />Gain and loss analysis with changes in the Actuarial Accrued Liability since the <br />prior valuation <br />Long term contribution and benefit payout projection <br />Results provided separately for Safety and Miscellaneous groups and 8 <br />employee groups <br />Statistical comparison of City results with other Foster & Foster California OPEB <br />valuations <br />Detailed participant statistics, including summary of healthcare plan and <br />coverage elections. <br />2. Accounting Reports <br />Provide GASB 75 accounting information reports for fiscal year ending June 30, <br />2024, and June 30, 2025, based on a roll-forward of the June 30, 2023 actuarial <br />valuation. The reports will contain all actuarial information needed for the financial <br />statement disclosures under GASB 75. <br />3. Revisions to pension pay down strategy and Recommendations for CalPERS <br />pension and OPEB payments from 115 Trust <br />CalPERS actuarial valuation reports provide contribution projections for 5 years, <br />including the impact of PEPRA new hires. Consultant will additionally provide City <br />with analysis of contribution rate and plan funded status projections over a longer <br />period (20+ years), including the impact of these changes and will utilize our <br />stochastic investment return model to show likely ranges of contributions. <br />Consultant will include the impact of: <br />Actual CalPERS return for the fiscal year following the valuation date, <br />Risk mitigation, <br />ATTY/AGR.2024.053/Foster & Foster (Actuarial Valuation 2024-2026) (Page 11 of 13)