Actuarial Valuation of Retiree Health and Welfare Benefits GASB 75

The contract involves conducting an annual actuarial valuation of Gold Coast Transit's retiree health and welfare benefits in accordance with GASB Statement 75, which requires accurate financial reporting of post-employment benefits. The primary goal is to secure a multi-year agreement with qualified actuaries, initially for two years, with options to renew for an additional two years, ensuring ongoing compliance and financial accuracy over time. The solicitation, identified as RFQual 25-54 MK, was posted on March 24, 2025, with a response deadline of May 9, 2025. The contract is valued between $50,000 and $200,000, reflecting the scope and complexity of the actuarial services required. The project is managed by Gold Coast Transit, a California-based agency, and the primary point of contact is Marlena Kohler, reachable via email or phone. The engagement emphasizes the importance of thorough insurance compliance, including general liability, automobile liability, workers' compensation, errors and omissions, and property insurance, with specific instructions for submission and renewal procedures. This ensures that all contractual parties maintain appropriate coverage throughout the duration of the contract. The procurement process is facilitated through an online portal, providing transparency and streamlined communication. Overall, the contract aims to establish a reliable, multi-year partnership with experienced actuarial firms to support GCTD’s financial reporting obligations related to retiree benefits, ensuring compliance with regulatory standards and safeguarding the district’s financial interests.