GASB 75 Other Post-Employment Benefits Actuarial Services

The Spokane Transit Authority is soliciting proposals for a five-year contract to obtain professional actuarial services for Other Post-Employment Benefits (OPEB). The primary objective is to ensure compliance with Governmental Accounting Standards Board No. 75 (GASB 75) regarding the measurement, display, and recognition of expenses and liabilities for the agency's retiree health benefit program, which encompasses medical, dental, life insurance, and bus passes. The selected consultant will be required to provide a final actuarial report in PDF format by February 15 of each year for fiscal years ending December 31, 2027, through December 31, 2032. Key deliverables include the calculation of the Total OPEB Liability, Fiduciary Net Position, and a ten-year pay-as-you-go cost projection, all while adhering to Actuarial Standards of Practice No. 41 and the American Academy of Actuaries guidelines. Proposals are evaluated based on a weighted criteria system: 30 percent for qualifications and experience of key personnel, 30 percent for cost, 25 percent for technical approach, and 15 percent for project management and quality control. The contract requires the consultant to maintain commercial professional liability insurance with minimum limits of 2 million dollars per claim and 3 million dollars in the aggregate, as well as the provision of payment and performance bonds. Awardees must be in good standing with the State of Washington and comply with various federal and state nondiscrimination and equal employment opportunity regulations. Submissions must be provided in PDF format by November 2, 2026, and include a price proposal, a minimum of five references, and a signed proposal submittal checklist.