This Solicitation opportunity from Wisconsin was posted on November 25, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.
Legislative Audit Bureau Actuarial Audit Services 2024-02
Contract Overview
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This contract involves providing actuarial audit services related to various state retirement and insurance programs in Wisconsin. The scope includes an independent review of the actuarial valuations conducted by consulting firms for the State Retiree Health Insurance Program, Retiree Life Insurance Program, and the Supplemental Health Insurance Conversion Credit Program. These assessments are essential to ensure compliance with Governmental Accounting Standards Board (GASB) reporting and disclosure requirements, specifically GASB Statements 74 and 75. The evaluations will verify the accuracy of valuations as of specified dates—January 1, 2023, and 2024, as well as the subsequent roll-forwards to respective measurement dates in 2024—covering both state and local retiree life insurance plans and supplemental health programs. The contract, issued by the Wisconsin Legislative Audit Bureau, has a value estimated between $500,000 and $1,500,000, reflecting its comprehensive scope. The solicitation was posted on November 25, 2024, with a response deadline of January 28, 2025. The primary point of contact is Sharon Conway, reachable via email or phone. The project aims to ensure the actuarial valuations supporting these programs are independently verified for accuracy and compliance, facilitating transparent and reliable financial reporting for the state’s retirement and insurance obligations.
General Info
Agency
Place of Performance
WI, USASet-Aside
Documents
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Timeline
Submission Closed
Organization & Contact Information
Full Description
State Retiree Health Insurance Program - an independent assessment of the consulting actuary’s (Segal Consulting’s) actuarial valuation as of January 1, 2023 (valuation date), and the roll-forward of these calculations to June 30, 2024 (measurement date), to meet employer reporting and disclosure requirements under GASB Statement 75; Retiree Life Insurance Program - an independent assessment of the consulting actuary’s (Milliman’s) actuarial valuation as of January 1, 2024 (valuation date), and the roll-forward of these calculations to December 31, 2024 (measurement date), for both the State Retiree Life Insurance and Local Retiree Life Insurance, to meet plan and employer reporting and disclosure requirements under GASB Statements 74 and 75; and Supplemental Health Insurance Conversion Credit Program- an independent assessment of the consulting actuary's (GRS’s) actuarial valuation as of December 31, 2024 (valuation date and measurement date), to meet plan and employer reporting and disclosure requirements under GASB Statements 74 and 75.
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