North Orange County Regional Occupational Program Opengov #017-3142902-CA

Orange County seeks actuarial consulting for retiree medical valuations, ACFR reporting, and pension analysis

The County of Orange is seeking actuarial consulting support for retiree medical valuations, financial reporting, and related pension and benefit analysis. - Government buyer: County of Orange, County Executive Office — CPO; related County offices include the Office of Finance and CEO/HRS/Employee Benefits. - Scope: Prepare two GASB-compliant Retiree Medical Plan actuarial valuations, project liabilities and costs, report on changes in costs and unfunded actuarial accrued liability (UAAL), and prepare three annual ACFR notes with supporting schedules and auditor support. - Additional services: Provide as-needed pension and retiree medical analysis, including review of information from OCERS and its actuary; retirement-system comparisons; analysis of 1937 Act systems; cost-reduction studies; negotiation proposal analysis; and evaluation of alternative trust arrangements. - Coordination: The contractor will work with the Association of Orange County Deputy Sheriffs (AOCDS) to obtain relevant retiree data. The County’s Auditor-Controller and outside auditors may request support related to the valuation and ACFR note. - Staffing rates requested: Hourly rates for Partner & Vice President, Assistant Vice President, Associate Actuary, Senior Actuarial Analyst, and Actuarial Analyst. No prospective actuarial consulting vendor is named. - Contract term and value: Three-year initial term, with an optional renewal of up to two additional years subject to Board of Supervisors approval. The stated ceiling is $175,000 per year; the estimated maximum across the possible five-year term is $875,000. - Notable qualifications: Applicants must have completed at least three recent public-agency OPEB valuations for plans with at least 1,000 participants and demonstrate appropriate actuarial credentials, experience, and compliance with applicable actuarial standards.

Description

The County of Orange is seeking qualified actuarial firms to provide actuarial services for its Retiree Medical Plan valuation and preparation of the Annual Comprehensive Financial Report (ACFR), consistent with GASB requirements. Work includes actuarial valuation reports, long-term projections and analysis, preparation of ACFR notes and supporting schedules, and related meetings and auditor support. The County also seeks additional pension and retiree medical analysis services on an hourly, as-needed basis. The intended initial contract term is three years, not to exceed $175,000 per year, with one optional renewal of up to two additional years subject to County Board of Supervisors approval.

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