The vendor is required to provide that actuarial services for pension board.
-human resources and finance departments provide information to the actuary, as it becomes available:
•Detailed descriptions of any changes in plan provisions, including copies of plan amendments and board resolutions
•Participant census data, edited and reconciled
•Asset information in the form of an audited financial statement.
-The actuarial firm will provide the following basic services:
•Contributions arising from member participation and city contributions are sufficient to fund the current levels of benefits
•Contributions meet the minimum funding standards of agency.
•Disclosure information under statement
•10-year forecast of contributions, disbursements and funded status
•Actuarial experience analysis
•Quarterly meetings and phone consultations
-Contract Period/Term: 2 months