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CITY OF PERTH AMBOYREQUEST FOR PROPOSALS FOR GAS 45 ACTUARIAL SERVICESCity of Perth Amboy Contract Presubmission DEADLINE10:00 A.M. Friday, December 19, 2014ADDRESS ALL PROPOSALS TO:DIVISION OF FINANCIAL
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How to fill out gasb 45 actuarial services

01
Start by gathering all the necessary financial and demographic information related to your organization's employee retirement benefits.
02
Identify the actuarial assumptions that need to be made, such as mortality rates, salary growth rates, and discount rates.
03
Use a qualified actuarial professional to calculate the actuarial liability and funding requirements for your organization's retiree healthcare benefits.
04
Prepare the actuarial valuation report, which should include a summary of the assumptions used, details of the calculations performed, and the actuarial liability.
05
Ensure compliance with GASB 45 requirements by following the relevant reporting and disclosure guidelines.
06
Review and validate the actuarial report with an independent actuary or auditor to ensure accuracy and compliance.
07
As necessary, update the actuarial valuation report on a periodic basis to reflect any changes in financial or demographic factors.

Who needs gasb 45 actuarial services?

01
Governmental entities and organizations that provide post-employment benefits other than pensions (OPEB), including retiree healthcare benefits, need GASB 45 actuarial services.
02
This includes state and local governments, school districts, and other public sector entities.
03
Private sector organizations that provide OPEB and follow GASB accounting standards may also require these services.
04
Ultimately, any organization that wants to accurately assess and report their retiree healthcare benefit liabilities and funding obligations would benefit from GASB 45 actuarial services.
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GASB 45 actuarial services refer to the actuarial assessments required for Other Post-Employment Benefits (OPEB) as mandated by the Governmental Accounting Standards Board (GASB) Statement No. 45. These services help governmental entities measure the long-term costs of providing OPEB.
Governmental entities that provide OPEB to their employees are required to file GASB 45 actuarial services. This includes state and local governments, public school districts, and other public agencies.
To fill out GASB 45 actuarial services, organizations must gather relevant data about their employee benefits, demographics, and funding policies. An actuary then uses this data to generate a report that quantifies the OPEB liability and provides required disclosures.
The purpose of GASB 45 actuarial services is to ensure that governmental entities properly account for and disclose their OPEB liabilities in their financial statements. This enhances transparency and helps stakeholders understand the financial impact of these benefits.
The information that must be reported includes the actuarial accrued liability, the annual required contribution (ARC), and additional disclosures about the assumptions and methods used in the actuarial valuation.
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