Review and Comment on and Authorization to Release the Request for Proposals for Actuarial Services Associated with Implementation of Governmental Accounting Standards Board Statement 45. City of Culver City California City Council Agenda Item Report Item Number: A 5 Meeting Date: 08/13/07 AGENDA ITEM: Review and Comment on and Authorization to Release the Request for Proposals for Actuarial Services Associated with Implementation of Governmental Accounting Standards Board Statement 45. Contact Person/Dept.: Shally Lin / City Treasurer's Office Fiscal Impact: Yes x No General Fund: Yes x No Phone Number: 310 253 5871 Public Hearing: Public Notification: Master Notification List on (08/08/07) Action Item: X Attachments: X Department Approval: Crystal C. Alexander (07/10/07) City Controller Approval: Marlee Chang (08/07/07) City Attorney Approval: Carol Schwab (by H. Iker) (08/06/07) City Manager Approval: Jerry B. Fulwood (08/08/07) RECOMMENDATION: Staff recommends the City Council review and comment on and authorize release of the attached Request for Proposals (RFP) for Actuarial Services Associated with Implementation of Governmental Accounting Standard Board (GASB) Statement 45. BACKGROUND: This information is needed in order to comply with the requirements of the GASB Statement No. 45 Financial Reporting for Post employment Benefit Plans Other than Pension Plans. The new statements are similar to previous GASB guidance for pensions. In addition to pensions governments offer other post employment benefits (OPEB) such as medical insurance for retirees. The basic premise of the statement is to measure and report the long term costs of non pension retirees benefits with the idea that these benefits are a form of employee compensation that should be recognized as an expense as the employee earns them. The City participates in the California Public Employees Retirement System (CalPERS) and in the CalPERS Health Care System and is required to extend healthcare benefits...
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