GASB 75 Actuarial Services

The City of Perth Amboy seeks an independent actuary to perform an offsite actuarial valuation of its retiree welfare plan in accordance with GASB 75. The plan covers approximately 335 full-active employees and 361 retirees, totaling 1,900 lives, and provides postemployment medical, prescription drug, dental, vision, and life insurance benefits. Eligible bidders are onshore United States organizations providing professional liability insurance coverage of at least $500,000 and proof of a New Jersey Business Registration Certificate. Bidders must submit one original and one digital USB copy of their sealed proposal to the Purchasing Department by October 21, 2026, at 10:00 A.M. Questions must be submitted by October 7, 2026, at 10:00 A.M. The contract term runs from January 1, 2027, through December 31, 2027. Bidders must submit pricing using the provided Cost Proposal Form, as the solicitation requests proposals for budget evaluation. The provided text does not state the specific proposal evaluation criteria.