Other Post Employment Benefits (OPEB) Actuarial Review

Contract Status: 
Completed
Contract Type: 
Service
Contract Source: 
Contractor
Contract Duration (months): 
24months
Responsible Department: 
Accounting
Vendor (Contractor): 
Key Benefit Concepts, LLC (KBC)
Contract Value: 
$5460
Annual Cost: 
$4950
Total Value / Impact: 
5460
Contract Draft: 
PDF icon kbc_draft_sauk_county_-_sub_opeb_valuation_proposal_3-2022.pdf
Final Contract: 
PDF icon kbc_sauk_county_-_sub_opeb_valuation_proposal_3-2022_signed.pdf

By Governmental Accounting Standards Board (GASB) Statements #74 and #75, Sauk County is required to have an actuarial study performed to find the cost of the implicit rate impact on our health insurance.  This is the "unseen" cost of having retirees as part of our active employee health insurance group.  It is the amount our active employees and the County pay to subsidize the premiums paid by the retirees, who actuarially cost more than the active employees because of more health insurance usage.

Review

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