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Commissioners approve two-year Nyhart contract for OPEB actuarial valuation
Summary
The Allen County Commissioners on Feb. 14 approved a two-year contract with Nyhart for actuarial valuations of the county’s OPEB retiree insurance liabilities, with contract prices rising about 5% per year; staff said 2025 will be a full valuation and 2026 an interim valuation.
The Allen County Commissioners voted Feb. 14 to approve a two-year contract with actuarial firm Nyhart to perform valuations of the county’s other post-employment benefits (OPEB) liabilities.
Nick Jordan, Allen County auditor, told commissioners “before you today, we have a two-year agreement with Nyhart for OPEB,” explaining the county offers a retirement incentive for employees hired before July 1, 2010, plus retiree insurance. Jordan said Nyhart conducts valuations to determine the county’s liability for financial statements. He said the contract prices represent “about a 5% increase year over year,” which adds to roughly a 10% increase over the two-year term because 2025 will be a full valuation and 2026 an interim year that requires less work.
Jordan said Nyhart has worked with the county for about 15 years and that the county would consider issuing an RFP before the next contract renewal. “We would not object to an RFP by any means,” he said. Commissioners discussed that continuity with a single provider can ease year-one transition work but agreed staff should consider options and pricing before the current contract expires.
The commissioners approved the contract by voice vote. The contract covers the 2025 full valuation and a reduced-scope interim valuation in 2026; the motion to approve did not include a roll-call vote or a detailed per-year fee schedule in the public transcript.
