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Council approves multi-year actuarial contracts for pension and OPEB valuations
Summary
Palos Park approved a three-year contract with Lauterbach & Amen LLP for GASB pension/OPEB valuations and a two-year engagement with MWM Consulting Group for the police pension actuarial valuation, citing cost predictability and prior satisfactory performance.
The Palos Park Village Council on Monday approved two multi-year actuarial service agreements to support required pension and OPEB accounting and funding calculations.
Councilor Commissioner Reed described a three-year proposal from Lauterbach & Amen LLP to prepare GASB 67/68 pension and GASB 74/75 OPEB actuarial valuations for the village for fiscal years ending April 30, 2025, through April 30, 2027. "The village has been using Lauterbach & Amen LLP for these actuarials since 2015 and staff has been satisfied with the quality of services provided therein," he said. The council voted to approve that three-year engagement.
Separately, the council approved a two-year proposal from MWM Consulting Group to provide the annual actuarial valuation for the Palos Park Police Pension Fund for the fiscal years beginning May 1, 2025 and May 1, 2026. Commissioner Reed explained that the police pension valuation is required each year to calculate the statutory minimum contribution and ensure the fund remains actuarially sound. The village noted MWM provided the police-pension valuations for the prior two years and that the most recent single-year fee paid by the village was $3,300 for comparison.
Councilors framed the multi-year agreements as a step toward financial predictability and potential cost savings from multi-year purchasing. The council recorded motions, seconded, and approved both contracts by roll call.
Staff noted that GASB 74/75 full OPEB valuations are required on alternate years (a full valuation was required for fiscal year 2025 and again for fiscal year 2027), with limited actuarial reporting in intervening years. The agreements were presented as consistent with those GASB schedules and municipal audit requirements.
