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Committee recommends hiring Gabriel, Roeder, Smith for OPEB actuarial work
Summary
Manistee County staff recommended contracting Gabriel, Roeder, Smith & Company to perform a 12/31/2025 OPEB actuarial valuation and to prepare GASB 74 & 75 accounting reports; the committee voted to recommend the agreement to the board.
Manistee County's Ways & Means Committee on Feb. 4 recommended the county enter an agreement with Gabriel, Roeder, Smith & Company (GRS) to provide actuarial services for the county’s retiree health care plan.
Lisa Sagala, the county administrator/controller, presented GRS's proposal. GRS proposed a 12/31/2025 actuarial funding valuation to determine actuarial present value of projected benefits, actuarial accrued liability, actuarial value of assets and the Actuarially Determined Contribution for fiscal years ending Sept. 30, 2027 and Sept. 30, 2028. The firm quoted $16,375 for the 12/31/2025 funding valuation and $8,175 for each GASB 74 & 75 report for the 2026 and 2027 measurement years; the proposal also includes supplemental calculations to support Michigan Public Act 202 compliance.
Sagala explained that GRS would prepare GASB 74 & 75 reporting (including a single-discount-rate determination and sensitivity analyses) and that the work includes assumptions review and a peer-reviewed actuarial valuation process. No meeting-level changes to plan benefits or funding policy were recorded; Sagala said the engagement would provide the actuarial inputs the county needs for financial reporting.
Committee member Richard Schmidt moved to recommend entering into an agreement with Gabriel, Roeder, Smith & Company for OPEB actuarial services; Chairperson Jeffrey Dontz seconded. The motion carried with all members present voting yes. The committee will forward the recommendation and the proposal appendices to the full Board of Commissioners.
