Formal written quotations are hereby invited from suitable service providers to perform actuarial valuations for long services awards and post retirement benefits in line with GRAP 25 for one year. Scope of work: - The reporting framework requires that an actuarial valuation for employee benefits be done at each reporting period. The actuarial valuation method to be used shall be the projected unit credit method as prescribed by the relevant applicable accounting standards to determine the present value of the municipality’s defined benefit obligation, - The actuarial assumptions to be used must be unbiased and mutually compatible. The discount rate to be used must reflect the time value of money as prescribed in the relevant applicable accounting standard on employee benefits, - The successful bidder will be appointed for a for a period of one year for similar terms and conditions. The actuarial valuation must be done for the reporting period and projections for the following year must also be done. The valuation report upon completion must be discussed with the Office of the Chief Financial Officer or any delegated employee. The municipality currently recognizes measure and disclose the following defined benefit obligations: (a) Post-employment benefit: - Post-Retirement Medical Aid Benefits: - The municipality offers post-retirement medical aid benefits to its employees where the municipality continues to pay 60% of the medical aid contribution of a retired employee until the pensioner passes or employee passes away, - The municipality currently has 166 employees belonging to medical aids and 13 retired employees continued medical aid members, (b) Long Service Awards: - The municipality awards long service benefits to its employees with an uninterrupted service of 5 years and thereafter with 5 (five) year intervals based on the following principles: (i) A cash payment which increases with the number of years’ service, and (ii) A number of additional leave days which increases with the number of service years, an employee can utilize the additional leave days as follows: • Take the leave days as vacation, and • Request that the leave days be paid in cash, (c) The successful bidder will also have to evaluate and give advice on any other employee benefits if applicable. (Tender №105861869)