Actuarial Valuation Services

The vendor is required to provide that actuarial valuation services an organizational structure for the project indicating the responsibilities and reporting chain(s) of the key personnel and staff including any subcontractor.
- State pays or reimburses for the coverage of:
• Basic coverage and welfare fund contributions for retirees in agency and college retirement equities fund retired from community colleges;
• Welfare fund costs for non-pedagogical senior college retirees of the agency; and
• Part B premium for medicare-eligible retirees and covered spouses for all covered agency employees retired from either senior colleges or community colleges.
- The contractor shall prepare an annual actuarial valuation following government accounting standards board (GASB). the following are listed as required items:
• The actuarial present value of total projected benefit;
• Actuarial accrued liability;
• Actuarial value of assets;
• The unfunded actuarial accrued liability;
• Normal cost;
• Present value of future normal contributions;
• Present value of future salaries;
• Frozen entry age normal rate;
• Normal contributions (middle of year and end of year); and
• Annual Other Post-Employment Benefits (“OPEB”) cost and net OPEB obligation.
- Additional Services:
• Agency may require special scope actuarial services from time to time in the course of business for different reasons such as, but not limited to, Actuarial Determined Contribution (“ADC”).
• The Contractor shall perform, as required by the University, additional actuarial-related services not to exceed $25,000 per Contract year.
• Services in writing and a separate purchase order would be required for these services before any billable work begins; services will be billed at the hourly rate for the applicable.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: January 31, 2025