Actuarial Services

The Vendor is required to provide actuarial services to the authority and its wholly-owned subsidiary authority.
- The authority has certain obligations for the pension and other post-employment benefit (“OPEB”) obligations of its service providers.
- Periodically review the actuarial reports provided to the authority from the service provider for the service provider’s county pension and OPEB plans.
- Periodically review the ERISA funding reports for service provider county pension plan.
- Comment on issues or concerns that could be raised by management of the plans, selection of various alternative methods, or proposed funding relief.
- Develop questions for the service provider actuary to validate and support valuation results.
- Demonstrate how alternative key assumptions could alter the future outcome of the plan.
- Create and maintain models to allow the authority to analyze the GAAP results for the service provider OPEB plan and the impact to future costs of pre-funding the authority's tax-free OPEB account to meet these future obligations.
- Illustrate the impact of a variety of key assumptions such as discount rates and medical inflation rates to permit the authority to evaluate the current financial obligations of the OPEB plans as well future outcomes under a variety of scenarios.
- Offer commentary and recommendations related to tracking assumptions against emerging experience.
- Meet with the authority's staff to review analysis.
- Develop written commentary or presentation materials as directed.
- Address other issues that arise.
- Comment on issues or concerns that could be raised by management of the plans, selection of various alternative methods, or proposed funding relief.
- Develop questions for the national grid actuary to validate and support valuation results.
- Demonstrate how alternative key assumptions could alter the future outcome of the plan.
- Develop models to understand national grid's approach and sensitivity of computations.
- Review expense and liability computations submitted by national grid under the PSA contract based on actuary reports and funding reports to confirm method is in accordance with GAAP.
- Consider other method and impact on results over PSA contract term. - Perform actuarial services to evaluate the authority's pension and OPEB obligations for its employees.
- Analyze funding requirements for the authority's share of the nine mile point 2 nuclear decommissioning fund.
- Analyze funding requirements and expense projections for the authority's asset retirement obligations.
- Perform actuarial services related to the authority's insurance needs and risk management (hedging) programs.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: May 22, 2025