Actuarial Services

The vendor is required to provide actuarial services for agency defined benefit retirement plan (DB plan) and other post-employment benefits plan (OPEB plan).
• Perform an annual actuarial valuation for agency amended and restated defined benefit retirement plan (DB plan).
• Calculate the actuarially determined contribution (ADC) for the beginning of the year.
• Prepare the valuation and disclosure of information required by the governmental accounting standards board (GASB) statements 67 and 68, and any other applicable GASB statements currently issued or future statements issued during the contract period.
• Complete the actuarial valuation by February 26th of each year for the valuation as of the prior January 1 (i.e., the report date and the measurement date are as of January 1 of the same year).
• Present report results to the defined benefit retirement board (DB board) at its first quarter meeting, generally held in May.
• Provide agency with one electronic copy of the final version of each report by March 5th of each year.
• Attend DB board meetings, generally four per year, though the actual number of meetings may vary.
• Provide actuarial consultation and advice on specific technical, policy, or administrative issues identified by agency staff or the DB board.
• Such consultation and advice shall be rendered through periodic in-person meetings, routine telephone and virtual consultations, and correspondence as required by agency.
• Prepare annual employee retirement benefits statements for active employees in the DB plan.
• Provide a tool that allows agency to perform DB plan benefit calculations for retiring employees.
• Verify agency staff’s benefit calculation for retiring employees or employees contemplating retirement.
• Perform the calculations for benefits involving qualified domestic relations order (QDRO) and death benefits, as needed.
• Maintain, update, and reconcile employee retirement related data.
• Assist agency in evaluating its data requirements.
• Provide agency staff with the following annual reports related to actuarial valuations:
1. Schedule of inactive participants entitled to future benefits by normal retirement date.
2. Schedule of inactive participants entitled to future benefits by name.
3. Schedule of participants and beneficiaries receiving benefits.
4. Impact of inflation on retired participants and beneficiaries.
5. Schedule of lump sum payments made during the year.
• Inform agency of any new developments, trends, and advancements in the retirement industry and within the actuarial profession.
• Identify potential effects on the financing and benefit structure of a retirement system.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: May 29, 2025