The vendor is required to provide that actuarial consulting services to public employee pension funds.
- including for services:
• Consulting and advisory services
o Consult and advise the board as to those matters or questions of an actuarial nature, which shall arise out of, or from the operations of the system.
o This includes unlimited actuarial 5 questions from the client, within reason, via phone calls, video conferencing, or emails, and follow-up by the actuary with reference materials, existing work product, and existing research.
o Services may be provided by telephone, video conference, by written correspondence, or occasionally required in-person as requested by agency.
o Accessibility to services shall be within one working day for response to the agency general manager or designee, or within five working days of a request for a meeting.
o Provide presentations and/or public testimony to agency board and other public bodies on all actuarial reports or actuarially-related issues arising during the course of agency operations.
o Agency estimates the consulting actuary will need to attend a minimum of five board of administration meetings per contract year to give presentations and/or answer questions, including one meeting to review the annual actuarial valuation
o Make recommendations of possible improvements in the agency funding and benefit structure and policies.
o Keep agency informed of any significant regulatory, legal, or legislative changes and trends with respect to actuarial issues.
o Reconcile & evaluate data file - agency will furnish the consulting actuary with all data and statistical information deemed necessary to perform specified contract services, provided the data is available in the records and files of the system.
o The consulting actuary shall provide feedback on the content of the data files and make suggestions for modifications to ensure that the full range of data is available for performing actuarial valuations, experience studies, or other cost studies due to proposed benefit changes.
• Studies and valuations
o Annual actuarial valuation of retirement benefits
- Perform an actuarial valuation of the retirement benefits and submit a report each year showing the cost of maintaining the lacers retirement benefits upon a reserve basis.
- Include as directed, distinct contribution rates for each tier (both before and after reflecting the cost of the tier 1 enhanced benefit for airport peace officers), and for the city, the airport department, the harbor department, and the los fire and police pensions.
- The valuation report is to be computed as of June 30th of each year and must be delivered in final report form no later than October 31st of each year, unless otherwise approved.
- Perform an actuarial gain/loss analysis and submit a report each year providing an analysis of the change in actuarial liabilities due to economic and non-economic risk areas.
- These risks would include pay increases, investment returns, service and disability retirements, deaths, and terminations.
- Valuation shall include the basic disclosure elements recommended by agency for actuarial valuation reports on public retirement systems in state.
o Annual actuarial valuation of health subsidy benefits
- Provide annual recommendations of assumptions related specifically to the health subsidy benefits.
- Perform an actuarial valuation of the health subsidy benefits and submit a report each year showing the cost of maintaining the city employees’ retirement system’s retirement benefits upon a reserve basis. include distinct contribution rates for each tier, the city, the airport department, the harbor department, and fire and police pensions.
- Perform an actuarial gain/loss analysis and submit a report each year providing an analysis of the change in actuarial liabilities due to economic and non-economic risk areas.
- These risks would include investment return, service and disability retirements, death and terminations
- The valuation report is to be computed as of June 30th of each year and must be delivered in final report form no later than October 31st of each year, unless otherwise approved. e. valuation shall be in accordance with and include the basic disclosure elements recommended by for actuarial valuation reports on public retirement systems in state.
o Annual risk assessment
- Provide an annual risk assessment for both retirement and health plans as required.
- Provide deterministic and stochastic modeling methods.
- deterministic projections including employer contributions, funded ratio, and unfunded actuarial accrued liability (UAAL) should cover at least an assumed year-1 rate of return of the expected return, 0% return, and double the expected return for at least six years into the future.
o Assets and liabilities study of larger annuity program
- To be conducted on even-numbered years.
- Perform a study of the assets and liabilities of the larger annuity program and submit a report of findings to the board with any recommendations.
o Assets and liabilities study of the family death benefit insurance plan
- To be conducted on odd-numbered years.
- perform a study of the assets and liabilities of the family death benefit insurance plan and submit a report to the board, which includes recommended contribution rates
o Triennial experience study
- Perform an actuarial experience study expected to be for the period of July 1, 2022 through June 30, 2025 and prepare an actuarial investigation including but not limited to the mortality, service and salary experience of the members and beneficiaries of city employees’ retirement system.
- The report shall be in accordance with the requirements set forth in the provisions of section 1158 of the charter of the city separately computing retired and health and pension benefits.
- The report shall include recommendations for changing economic and non-economic actuarial assumptions as appropriate.
- Study to be conducted and concluded spring/early summer following annual actuarial valuations.
o Educational services and presentations
- Conduct educational discussions with the board of administration and/or agency employees
- Must have the ability to discuss actuarial theory and other matters in lay terms
o Cost analysis for benefit changes
- Prepare actuarial cost analysis of proposed benefit changes. provide timely financial impact estimates of planned statutory amendments.
- The actuary must provide cost and time estimate for completion of the cost studies within three (3) working days, unless otherwise agreed upon.
o Individual benefit calculations
- Occasional actuary reviews of complex individual benefit applications and related computations.
o Other actuarial studies
- This may include providing asset/liability studies, asset allocation modeling, plan design studies, risk analysis, buydown analysis, review of pension administration system calculations in conjunction with updates to actuarial assumptions, and actuarial/cash-flow projections to measure plan risk and long-term fiscal sustainability.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: February 07, 2025