The vendor is required to provide financial audit of the employee’s retirement system ERS’ annual comprehensive financial report (ACFR) for the year ended December 31, 2024 by July 2025.
- The ers provides a wide variety of benefits to its members and their beneficiaries, including:
• Service retirement benefits
• Disability retirement benefits
• Separation benefits
• Death benefits
• Survivorship options
• Group life insurance for all city employees
• Health and cobra dental insurance programs for eligible retirees - Current organization
• ERS currently has 52 full time equivalent budgeted positions and 1 contractor who provide it services.
• ERS’ executive director is responsible for daily operations, and reports to the annuity and pension board.
• Functional areas include member services: counseling and providing direct service to members, administering group life, health, and dental insurance benefits; fiscal services: accounting and financial reporting activities, retiree payroll, staff payroll, benefit calculations; investment services: monitoring of investment managers’ performance, fund re-balancing; information services: handling the network, hardware and software functions and maintenance of the information systems; and, administration: agency governance, research activities and general administrative functions.
- Actuarial consultants
• The ERS’ consulting actuary is Cavanaugh MacDonald consulting LLC
• They provide ers with actuarial valuations, experience investigations, asset/liability studies, actuarial audits, and pension consulting services.
• Provide information required under board statement 68, which establishes accounting and financial reporting requirements for governmental employers who provide pension benefits to their employees through a trust.
• The 2024 board 68 report will be based upon the January 1, 2024 actuarial valuation with actuarial liabilities rolled forward to December 31, 2024.
- Areas for audit
• ERS staff is seeking bids for the external audit of its schedule of employer’s allocations and pension amounts by employer for the year ended December 31, 2024.
• The external auditor selected may need to work with lab to review the ACFR audit, as it is closely intertwined with the employer schedules.
- Working paper retention and access to working papers
• All working papers and reports must be retained, at the auditor’s expense, for a minimum of 7 years, unless notified in writing from the ers of the need to extend the retention period.
• The auditor will be required to make working papers available upon request to the ers.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: April 11, 2025