Introduction
The
following pages are the Authority’s format for requesting bids for actuarial
services for its Pension Plan in compliance with Act 44 of 2009. As a minimum, applicants must provide the
information requested in the italicized sections of the proposal. Of course the applicant is free to include
additional information as is deemed appropriate.
Table of Contents
Page
A. Services Requested 1
B. Specifications Relating to the Services Requested
1
D. Firm Description 3
F.
Act 44 of 2009 Disclosures 5
A.
Services Requested
The
Authority is seeking actuarial services related to its Pension Plan for the two
year reporting cycle beginning January 1, 2011.
B. Specifications
Relating to the Services Requested
The
anticipated standard services are detailed below:
·
Preliminary
valuation cost letter
·
Completion
of Act 205 filing
·
Annual
preparation of the Minimum Municipal Obligation (MMO) forms
·
Annual
updating of the Government Accounting Standards Board (GASB) Statement #s 25
and 40
·
Preparation
of pertinent biennial actuarial exhibits and participant data listings not
included in either the Act 205 or GASB reporting, whether or not as part of an
actuarial valuation report
·
One
meeting within the cycle to address Authority’s questions and concerns
·
Routine
correspondence and phone calls regarding the Plan
In the cover letter
forwarding the completed proposal, please specify the fees to be charged for
the services outlined above. Also
provide the fee for processing a benefit certification (retirement, vested
termination, employee contribution refund) whether a quote or final
calculation).
C. Procedures to
Compete for the Contract
The
Plan Trustees are solely responsible for the selection process. The procedures for receiving and evaluating
applicants to determine the most qualified include a review of the applicant’s
qualifications, experience, expertise and fees to be charged. Note that the contract will not necessarily
be awarded to the lowest bidder. The
applicant’s track record with the Authority will be taken into account, not only
for this Plan, but for any actuarial services the applicant may have provided
other professionals engaged by the Authority or Authority officials. Upon review, the Authority may request all,
some or none of the applicants submit to an interview. The Authority reserves the right to reject
any bid automatically for requested information omitted or for submission past
the deadline. If the Authority is not
satisfied with the bids received, the Authority shall either (1) place a second
advertisement with any revisions deemed appropriate or (2) cancel the
solicitation of services.
Upon
the award of the contract, within 10 days the Authority shall provide the
unsuccessful bidders a copy of the winning bidder’s application (sans
proprietary information), disclosure forms and a summary of the relevant
evaluation factors considered. This
information shall be posted on the Authority’s website (publically displayed at
the Authority’s office) at least seven days subsequent to the execution of the
contract.
The
successful bidder will be engaged immediately to provide actuarial services to
the Authority. It is understood that any of the standard services completed for
the two year cycle ending
December
31, 2010 will be pro rata billed based on the standard fee quoted for the two
year cycle beginning January 1, 2011. It
is also understood that fees for anticipated services other than those listed in
Section B, such as cost studies, document review, response to a State audit
finding, will be quoted to the Authority before commencement.
At
the Authority’s discretion, the successful applicant will be retained beyond
the duration of the contract, subject to its approval of the fee schedule
proposed.
D. Firm Description
Below provide general
details on your firm including location, number of clients and employees and
total services offered. Also specify the
amount of Errors and Omissions coverage carried.
E. Individuals
Providing Services
Below please list the
individuals who will be providing services to the Plan. A brief biographical summary of each should at
minimum include the individual’s title, professional designations and number of
years of experience in the actuarial field.
Also the responsibilities for providing services assigned to the
individuals should be listed. The
applicant’s Approved Actuary(s) should be identified. Include any advisors or subcontractors to be
employed.
F. Act 44 of 2009
Disclosures
Confirming with the disclosure
provisions of Act 44 of 2009, please identify any individuals employed or
contracted by your firm who:
·
Are
current or former employees of the Authority
·
Are
registered State or Federal lobbyists
·
Have been hired as a third party to communicate
with the Authority
·
Have
made political contributions to any Authority officials or candidates for Authority
offices after December 17, 2009
·
Have
solicited contributions for any Authority official or any Authority official’s
political party or political action committee
·
Have
a direct business, commercial or financial relationship with any Authority
officials
·
Have
bestowed any gifts beyond a nominal value to any Authority officials