Bid Detail

14-229 - RFP: Actuarial Services for City Comptroller's Office

INTRODUCTION
The City of Springfield, Massachusetts invites qualified actuarial firms to submit written fixed fee proposals to conduct actuarial valuation or post-employment benefits obligations provided by the City to existing and future retirees in accordance with the OPEB pronouncements of the GASB. Qualified actuaries are encouraged to respond to this request for actuarial consulting services.

BACKGROUND INFORMATION
The City of Springfield provides health and life insurance to its employees, retirees and their survivors on a premium basis through the state's Group Insurance Commission (GIC) program. In addition, the City provides limited dental and vision coverage automatically to those covered by medical insurance. The City of Springfield pays 75% of premiums and the employees/retirees pay 25%.

The City of Springfield adopted budget for FY 2014 is $ 571,878,838. The City of Springfield population is 153,552.

SCOPE OF SERVICES
• The requested services include a full actuarial valuation required by the GASB standards and detailed report for the post-employment benefits as of December 31, 2013.
• Discount the projected cost of benefits to present value.
• Determine the Actuarial Accrued Liability (AAL) and the Normal Cost.
• Calculate the Unfunded Actuarial Accrued Liability (UAAL).
• Prepare the necessary material for the Comprehensive Annual Financial Report to conform with GASB OPEB reporting and disclosure requirements.
• Calculate the Annual Required Contribution (ARC) using an acceptable amortization period (20 and 30 years) and methodology (level dollar or level percentage of payroll).
• The City of Springfield will provide all data necessary to complete the post-employment benefit valuations.
• Perform a sensitivity analysis of the results
using a band of medical inflation rates.
• Detailed breakdown of projected costs by City departments, data to be provided by the City of Springfield.
• Calculate the Net OPEB Obligation (NOO).
• Project the ARC on a pay-as-you go and pre-funded basis and the expected cash flow for a 30-year period.
• The report shall be written concise with detailed supporting information.


TERMS AND CONDITIONS
Final proposals must be submitted to Lauren Stabilo, Chief Procurement Officer
36 Court Street Room 307, Springfield, MA 01103 by 2:00pm (EST), Tuesday, April 22, 2014.

It is anticipated that a final decision will be made and award on Wednesday, April 30, 2014.

Proposal should include the following:
• A detail cost of the proposal
• A completer list of data requirements
• A list of Massachusetts communities you have completed this OPEB analysis for, including contact information
• A projected starting date of project
• A completion date of project
• A billing schedule for your analysis
• The name and background information on you r project leader(s) for this analysis.

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