Request for Proposal. For Actuarial Valuation Services for Police and Fire Pension Funds. And. Other Post Employment Benefits

Transcription

1 1 Request for Proposal For Actuarial Valuation Services for Police and Fire Pension Funds And Other Post Employment Benefits For the Fiscal year ending March 31, 2014 and Calendar Years 2014 (9 month), and 2015 to 2017

2 2 INTRODUCTION The City of Rock Island is requesting proposals to conduct independent actuarial valuations for our Police and Firefighter s Pension Funds (GASB Statements 25/27, including GASB 67 & 68 Amendments) and our Other Post Employment Benefits (GASB Statements 43/45). There is a separate scope of work for each of these projects. It is our intent to retain an Illinois Certified Actuary firm for a five year contract using complete valuations every year for the Police and Firefighters Funds and every other year of the Other Postemployment Benefits. The City s fiscal year is changing from March 31 to December 31. This proposal will cover the FY audit of 2014, 9 month calendar year 2014, and then the calendar years of 2015, 2016, and The City s audit can be found at Included within this request is a copy of last year s reports for both the actuarial valuation and OPEB. This is provided as a guideline for the type of reporting we expect. SCOPE OF WORK TO BE PERFORMED ACTUARIAL PENSION SERVICES A written evaluation is requested for each pension fund which includes but is not limited to: 1. A certified actuarial statement. 2. A summary of the valuation objectives. 3. A statement of the actuarial cost method selected and actuarial assumptions. 4. The results of the valuation including the recommended and the statutory minimum contribution from the City to properly fund each pension fund. 5. CAFR GASB Statement disclosure information. 6. Three (3) copies of the report submitted no later than June 15, 2014 and March 15 of each year thereafter. SCOPE OF WORK TO BE PERFORMED OTHER POSTEMPLOYMENT BENEFITS A written evaluation is requested for Other Postemployment Benefits which includes but is not limited to: 1. A certified actuarial statement. 2. A summary of the valuation objectives. 3. A statement of the actuarial cost method selected and actuarial assumptions. 4. The results of the valuation 5. CAFR GASB Statement disclosure information and required Supplementary information. 6. Three (3) copies of the report submitted no later than June 15, 2014 and March 15 of each year thereafter.

3 3 SELECTION PROCEDURE The following is an outline of the selection procedure and a tentative time schedule: 02/25/2014 RFP Letters Mailed 02/28/2014 Letters of intent due 03/07/2014 Conference call 03/28/2014 Deadline to submit proposals 04/09/2014 Recommendation to City Council 04/14/2014 City Council Award Approval 06/15/2014 Target date for completion by actuary for first year Included within this request is a copy of last year s reports for both the actuarial valuation and OPEB. This is provided as a guideline for the type of reporting we expect. In addition, the successful firm must provide GASB Statements # 25 and 27 Disclosure Information for the City s Comprehensive Annual Financial Report. For the Other Postemployment Benefits, we need reports as of December 31, 2014, and December 31, We may also require attendance at one or two City Council meetings and/or pension board meetings to discuss the results of the actuarial valuations when complete. You may indicate your interest in one or both of these projects by submitting an electronic copy and five (5) paper copies of your proposal, including the following items: Your understanding of the services to be provided. Overview of the history of your firm to include principals, qualifications of staff, certifications, years in business, etc. If possible, the assumptions you most often use in computing valuations for cities of comparable size. Complete listing of Illinois municipalities which have used your valuation figures for tax levy, preferably of comparable size to Rock Island, which we may contact for references. Include contact name, City, Address, phone number and address. A sample contract to provide the requested services. Your compete and firm prices on a five year contract, with each year listed separately for the years ending March 31, 2014, December 31, 2014 (this is a 9 month year), December 31, 2015, December 31, 2016, and December 31, Your firm s EEOC policy statement. A statement that the proposal is a firm and irrevocable offer for (90) ninety days.

4 4 EXPRESSING INTEREST IN PROPOSING A conference call will be held to answer any questions you may have regarding the services requested. To be included in this conference call, please forward your interest to Linda Barnes at barnes.linda@rigov.org. Instructions for dialing in will be ed to the contact person the morning of the conference call. Please include the following information: Name of Firm Address Contract Person Phone Number address DIRECTIONS FOR DELIVERY OF THE PROPOSAL Proposals must be received by 4:00 PM CST on March 28, 2014 to the following: Cynthia L. Parchert Finance Director City of Rock Island 1528 Third Avenue Rock Island, Illinois Proposals must be submitted in a sealed envelope marked in the lower left hand corner, RFP for Actuarial Services and Other Postemployment Benefits. If your firm is submitting for both actuarial services and Other Postemployment Benefits, these should be labeled and proposed separately but can be included within the same envelope. Please also forward an electronic copy of the proposal to: parchert.cynthia@rigov.org. SELECTION CRITERIA Proposals will be evaluated on the basis of experience, ability to complete the valuation within the time limit provided, and the cost. The recommended award will be based upon the Committee s determination of which firm can best meet the needs of the City. Both services may be awarded separately or together, whichever benefits the City. DISCRETION AND LIABILITY WAIVER The City reserves the right to exercise discretion and apply its judgment with respect to all proposals submitted.

5 5 The City reserves the right to reject all proposals, either in part or in its entirety, or to request and obtain, from one or more of the consulting firms submitting proposals, supplementary information as may be necessary for City staff to analyze the proposals. The City may elect to award each project separately, or award all projects together, as is deemed in the City s best interest. The consultant, by submitting a response to this RFP, waives all right to protest or seek any legal remedies whatsoever regarding any aspect of this RFP. The City reserves the right to accept or reject any or all proposals, to waive any irregularity in a proposal, and to make an award as may best serve the interests of the City. This RFP does not commit the City to award a contract, to defray any costs incurred in this preparation of a proposal pursuant to this RFP or to procure or contract for work. All proposals submitted in response to this RFP become the property of the City and Public records and, as such, may be subject to public review. The City reserves the right to cancel, in part or in its entirety, this RFP including, but not limited to: selection procedures, submittal date, and submittal requirements. If the City cancels or revises the RFP, all interested firms will be notified using . CONTACTS Questions concerning this RFP should be directed to: Linda Barnes, Accounting Supervisor Barnes.linda@rigov.org