Specifications include, but are not limited to: A. Consultation and Advisory Services 1. Provide actuarial consultation and advisory services. The consulting actuary will provide on-going actuarial consultation and advisory services on any technical, policy or administrative issues related to the benefit program or funding structure, which may arise during the course of administration of the plan as well as coordinate services and information with other consultants, including legal counsel, auditors, etc. These services may be delivered in meetings or by telephone calls and written correspondence. The Retirement System of Bartlett Plan and the City of Bartlett TN Retirement (Cash Balance) Plan expects these services may include public testimony to the Retirement Plan Committee or committees on any technical, policy, legal or administrative problems arising during the course of administration of the plan. The consulting actuary should be readily accessible to the Employees’ Retirement Plan Committee and staff by telephone or email within one working day and will be available for meetings within five (5) working days of a request. The Employees’ Retirement Plan Committee expects the consulting actuary to attend a minimum of two (2) Retirement Board meetings per contract year, including one meeting to present and review the annual actuarial valuation of both plans. The Bartlett Employees’ Retirement Plan Committee also expects the consulting actuary to be available for educational discussions with the Retirement Board and/or its staff. The consulting actuary must have the ability to discuss actuarial theory and other actuarial matters in laymen’s terms. 2. Prepare various actuarial operating tables and factors. From time to time, these tables and factors may be required for administration of the plan. These tools include, but are not limited to, mortality tables, option tables and forms for annuitants, present value factors and survivor benefit factors. 3. The consulting actuary should assist the City of Bartlett Employees’ Retirement Plan Committee in developing strategies for resolving any policy or administrative problems associated with implementing new legislation. 4. Keep The City of Bartlett Employees’ Retirement Plan Committee informed of any new relevant developments or changes in federal or State of Tennessee legislation and/or tax regulations regarding financing, benefits, vesting, fiduciary responsibility or disclosure. The City of Bartlett Employees’ Retirement Plan Committee also expects the consulting actuary to assist in interpreting and implementing applicable federal and state law appropriately. 5. Provide advice of special benefit cases, review certain benefit applications and perform complex computations related to special cases. 6. Provide, within first three months of contract services, recommendations, with assumptions and costs for alternative retirement plans for Bartlett city employees effective July 1, 2024 and after. 7. Consult, confer and counsel with staff and appropriate professional service firms as required.
