Specifications include, but are not limited to: a) Within 15 days of the contract start date: Hold a kick-off meeting (in-person or virtually as agreed by the parties) between the Offeror (including key personnel and additional support personnel as appropriate) and FAMLI to clarify project scope and deliverables and for the teams to meet each other and develop a productive working relationship. b) By 11/1/24 deliver a report to LABOR that will lay the foundation for the Offeror’s actuarial reports across the next contract periods. The Offeror shall deliver a report that: i. Identifies and reports to LABOR key assumptions driving the adequacy of the program, reviews and opines on assumptions provided by LABOR (if any), proposes assumptions, and performs sensitivity analysis on key assumptions. ii. Reports the result of stress testing on the current recommended contribution rate of 0.9% to understand the sensitivity of premium contributions on the solvency of the FAMLI Trust Fund and determines the appropriate level of solvency required for the program based on stress tests. c) Within 30 days of delivering the report described in B: Hold a meeting with FAMLI to review the findings of the report, receive feedback, and agree on how to incorporate feedback into upcoming actuarial analysis reports. d) By 1/31/25: Based on the prior report and meetings in B and C, provide a report containing: i. An actuarial forecast of FAMLI Trust Fund solvency for the five-year period beginning 7/1/25. The forecast shall include, at a minimum: (1) Projection of eligible employees and taxable wages (2) Projection of covered employers by employer size (more or less than 15 employees) and number of statewide employees employed by those employers and taxable wages...
