Specifications include, but are not limited to: Scope of Services
Institutions bidding on this mandate must submit bids including all services described in this mandate,
which will require at a minimum, but not limited to, the following scope of services to the Fund:
Report and recommendation regarding the adoption of actuarial assumptions (including but not limited
to salary, mortality, and interest rate assumptions) to be used for the annual actuarial valuation of the
Preparation of a bi-annual detailed valuation report for the Fund, to be signed and presented to the Town
no later than December 31
th of the following year that includes a determination of the actuarial status of
the plan as of June 30th of the preceding year. The reports shall include – but not be limited to – the
following information: summary of valuation results; employee data including a distribution of active
employees and retirees, actuarial balance sheet; the development of employer contribution rates;
explanation of actuarial method and assumptions; calculation for pooled investments; and, any
additional information necessary for compliance with pronouncements of the Governmental Accounting
Standards Town (GASB Statements 67, 68) and the State of Rhode Island Auditor General’s office
which is required to conduct a yearly audit of the system.
Performance of valuation, as required by GASB and Rhode Island state law and in the form requested by
the Town Auditor.
Attendance by a Fellow or Associate of the Society of Actuaries at least one (1) meeting per year and
additional or special meetings upon request.
Assistance by a Fellow or Associate of the Society of Actuaries on an as needed basis, including
responses to routine phone calls and written responses to correspondence from the system.
Development and review of tables necessary in the calculation of benefits.
Recommendations regarding the continued improvement of actuarial reporting and downloading of
member data for valuations.
Periodic updates regarding federal legislation and/or IRS Rules or Revenue Rulings that may affect the
operation of the Fund and the payment of benefits.
Retirement Calculation Verification
Whenever an active member of the Fund retires, the Town will ask the Respondent to verify the retirement
Receiving a formal request for retirement calculation verification, a copy of the retirement application,
all employment data, the relevant Collective Bargaining Agreement and other legal requirements, and
any and all other relevant documentation.
Using the Collective Bargaining Agreement, other legal requirements, and employee data, calculate the
monthly pension payment the retiree is to receive.
Forward the calculation used and payment verification to the Town for a formal vote on the retiree’s