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Actuarial Services Of Locally Administrated Retirement Plan


Location
Rhode Island
Publication Date
05/12/2020 01:32 PM EDT
Closing Date
06/01/2020 10:45 AM EDT
Issuing Organization
Town of North Providence
Solicitation Number
Description

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: Valuation Services  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 Fund.  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. Staff Services  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 calculation by:  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 pension payment.

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