Specifications include, but are not limited to: Consultation and Advisory Services: Provide actuarial consultation and advisory services. These services may be delivered in meetings, by telephone or through written correspondence. CPS Energy expects the consulting actuary to attend approximately one (1) Board Committee Meeting and two (2) Administrative Committee Meetings per contract year, including one meeting to review the annual actuarial valuations. Prepare various actuarial operating tables and factors. These tools include, but are not limited to, mortality tables, option tables for annuitants, IRC tables (415 (b) & (c), 401 (a) (17), etc.) present value factors, interest adjustment factors and survivor benefit factors. Prepare and/or validate various calculation scenarios related to Qualified Domestic Relations Orders (QDRO’s), actual vs. estimated Primary Social Security offset, 401(a) and 415 limits, benefit enhancements awarded as part of an employment separation agreement, etc. Review current calculation administration methods used by CPS Energy staff for appropriateness. Participate in conversations with Legal Services regarding interpretation of plan provisions and calculation methods. Prepare actuarial cost estimates resulting from proposed legislation. The consulting actuary shall provide timely financial impact estimates of planned statutory amendments as requested by CPS Energy. Recommend and provide education services to the Administrative Committee on possible improvements in CPS Energy’s financing and benefit structures. Throughout the duration of the contract, the consulting actuary will inform CPS Energy of any new developments in the retirement industry and their effect on the financing and benefit structure of a retirement system. The consulting actuary should keep the CPS Energy apprised of current trends and advancements within the actuarial profession. Keep CPS Energy informed of any new developments or changes in federal legislation, accounting rules and/or tax regulations regarding financing, benefits, vesting, fiduciary responsibility or disclosure. CPS Energy also expects the consulting actuary to assist CPS Energy in interpreting and implementing federal law and other regulatory requirements appropriately. Provide advice on special benefit cases. CPS Energy may occasionally request that the consulting actuary review certain benefit applications and perform complex computations related to these special cases. Special benefit cases include IRC 415 (b) testing.
