The Wellesley Contributory Retirement Board (WCRB), trustees of the Town’s defined benefit pension
plan, and the Town of Wellesley invite qualified actuaries to submit written proposals for actuarial
valuation services. The WCRB anticipates that it will require a funding valuation biennially beginning
January 1, 2025. The Town of Wellesley is soliciting proposals from qualified Firms for an actuarial
valuation of the Town’s Other Post Employment Benefits (OPEB) liability, as well as annual GASB
reporting, for the next six fiscal years.
Responsive proposals shall provide for a fixed annual fee for completion and presentation of the draft
plan valuation and funding schedule/appropriation report for each of the biennial reports, and a schedule
of rates for any additional special studies that may be authorized by a majority vote of the Wellesley
Contributory Retirement Board (WCRB). It is expected that the actuary will provide on-going actuarial
advice and counsel to the WCRB, as necessary, as part of the fixed annual fee and that hourly charges will
only be applicable to formal special studies, authorized by vote of the WCRB, to determine the costs
associated with plan design changes.
The Board reserves the right to reject any and all proposals that are not deemed to be in the best interests
of the Wellesley Contributory Retirement System (WCRS). The selected vendor must have demonstrated
familiarity with, and agree to comply with Massachusetts General Laws Chapter 32 and all applicable
regulations, policies, and guidelines promulgated by the Massachusetts Public Employee Retirement
Administration Commission (PERAC), and accounting and financial reporting requirements for state and
local retirement systems, promulgated by the Government Accounting Standards Board (GASB).
