City of Minot
North Dakota
10 3rd Ave SE
Minot, ND 58701
www.Minotnd.gov
Request for Proposals (RFP)
Professional Actuarial Services
Submission Deadline:
4:00 PM CST May 29,
2026
RFP Contact:
Melody Shelkey, City
Treasurer
melody.shelkey@minotnd.gov
701-857-4771 (direct)
CITY OF MINOT
REQUEST FOR
PROPOSALS
Table of Contents
I. Introduction.......................................................................................
General Information........................................................................................ 3
Term of Engagement...................................................................................... 4
II. Nature of Services Required...............................................................
Scope of Work to be Performed........................................................................ 4
Standards to be Followed................................................................................ 5
Reports to be Issued....................................................................................... 5
III. Description of the City of Minot Plans.................................................
IV. Time Requirements............................................................................
Anticipated Proposal Calendar........................................................................ 6
Notification.................................................................................................. 6
Schedule for Completion................................................................................ 6
V. Proposal Requirements.......................................................................
General Requirements................................................................................... 7
Actuary Proposal.......................................................................................... 8
Dollar Cost Proposal...................................................................................... 9
VI. Evaluation Procedures........................................................................
Selection Committee..................................................................................... 9
Evaluation Criteria...................................................................................... 10
Oral Presentations....................................................................................... 11
Final Selection............................................................................................ 11
Right to Reject Proposals............................................................................. 11
VII. Appendices.........................................................................................
Proposers Guarantees and Warranties............................................................ 12
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May 2026
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CITY OF MINOT REQUEST FOR PROPOSALS
I. INTRODUCTION
A. General Information
The City of Minot (City) is requesting proposals from qualified vendors for
pension actuarial and other post-employment benefits (OPEB) reporting
services for the City’s pension and OPEB plans for the fiscal years ending
December 31, 2026, and 2027, with three one-year renewal options upon
mutual agreement. The vendor will need to provide all information necessary
for the City to maintain compliance with Governmental Accounting Standards
Board (GASB) Statement Numbers 67, 68, 74 & 75. An experience study is
required every five years to analyze the demographic and economic experience
of the pension plan. Additionally, one will need to be completed for the City
upon the contract inception.
There is no expressed or implied obligation for the City to reimburse responding
vendors for any expenses incurred in preparing proposals in response to this
request. The City of Minot shall not be liable for any expenses incurred by the
applicant including but not limited to expenses associated with the preparation
of the proposal, attendance at the interviews, preparation of a compensation
(fees) schedule, or final contract negotiations.
To be considered, the City of Minot requires five (5) bound copies of the
proposal, along with an emailed proposal to:
City of Minot
Attn: Melody Shelkey, City Treasurer
10 3rd Ave SE
Minot, ND 58701
701-857-4771 (direct)
Melody.shelkey@minotnd.gov
The proposal must be received no later than 4:00 PM on Friday May 29,
2026. All bound copies and the emailed proposal must be received prior
to deadline to be included as a prospective vendor.
The City reserves the right without prejudice to reject any or all proposals
submitted.
During the evaluation process, the City reserves the right, where it may serve
the City’s best interest, to request additional information or clarifications from
proposers, or to allow corrections of errors or omissions. Vendors may be
requested to make oral presentations to the Selection Committee as part of
the final evaluation process.
The City reserves the right to retain all proposals submitted and to use any
ideas in a proposal regardless of whether that proposal is selected. Submission
of a proposal indicates acceptance by the vendor of the conditions contained in
this request for proposals, unless clearly and specifically noted in the proposal
submitted and confirmed in the contract between the City and the vendor
selected. It is anticipated the selection of a vendor will be completed by June
12, 2026. Following the notification of the selected vendor, it is expected a
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May 2026
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contract will be executed between both parties following the approval of City
Council at the July 6, 2026, meeting.
B. Term of Engagement
A two-year contract is proposed with three one-year renewal options upon
mutual agreement. The contract is subject to an annual review by the City. It
is anticipated that the City will request proposals every five years. In the event
of unsatisfactory performance, or when in the best interest of the City, proposals
may be solicited before the end of the five-year period.
II. NATURE OF SERVICES REQUIRED
A. Scope of Work to be Performed
The City administers a multi-employer defined benefit pension plan – City
Employee Pension Plan (CEPP). The CEPP includes all the City of Minot
(excluding non-civil service employees) and Minot Park District employees with
a hire date on or before December 31, 2013. Annual disclosure reports are
needed to reflect the discount rate, contributions, payroll, and funding levels as
of the measurement period. These annual disclosure reports will be needed to
comply with the requirements, under GASB 67/68, for fiscal year-end reporting
in the City’s notes to financial statements. Further, an experience study is
required every five years to analyze the demographic and economic experience
of the pension plans.
The scope of services shall include but are not limited to:
Annual GASB 67/68 pension reporting and disclosures for years ended
December 31 including net pension liability, target asset allocation,
sensitivity of the net pension liability to changes in the discount rate, and
schedule of changes in net pension liability.
The report must include all items required by the Government Finance
Officers Association (GFOA) for inclusion in the Annual Comprehensive
Financial Report (ACFR)
Annual funding report for pension plan
Participant listings
Engagement with contracted auditor and completing auditor requests for
both the plan and financial statements
Attendance at one client meeting, annually, to present valuation results,
analysis, and updates on pension legislation, trends, and current
industry developments
Benefit calculations upon request
Experience study completed every five years (first one performed in year
one of contract)
The City administers an OPEB plan, it is a single-employer plan which provides
employees of the City of Minot (excluding Minot Park District and non-civil
service City employees) that participated in the City’s group health insurance
plan upon retirement to continue to participate in the City’s group health
insurance plan after retirement. These annual disclosure reports will be needed
to comply with the requirements, under GASB 74/75, for fiscal year-end
reporting in the City’s notes to financial statements. They are eligible to
continue coverage until they attain age 65. The scope of services shall include
but are not limited to:
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May 2026
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Annual GASB 74/75 OPEB reporting for years ending December 31
including net OPEB liability/asset, target asset allocation, sensitivity of
the net OPEB liability/asset to changes in the discount rate, and
schedule of changes in net OPEB liability/asset.
Engagement with contracted auditor and completing auditor requests for
both the plan and financial statements
The report must include all items required by the Government Finance
Officers Association (GFOA) for inclusion in the Annual Comprehensive
Financial Report (ACFR)
Responsible for ensuring compliance with relevant federal, state, and local
requirements and assist with required disclosures for the City’s ACFR, a copy
of the City’s most current ACFR is available on the City’s website at
https://www.minotnd.gov/Archive.aspx?AMID=40
B. Standards to be Followed
To meet the requirements of this request for proposals, actuarial services shall
be performed in accordance with generally accepted industry standards and
with the care, skill, prudence, and diligence that a prudent benefits consultant
or actuary acting in a like capacity and familiar with such matters would use.
C. Reports to be Issued
The vendor shall prepare the following reports:
Annual actuarial valuations of the City’s pension plan
Annual actuarial valuations of the City’s OPEB plan
Disclosure Report for the City of Minot
Disclosure Report for the Minot Parks and Recreation District
Experience study performed every five years
All applicable reports required for compliance with GFOA’S
pronouncements for pension and OPEB plans.
GASB
III. DESCRIPTION OF THE CITY OF MINOT PLANS
The City is a majority member of the City of Minot Employees’ Pension Plan.
The City Employees’ Pension Plan (CEPP) is a multiple employer cost-sharing
defined benefit pension plan that provides benefits to employees of the City
of Minot and the Minot Park District. The City is required to report a
proportionate share of the net pension liability (asset), deferred outflows and
inflows of resources, and pension expense using the economic resources
measurement focus and accrual basis of accounting.
North Dakota Century Code 40-46 grants the City Council the authority to
establish and amend the benefit terms of the plans. Management of the CEPP
and OPEB is vested in the CEPP Board, which consists of 10 members; the
Mayor, Finance Director, Human Resource Director, Police Chief, 2 members
of the police department elected by police plan members, 2 at large members
elected by all plan members except police department members, and 2 City
Council members appointed by the Mayor.
The CEPP includes all City of Minot (excluding non-civil service employees)
and Minot Park District employees with a hire date on or before December 31,
2013. The plan was closed to all new participants effective January 1, 2014.
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This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.
