RFP for Actuarial Services

Agency: State Government of Connecticut
State: Connecticut
Type of Government: State & Local
Category:
  • R - Professional, Administrative and Management Support Services
Posted: Sep 19, 2018
Due: Sep 26, 2018
Solicitation No: TRB 2018-02
Publication URL: To access bid details, please log in.
Organization Teachers' Retirement Board
Project/Solicitation # TRB 2018-02
Solicitation Type Request for Proposal
Due Date 09/26/2018
Set-Aside NO
Qualified Partnership NO
Summary RFP for Actuarial Services
Addenda
  • Addendum - Question and Answers
Contact Name Helen Sullivan
E-Mail helen.sullivan@ct.gov
Phone (860) 241-8402
FAX
WebSite www.ct.gov/trb/site/default.asp
Additional Description The Teachers' Retirement Board is accepting proposals for Actuarial Services relating to the pension plan and health fund for the TRB as required for the period beginning April 1, 2019 through March 31, 2023.
Documents

Attachment Preview

STATE OF CONNECTICUT, TEACHERS RETIREMENT BOARD
RFP ACTUARIAL SERVICES
CONNECTICUT TEACHERS’ RETIREMENT BOARD
STATE OF CONNECTICUT
REQUEST FOR PROPOSALS FOR ACTUARIAL SERVICE
RFP# 2018-02
PROPOSALS ARE DUE BY September 26, 2018 by 10:00 a.m. local time.
Pg. 1
STATE OF CONNECTICUT, TEACHERS RETIREMENT BOARD
RFP ACTUARIAL SERVICES
TABLE OF CONTENTS
I. OBJECTIVE AND BACKGROUND
II. SCOPE OF SERVICES
III. SELECTION CRITERIA
IV. SELECTION PROCESS AND SCHEDULE
V. PROPOSAL SUBMISSION REQUIREMENTS
VI. AMENDMENT OR CANCELLATION OF THIS RFP
VII. PRESENTATION OF SUPPORTING EVIDENCE
VIII. MISREPRESENTATION OR DEFAULT
IX. ERRORS
X. OWNERSHIP OF PROPOSALS
XI. VALIDATION OF PROPOSALS
XII. EXECUTION OF CONTRACT AND RELATED REQUIREMENTS
XIII. ORAL AGREEMENT OR ARRANGEMENTS
XIV. INDEPENDENT PRICE DETERMINATION
XV. OFFER OF GRATUTITIES
XVI. SUBLETTING OR ASSIGNING OF CONTRACT
XVII. FREEDOM OF INFORMATION ACT AND CONFIDENTIAL INFORMATION
XVIII. AFFIRMATIVE ACTION
XIX. CONFORMANCE WITH FEDERAL, STATE AND OTHER REQUIREMENTS
XX. EXECUTIVE ORDERS
XXI. AMERICANS WITH DISABILITIES ACT
XXII. CAMPAIGN CONTRIBUTIONS AND SOLICITATION BAN
APPENDIX A STATE OF CT FORM CONTRACT
Pg. 2
STATE OF CONNECTICUT, TEACHERS RETIREMENT BOARD
RFP ACTUARIAL SERVICES
I. OBJECTIVE AND BACKGROUND
The Connecticut Teachers' Retirement System is governed by Chapter 167a of the Connecticut
General Statutes as amended through the 2018 session of the State Legislature. The System is
administered by the Teachers' Retirement Board (TRB), located in Hartford, CT. The TRB consists
of fourteen members: four elected active teacher members, two elected retired teacher members, the
Commissioner of the Department of Education, the State Treasurer, the Secretary of the Office of
Policy and Management and five public members appointed by the Governor. All TRB members
serve without pay but are reimbursed for necessary expenses. The salaried Chief Administrative
Officer authorized to negotiate and execute contracts on behalf of the TRB is Helen Sullivan.
The Teachers’ Retirement Board (TRB) is a governmental plan with approximately 53,000 active
members, 12,000 inactive members, 37,000 retired members and beneficiaries, and 500 persons
receiving monthly survivor benefits. The pension plan assets are approximately $17 billion dollars,
which are invested by Treasurer of the State of Connecticut. The retirement plan is a defined benefit
plan funded by mandatory teacher contributions, investment earnings and annual appropriations by the
State of Connecticut. The laws, regulations and benefit summary are posted to the TRB website at
www.ct.gov/trb. The teachers’ in the State of CT who are members of this pension system do not
contribute into Social Security “old age” benefit, so the benefits administered by this system are in lieu
of Social Security benefits.
The active members of the system contributed six percent of their annual reportable salary into
the pension fund through December 31, 2017, which was increased to seven percent effective January
1, 2018; and an additional 1.25% into the Teachers’ Health Fund (THF), which is used to offset the
cost of health insurance for eligible retired members and dependents.
The TRB sponsors a health insurance program for retirees, spouses, surviving spouses, or
disabled dependents, if there is no spouse who is participating in Medicare Parts A and B. The TRB
is required to and has identified a base plan for purposes of calculating the cost shares of the premium
equivalent. The cost share equivalent is shared equally three ways. One-third is paid for by the health
plan member, one-third is paid for by the State of CT appropriations and one-third is paid for by the
active teachers’ contribution into the health fund. The Board approved a Medicare Advantage PPO
Plan to become the base plan effective July 1, 2018 (“Base Plan”). The base plan is the plan used to
determine each shareholder’s one third. The previous base plan was established (by Board approval)
as a supplement to Medicare Parts A and B including a Major Medical benefit, which is offered to
members as the “Buy Up Plan”.
The TRB health plan has approximately 22,000 plan participants in the base plan, 7,700
remaining in the Buy Up Plan. Approximately 26,000 of those also have dental; or dental, vision
and hearing coverage at their own expense without any cost sharing involved.
The TRB provides a subsidy of up to $110 per participant per month for each eligible retired
teacher, spouse, surviving spouse, civil union partner or disabled dependent, should there be no spouse,
eligible for health insurance coverage through the last employing board of education of the retiree. A
subsidy of $220 per month will be provided should the following eligibility criteria be applicable.
Pg. 3
STATE OF CONNECTICUT, TEACHERS RETIREMENT BOARD
RFP ACTUARIAL SERVICES
1) must be age 65 or over, 2) must not be eligible for Medicare Part A “premium free”, and 3)
must contribute a minimum of $220 per month towards the single person cost for medical insurance
(excluding dental and life insurance coverage) maintained with the retiree’s last employing board of
education.
The remainder of this page was left blank intentionally
Pg. 4
STATE OF CONNECTICUT, TEACHERS RETIREMENT BOARD
RFP ACTUARIAL SERVICES
II. SCOPE OF SERVICE
The TRB invites proposals from appropriately qualified firms to provide actuarial services relating to
the pension plan and health fund for the TRB as required for the period beginning April 1, 2019 through
March 31, 2023. The services to be performed within the original term of this contract are:
Biennial Actuarial Valuation, based on data through June 30 of all even years (2020, 2022, 2024, etc.)
Two Annual GASB 67 reports in years (2019, 2021)
Four Annual GASB 68 reports
Four Annual Interest and MROR calculations and reports
Two Biennial OPEB valuations
Four Annual GASB 74 report
Four Annual GASB 75 report
One Experience Study in five year intervals following fiscal years ending in “0” or “5” (such as 2020,
2025, etc.)
Provide rates and tables changes resulting from a change in assumptions adopted by the Board as a
result of the Experience Study
Consult with TRB, its Chairperson and/or Administrator
Provide cost impact statements for legislative changes
Participate in annual Disclosure Statement due diligence process and meetings, provide
recommendations for changes and improvements to the disclosure statement
Attend three (3) meetings per year with the TRB and or Administrator to present relevant actuarial
reports, experience studies and related findings in connection with the retirement system
Other services may be requested, such as but not limited to the calculation of health care plan rates
Additional meetings or work is subject to a project plan, a fixed cost and or a not to exceed cost based
on previously established hourly fees and a to exceed price and would be subject to prior approval by
the Administrator
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