REQUEST FOR QUALIFICATIONS AND PROPOSALS BID#21-101 PENSION and OTHER POST-EMPLOYMENT BENEFITS ACTUA

Agency: State Government of Connecticut
State: Connecticut
Type of Government: State & Local
Category:
  • C - Architect and Engineering Services - Construction
  • Q - Medical Services
  • U - Education and Training Services
Posted: Jan 22, 2021
Due: Mar 25, 2021
Solicitation No: Bid#21-101
Publication URL: To access bid details, please log in.
Organization Waterford, Town of
Project/Solicitation # Bid#21-101
Solicitation Type Request for Proposal
Due Date 03/25/2021
Includes SBE/MBE Requirements YES
Qualified Partnership YES
Summary REQUEST FOR QUALIFICATIONS AND PROPOSALS BID#21-101 PENSION and OTHER POST-EMPLOYMENT BENEFITS ACTUA
Contact Name Rawle Dummett
E-Mail rdummett@waterfordct.org
Phone (860) 444-5842
FAX
WebSite www.waterfordct.org
Additional Description LEGAL NOTICE TOWN OF WATERFORD REQUEST FOR QUALIFICATIONS AND PROPOSALS RFQ/RFP #21-101 PENSION and OTHER POST-EMPLOYMENT BENEFITS ACTUARIAL SERVICES The TOWN OF WATERFORD is seeking competitive proposals for a qualified firm to provide Pension and OPEB Actuarial Services. Respondents are required to submit five (5) copies of their fee proposal and qualification statement in sealed envelopes together with an electronic copy of the qualification statement only by no later than Thursday March 25th at 10 a.m. in the Louise Appleby Room, 15 Rope Ferry Road Waterford, CT 06385. Electronic Bids can be also submitted electronically by the deadline stated above at sealedbids@waterfordct.org. All emailed bids shall have the Bid number in the subject line. Copies of bonding information, if required, shall accompany electronic submissions. The bid opening will occur via Zoom. Instructions will be posted to the Town’s website. Late bids will not be accepted and it is the responsibility of the bidders to ensure that bids (including signed addenda) arrive in the Town's purchasing office by the date and time listed above. Complete bid packets can be downloaded from the Town’s website at https://www.waterfordct.org/purchasing Bids and Vendors. Vendors are asked to register on our Web Site through the vendor link Late submittals will be rejected. Respondents should submit the fee proposal in a separate sealed envelope. All submittals should be labeled with RFQ/RFP number and RFQ/RFP title. Project specifications may be accessed from the TOWN OF WATERFORD’s website at https://www.waterfordct.org/purchasing Questions regarding the specifications may be directed, in writing only, to Rawle Dummett, Purchasing Agent at rdummett@waterfordct.org Each respondent shall honor their proposal for ninety (90) business days from the date of proposal opening, without modification. Upon award of the RFQ/RFP, the winning respondent shall be bound by the proposal price throughout the contract period. The Board of Selectmen reserves the right to reject any or all proposals; or to waive defects in same, if it deems such to be in the best interest of the Town. The TOWN OF WATERFORD is an affirmative action, equal opportunity employer. Rawle Dummett Purchasing Agent Town of Waterford
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I.
LEGAL NOTICE
TOWN OF WATERFORD
REQUEST FOR QUALIFICATIONS AND PROPOSALS
RFQ/RFP #21-101
PENSION and OTHER POST-EMPLOYMENT BENEFITS ACTUARIAL SERVICES
The TOWN OF WATERFORD is seeking competitive proposals for a qualified firm to provide
Pension and OPEB Actuarial Services. Respondents are required to submit five (5) copies of their
fee proposal and qualification statement in sealed envelopes together with an electronic copy of
the qualification statement only by no later than Thursday March 25th at 10 a.m. in the Louise
Appleby Room, 15 Rope Ferry Road Waterford, CT 06385.
Electronic Bids can be also submitted electronically by the deadline stated above at
sealedbids@waterfordct.org. All emailed bids shall have the Bid number in the subject line.
Copies of bonding information, if required, shall accompany electronic submissions. The bid
opening will occur via Zoom. Instructions will be posted to the Town’s website.
Late bids will not be accepted and it is the responsibility of the bidders to ensure that bids
(including signed addenda) arrive in the Town's purchasing office by the date and time listed
above. Complete bid packets can be downloaded from the Town’s website at
https://www.waterfordct.org/purchasing Bids and Vendors. Vendors are asked to register on our
Web Site through the vendor link Late submittals will be rejected. Respondents should submit the
fee proposal in a separate sealed envelope. All submittals should be labeled with RFQ/RFP number
and RFQ/RFP title.
Project specifications may be accessed from the TOWN OF WATERFORD’s website at
https://www.waterfordct.org/purchasing Questions regarding the specifications may be directed,
in writing only, to Rawle Dummett, Purchasing Agent at rdummett@waterfordct.org
Each respondent shall honor their proposal for ninety (90) business days from the date of proposal
opening, without modification. Upon award of the RFQ/RFP, the winning respondent shall be
bound by the proposal price throughout the contract period.
The Board of Selectmen reserves the right to reject any or all proposals; or to waive defects
in same, if it deems such to be in the best interest of the Town. The TOWN OF
WATERFORD is an affirmative action, equal opportunity employer.
RFQ/RFP #21-101
Rawle Dummett
Purchasing Agent
Town of Waterford
Page 1 of 17
TOWN OF WATERFORD
REQUEST FOR QUALIFICATIONS AND PROPOSALS
RFQ/RFP 21-101
PENSION and OTHER POST-EMPLOYMENT BENEFITS ACTUARIAL SERVICES
TABLE OF CONTENTS
I. LEGAL NOTICE …………..……………………….……………………………. 2
II. GENERAL SPECIFICATION ……...…………………………………………. 3
III. SUBMISSION OF QUALIFICATIONS STATEMENT/FEE PROPOSALS .. 5
IV. METHOD OF SELECTION/CRITERIA FOR AWARD
……...…………. 9
V. TIMELINE OF THE RFQ/RFP PROCESS …….………………………….. 10
VI. GENERAL TERMS AND CONDITIONS ……..………………………….. 10
VII. AFFIDAVIT
…….…………………………………………………………. 14
VIII. FEE PROPOSAL FORM ……………………………………………………….. 16
RFQ/RFP #21-101
Page 2 of 17
.
II. GENERAL SPECIFICATIONS
A. PURPOSE
The TOWN OF WATERFORD ("the Town"), on behalf of its three single-employer Defined
Benefit Pension Plans: Employees’ Pension Plan, Police/Fire Retirement Fund, and Public
School Employees’ (Non-Certified) Pension Plan (collectively "the Plan or Plans") intends to
enter into a contract for pension and Other Post-Employment Benefits (OPEB) actuarial
services. The Town is seeking professional actuary services to perform pension plan and
(“OPEB“) valuations and other related services as required by current or future Government
Accounting Standards Board (GASB) pronouncements. The purpose of this Request for
Qualifications and Proposals (RFQ/RFP) is to define the Town's scope-of-services, solicit
qualifications and proposals, and thereby help gather adequate information from which the
Town may evaluate interested providers of such services.
B. GENERAL INFORMATION
The TOWN OF WATERFORD is a town of approximately 19,517 residents located along the
Eastern Connecticut Shoreline. The Town operates under the provision of its Charter,
Ordinances, General Statutes of Connecticut, and has a Representative Town Meeting/ Board of
Selectmen form of government. Administration of the Plans rests with the Retirement
Commission.
C. OVERVIEW OF EXISTING PLANS
The TOWN OF WATERFORD currently administers and maintains the previously described
three single-employer Defined Benefit Pension Plans to provide retirement benefits to town
retirees. Employee contributions to the Plans may vary by individual and collective bargaining
contracts.
On December 1, 2014, the RTM approved the establishment and funding of a trust for the purpose
of reducing the Town’s unfunded liability. The trust was established of Feb. 1, 2017; the Retirement
Commission appointed FIA (which became part of DiMeo Schneider & Associates in 2020) as the
trust’s investment advisors and Wells Fargo as the trustee/custodian of the funds.
RFQ/RFP #21-101
Page 3 of 17
The Town currently funds its OPEB obligation on a pay-as-you go basis. The level of
accrued benefits varies by bargaining unit and provisions provided for in each collective
bargaining agreement. As of the June 2020 OPEB Valuation, the net cost of OPEB
healthcare was $17,291,575.00.
All prospective bidders are strongly encouraged to review the Pension & OPEB disclosures in
the Town’s June 2020 Comprehensive Annual Financial Report available on the Town’s
website.
D. WORK STATEMENT
The Actuary shall annually conduct actuarial valuations and a review of each of the Town’s
Plans and biannually OPEB as of July 1st and shall prepare a separate written report
thereon for each of the Plans and OPEB. Each report shall include all data necessary to
meet the requirements of Governmental Accounting Standards Board (GASB) Statements
(ex. GASB 67/68 & 74/75) and the requirements of any future GASB pronouncements, as
well as the data necessary to prepare any reports required by the federal government
relative to the Plans. All actuarial valuations shall be based on census information provided
to the actuary by the Town, and on such actuarial assumptions that the Town and the
actuary agree are reasonable and appropriate in the circumstances. The report shall also set
forth the actuary’s actuarially determined contribution for the Town’s fiscal year
beginning on the following July 1st.
The selected firm will attend at least one Retirement Commission meeting to present and
discuss the valuation reports and will demonstrate extensive successful experience and
superior capability for providing advisory services. Retirement Commission meetings are
currently held quarterly at 5:00 PM.
In general, the selected firm will assist the Town in the on-going process of management of
the Plans. In all cases, the firm and its Advisor will offer advice to the Town that is in the
best interest of the Town, Plan participants and beneficiaries of the Plans.
E. PERIOD OF ENGAGEMENT
The Town is soliciting proposals for actuarial services as described herein for a five (5) year
term with three (3) one-year optional renewals. The annual fee related to this contract is subject
to annual appropriation by the Town. If there is no annual appropriation, then the contract will
become null and void and of no force and effect. Both the Town and the Actuary will have the
right, under the terms of the proposed contract, to cancel the contract as of June 30th of any year
on written notice to the other party at least sixty days prior to that June 30th.
RFQ/RFP #21-101
Page 4 of 17
F. MINIMUM QUALIFICATIONS
Eligible proposers will be those firms that have the following qualifications:
1. Experience and expertise in regard to providing the types of or similar services as
those outlined in the Scope of Services in this RFQ/RFP.
2. A proposer with a proven track record in providing these types of or similar services
for similar-sized municipal governments.
3. Expert knowledge of Federal and State laws and regulations governing the services
outlined in the scope of services.
4. Expert knowledge of Government Accounting Standards Board - Statements
governing the services outlined in the scope of services.
The key professional and/or organization must not have, nor could they potentially have, a
material conflict of interest with the Retirement Commission.
G. SCOPE OF SERVICES
Contractual services for pension investment consulting will include, but not be limited to the
following:
1. As of June 30 of each year, an annual formal valuation of the assets and
liabilities of the Plan with valuation report to the Retirement Commission
which includes recommended employer contribution for the current and
subsequent year.
2. Review of actuarial assumptions used in the valuation for
appropriateness.
3. Assist in the analysis of financial input of proposed Plans changes.
4. Assist, upon request, the Retirement Commission in the preparation of
documents required.
5. Assist in the implementation of recommendations made by the
independent auditors concerning the Plans.
6. Assist, upon request, the Town in the determination of benefits for
individual employees.
7. Submit annually, in accordance with a schedule established by the Town,
information regarding Plans assets and liabilities required for annual
financial statements preparation.
RFQ/RFP #21-101
Page 5 of 17
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