State of Connecticut

REQUEST FOR PROPOSALS (RFP)
VALUATION OF STATE'S WORKERS' COMPENSATION LIABILITY
STATE OF CONNECTICUT
OFFICE OF THE STATE COMPTROLLER
September 22, 2000

 

 

REQUEST FOR PROPOSALS

VALUATION OF STATE'S WORKERS' COMPENSATION
LIABILITY

STATE OF CONNECTICUT

OFFICE OF THE STATE COMPTROLLER

 

I. STATEMENT OF OBJECTIVES

The purpose of this Request for Proposals (RFP) is to solicit proposals to provide an actuarial valuation of the State of Connecticut's (State) Workers' Compensation Liability, including Incurred But Not Reported, suitable for inclusion in its Comprehensive Annual Financial Report (CAFR).

II. BACKGROUND

The Office of the State Comptroller (OSC) is responsible for all aspects of statewide accounting, cost accounting, and financial reporting. In that capacity, the OSC prepares and issues the CAFR for the State, which includes General Purpose Financial Statements (GPFS) and accompanying notes. The GPFS includes the Workers' Compensation Liability; the accompanying notes contain a disclosure under Changes in General Long-Term Debt.

III. SCOPE OF WORK

OSC wishes to contract with an actuarial firm with substantial expertise in valuating Workers' Compensation liability. The valuation for a given fiscal year (July 1st through June 30th) will be completed and submitted to the OSC no later than August 31st of the following fiscal year.

The contract will be for four valuations covering fiscal years 2001 through 2004.   The schedule for the valuations is as follows:

Year 1 Valuation for July 1, 2000 to June 30, 2001, completed and submitted no later than August 31, 2001.
Year 2 Valuation for July 1, 2001 to June 30, 2002, completed and submitted no later than August 31, 2002.
Year 3 Valuation for July 1, 2002 to June 30, 2003, completed and submitted no later than August 31, 2003.
Year 4 Valuation for July 1, 2003 to June 30, 2004, completed and submitted no later than August 31, 2004.

IV. PROPOSAL SUBMISSION REQUIREMENTS

Each firm that wishes to be considered for the contract shall submit seven (7) copies of their proposal, to be delivered to the following address no later than 3:00 p.m. (local time), Monday, October 16, 2000, to:

Paul Rifkin
Assistant Director, Budget and Financial Analysis Division
Office of the State Comptroller
55 Elm Street, Room 601
Hartford, CT 06106
(860) 702-3359

Proposals must include the following:

The title page must indicate the name of the firm, address, telephone number, name and title of the firm's contact person for this response, and the date.

The letter must include the name(s) of the individual(s) proposed to serve the State on this engagement and a rationale for the firms ability to provide the requested services to the State.

This summary must include the resume(s) of the individual(s) proposed to serve the State on this engagement. All relevant experience of the firm as well as the individual(s) assigned should be detailed within this section.

The profile must include the size and location of the firm (including the location of the Connecticut office and the number of employees attached to the Connecticut office), the number of years that the firm has been in business, and relevant experience in servicing state and local governments.

Names, addresses, and phone numbers of individuals who can serve as references for the firm must be provided. The references provided should have direct experience working with the firm. At its option, the firm may provide sample work to illustrate its relevant experience. The State is not responsible for any costs incurred by any party in responding to this RFP.

Costs should be totaled on an annual, per valuation basis.

Contract Compliance

The proposal should include a summary of the bidder's experience with affirmative action. This information should include a summary of the bidder's affirmative action plan and the bidder's affirmative action policy statement.

V. INSTRUCTIONS TO VENDORS

  1. Vendors who are furnished a copy of this RFP and intend to make a proposal are requested to submit a letter of intent by Friday, October 6, 2000. Those not intending to make a proposal are asked to submit a negative reply.
  2. Questions regarding this RFP must be submitted in writing by Friday, October 6, 2000. Those vendors submitting a letter of intent will receive copies of all written questions and answers regarding this RFP in a timely fashion subsequent to October 6, 2000.
  3. The firm or firms selected as finalists after an initial evaluation may be required to give a presentation to the selection committee.
  4. All responses to this request for proposals must conform to these instructions. Failure to conform may be considered appropriate cause for rejection of the response.
  5. Delivery of responses must be in a sealed envelope or box. The name and address of the vendor must appear on the envelope or box. FAX responses are not acceptable.
  6. Vendors must structure the response as outlined in this RFP.
  7. The State is exempt from the payment of excise, transportation, and sales taxes imposed by the federal and state government. Such taxes must not be included in the cost.
  8. The proposal must be signed by an authorized official of the vendor. The proposal must provide the name, title, address and telephone number for individuals with authority to negotiate and contractually bind the company.
  9. All cost estimates will be considered as "not to exceed" quotations.
  10. There will be no bidders' conference.

 

VI. CONDITIONS

Any prospective contractors must be willing to adhere to the following conditions and must positively acknowledge such intent to comply with the provisions of Section VI of this RFP in the Contract Compliance section of the proposal submission:

  1. The State reserves the right to accept any or all proposals submitted for consideration. All proposals will remain sealed until the deadline for submission has passed.
  2. Any contract awarded as a result of this RFP must be in full conformance with the statutory requirements of the State.
  3. All proposals submitted in response to this RFP are to be the sole property of the State and will become subject to the provisions of the Freedom of Information statutes.
  4. Any product, whether acceptable or unacceptable, developed under a contract awarded as a result of this RFP is to be the sole property of the State unless explicitly exempted under contractual provision.
  5. The timing and sequence of events relating to this request for proposals will be determined by the State.
  6. Any price offerings by vendors must be valid for a period of 120 days from the due date of the vendor's proposal.
  7. Any alleged oral agreement made by a vendor with any agency or employee will be superseded by the written agreement.
  8. The State reserves the right to amend or cancel this request for proposals.
  9. The State reserves the right to reject the proposal of any vendor that is in default of any prior contract for misrepresentation.
  10. The State reserves the right to correct inaccurate awards resulting from its clerical errors.
  11. Proposals are subject to rejection in whole or in part if they limit or modify any of the terms and conditions and/or specifications of this RFP.
  12. A vendor, if requested, must be prepared to present evidence of experience, ability, service facilities, and financial standing necessary to meet the requirements set forth or implied in the proposal.
  13. No additions or changes to the original proposal will be accepted after submittal.
  14. By responding, the vendor implicitly states that the proposal is not made in connection with any competing vendor submitting a separate response to this RFP, and is in all respects submitted without collusion or fraud. It is further implied that the vendor had no involvement with employees of the OSC in the development of this RFP.
  15. The proposal must include a summary of the bidder's experience with Affirmative Action. This information is to include a summary of the bidder's Affirmative Action Plan and the bidder's Affirmative Action Policy Statement.
  16. It is mutually understood and agreed that the contractor shall not assign, transfer, convey, sublet or otherwise dispose of his contract or his right, title, or interest therein, or his power to execute such contract, to any other person, firm or corporation, without the previous written consent of the OSC.

VII. EVALUATION OF PROPOSALS

Each proposal will be evaluated by a screening committee against the following criteria to determine which vendor is most capable of implementing the state's requirements.

VIII. RIGHTS RESERVED TO THE STATE

The State reserves the right to award in part, to reject any and all proposals in whole or in part, to waive technical defects, irregularities and omissions if, in its judgement, the best interest of the State will be served.

 

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