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I. STATEMENT OF OBJECTIVES
The Connecticut State Employees Retirement Commission (Commission) is seeking to secure proposals for the provision of pension actuarial services over a four-year contract period. The Commission's objective is to engage the services of an actuarial firm with public pension plan experience to perform annual actuarial valuations of the Municipal Employees Retirement System (MERS) and the Policemen and Firemen Survivors' Benefit Fund (P&FSBF), and for the performance of other actuarial reporting duties related to each as directed by the Commission. The contract period will commence on or about July 1, 2005 and expire on June 30, 2009.
II. BACKGROUND INFORMATION
MERS is a voluntary, multi-employer pension plan, the provisions of which are
contained in Title 7, Chapter 113, Part II of the Connecticut General Statutes.
Annually, four normal contribution rates are established by the Commission in
accordance with the following breakdown: a) general employees with social
security; b) general employees without social security; c) police and fire with
social security; and d) police and fire without social security.
The unfunded accrued liability of participating municipalities, if any, is calculated on an individual basis. On June 30, 2003, MERS had a total membership of 13,163 composed as follows: 8,420 active members, and 4,743 retirees and beneficiaries. On that date, the actuarial asset value of the system was $1.4 billion; MERS is in a fully funded position.
P&FSBF is a voluntary, multi-employer pension supplement, the provisions of which are contained in Title 7, Chapter 104, Part V of the Connecticut General Statutes. Upon the death of an active or retired member, P&FSBF pays survivor benefits. Annually, the Commission establishes a normal contribution rate for participating municipalities. The unfunded accrued liability is calculated on an individual basis for new municipalities joining the fund. On June 30, 2003, P&FSBF had a total membership of 937 composed as follows: 509 active members; 328 retirees, and 100 annuitants. On that date, the fund's assets for valuation purposes were $19.8 million; P&FSBF is in a fully funded position.
The proposal specifications are detailed within the following sections of this document.
III. SCOPE OF SERVICES
The contractor will be expected to perform the following services:
IV. LETTER OF INTENT REQUIREMENT
A letter of intent is required. The purpose of this letter is to indicate the contractor's intention to respond to this RFP. The letter of intent must be received at the offices of the Retirement & Benefit Services Division by 4:30 p.m. on February 15, 2005. Proposals will not be accepted if this requirement is not met.
In this letter the contractor must provide an email address for the communication of information about the RFP. As indicated in Section V, PROPOSAL SUBMISSION REQUIREMENTS, of this RFP, contractors may submit questions regarding the RFP by email. Answers to questions submitted as well as other information related to the contractor selection process will be provided to contractors at the email address provided in the letter of intent.
V. PROPOSAL SUBMISSION REQUIREMENTS
Each proposal must include the following:
1. Title Page
A title page indicating the date, subject, name of the contractor, central office address and the local office address - if a local office will be performing the contracted services - and the address, telephone number, name and title of the contractor's contact person for the purpose of clarifying any information submitted.
2. Organizational Structure
A general description of the contractor's organization, including the legal structure (corporation, partnership, franchise, etc.), the number of professional and support staff employed and the primary business functions (benefits consulting, actuarial consulting, asset management, insurance provider, etc.). Identification of the actuaries available for assignment to this engagement and descriptive materials relating to the professional qualifications of each actuary.
A listing of all public employee retirement systems to which the contractor currently provides actuarial valuation and consulting services. This listing should include the name of the retirement system, the number of system members (active and retired), and the number of years that the contractor has been retained to provide actuarial services to the system. Of the staff members designated for the engagement that is the subject of this RFP, the contractor must also identify which, if any, serve as lead consultant to the public retirement systems listed. In addition to the above information, contractors are encouraged to identify other experience, factors, or strengths that they possess which may assist the Commission in its selection process.
4. Computer Systems
Description of on-site computer system contractor will be using.
5. Backup Equipment
Description of alternative backup for all equipment which may be used by contractor.
Identification of the subcontractor(s), if any, to be utilized in meeting the service requirements of this RFP and a listing of the specific tasks to be assigned to the subcontractor(s).
7. Recommended Workplan
A statement of the contractor's capacity to provide each of the deliverables specified in Section III of this RFP within the expressed time frame.
8. Work Samples
A sample of any relevant publications or notifications that the contractor transmits to clients on a regular basis concerning topical issues in the area of public pension plan administration.
9. Fee Structure
Submission of total fixed and variable fees for the tasks listed in Section III of this RFP, expressed as follows:
Fees proposed, whether fixed or variable, shall be deemed inclusive of all expenses and all cost estimates will be considered as "not to exceed" quotations.
Fee proposals should not include start-up or exit costs.
The State of Connecticut is exempt from the payment excise, transportation, and sales tax imposed by the Federal Government and the State; accordingly, such taxes must not be reflected in the proposed price.
10. Conflict of Interest
Disclose any current or past (within the last ten years) business relationships which may pose a conflict of interest.
11. Regulatory Issues
Disclose any regulatory problems experienced in the past ten years.
12. Affirmative Action
The proposal must include a summary of the contractor's experience with Affirmative Action including a summary of the contractor's affirmative action plan and the contractor's affirmative action policy statement.
Regulations of Connecticut State Agencies Section 46a-68j-30(10) require agencies to consider the following factors when awarding a contract that is subject to contract compliance requirements:
A Commission on Human Rights and Opportunities "Notification to Bidders" and an "Employment Information Form" are attached, which should be read and completed by the contractor. (Attachment I)
Also attached is a Contract Compliance Requirement reporting form, which the contractor must complete and sign, which will be sent to the Commission on Human Rights and Opportunities by the awarding agency. (Attachment II)
B. An authorized agent for the contractor with authority to negotiate and contractually bind the contractor must sign the proposal; such individual's title, address, and telephone number must also be provided.
C. The contractor must submit one original, one unbound, plus eleven (11) copies of their proposal in a sealed envelope upon which a clear indication has been made of the RFP reference title and the date and time the proposal is submitted. The envelope should be delivered to:
D. Contractors who have questions regarding this RFP should submit them by email to the following address: email@example.com no later than 4:30 p.m. on Friday, February 18, 2005. Answers to questions will be transmitted by Friday, March 4, 2005. No phone calls will be accepted relative to this RFP.
E. Proposals must be received no later than 4:30 p.m. on Friday, April 1, 2005.
F. Some contractors may be asked to provide a presentation of their proposal to the Actuarial Subcommittee of the Commission. Such contractors will be notified by email to arrange the time and date for the presentation.
VI. SELECTION PROCESS AND SCHEDULE
Request for Proposal Questions and Response Phase
|February 3, 2005||Release of RFP by Commission|
|February 15, 2005||Letters of intent with contractor's email address due at Commission|
|February 18, 2005||Questions, if any, due at firstname.lastname@example.org|
|March 4, 2005||Division provides email response to questions received|
|April 1, 2005||Proposals due at Commission|
Proposal Review and Contractor Selection Schedule
April 4, 2005 - April 20, 2005
Reading and Scoring of Proposals by Screening Committee
May 3, 2005
May 11, 2005
VII. EVALUATION OF PROPOSALS
Each proposal will be evaluated by a Screening Committee using the following criteria to determine which contractor is most capable of implementing the Commission's requirements:
Contractor's experience with and ability to perform the required services.
Contractor's understanding of the project's purpose and scope, as evidenced by the proposed approach and level of effort.
Competitiveness of proposed cost.
Availability and competence of contractor's personnel.
Conformity with specifications contained herein.
Contractor's ability to keep the Commission informed of significant changes in the laws and regulations governing public pension plan administration.
Proximity of contractor's staff involved to Hartford, Connecticut.
Demonstration of contractor's commitment to affirmative action by full compliance with the regulations of the Commission on Human Rights and Opportunities.
At the option of the Screening Committee, contractor's oral presentation.
VIII. TERMS AND CONDITIONS
Contractors responding to this RFP must be willing to adhere to the following conditions and must affirmatively state their adherence to these requirements with a transmittal letter appended to their proposal response.
IX. 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 judgment, the best interest of the State will be served.