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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 State Employees Retirement System (SERS), the Judges, Family Support Magistrates, and Compensation Commissioners Retirement System (JFSMCCRS) and the Probate Judges and Employees Retirement System (PJERS) 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
SERS plan provisions are a mandatory subject of collective bargaining between the State and a coalition of its employee unions. The system has a three-tiered benefit plan structure with some plan differentiation within each tier. For your information, copies of the Summary Plan Descriptions for Tier I, Tier II, and Tier IIA of SERS are posted on the Connecticut State Comptroller's Home Page on the World Wide Web at the following address: http://www.osc.state.ct.us
On June 30, 2004 SERS had a total membership of 86,419 composed as follows: 47,926 active members, 36,749 retirees and beneficiaries, and 1,744 inactive vested members. On that date, the actuarial asset value of the system was $8.3 billion, and system accrued liabilities totaled $15.1 billion.
The JFSMCCRS provides defined benefit pensions to its Judges, Family Support Magistrates and Compensation Commissioners. The System is described in Chapter 872, Judges, Sections 51-49 through 51-51 of Title 51 of the General Statutes of Connecticut.
On June 30, 2004 JFSMCCRS had a total membership of 440 composed as follows: 220 active members, 217 retirees and beneficiaries, and 3 inactive vested members. On that date, the actuarial asset value of the system was $150.8 million, and system accrued liabilities totaled $219.8 million.
The PJERS provides defined benefit pensions to its Probate Judges and employees. The System is described in Chapter 801, Probate Court: Administrative Provisions - Part III Retirement Benefits - of the General Statutes of Connecticut.
On December 31, 2003 PJERS had a total membership of 655 composed as follows: 379 active members, 248 retirees and beneficiaries, and 28 inactive vested members. On that date, the actuarial asset value of the system was $71.2 million, and system accrued liabilities totaled $69.1 million.
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:
a) A fixed fee for each of the four actuarial valuation reports required for SERS, JFSMCCRS and PJERS (Section III, Subsection 1);
b) A fixed fee for each of the experience study reports required for SERS, JFSMCCRS and PJERS (Section III, Subsection 2);
c) For each of the contract's four fiscal years (ending June 30), a fixed fee for attendance at up to four meetings (up to twelve in total) with the Commission (or a Subcommittee thereof) in connection with each of the three retirement systems (Section III, Subsection 3);
d) A fixed fee for each of the four budgetary estimates required for SERS (Section III, Subsection 4); and
e) For each of the contract's four fiscal years (ending June 30), hourly billing rates by position classification for special projects, fiscal impact statements, and routine consultations (Section III, Subsections 5 & 6).
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: firstname.lastname@example.org 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 email@example.com|
|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||Finalist Interviews|
|May 11, 2005||Contractor Selection|
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:
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.