Upcoming Procurement Data
General Information
Solicitation Title:
Actuarial Services
Agency:
State Employees Retirement System
Existing Contract Number:
4300288228
Proposed Solicitation Date:
12/1/2015
Contract Expiration Date:
6/30/2016
Proposed Method of Procurement:
RFP
Description:
SERS is required by the State Employees’ Retirement Code (71 Pa. C.S. 5101, et. seq.) to have an actuary make an annual valuation of the State Employees’ Retirement Fund (“Fund”) within six months of the end of each calendar year. However, SERS’ practice is to expedite this process to occur within five months of the end of each calendar year. The actuary is to conduct an actuarial investigation and experience study of the Fund based on data, including the mortality, service, and compensation experience, during the preceding five years concerning members, annuitants and beneficiaries. The next experience study will be for the time period January 1, 2016 through December 31, 2019.
SERS is also responsible for administering the Benefits Completion Plan (BCP), established as a Qualified Governmental Excess Benefit Arrangement in accordance with Internal Revenue Code (IRC) Section 415(m), to provide benefits that would have otherwise been limited by IRC 415(b). Enabling legislation for the BCP was enacted in December 2002, an IRC Private Letter Ruling was received in December 2003, and the first payments were made in July 2004.
Although the Fund and the BCP are separate and distinct trusts, SERS employers are assessed one overall contribution rate, which is the combination of two rates. The contractor will be required to make an annual valuation for the BCP within five months of the end of the calendar year.
In addition to the above requirements, SERS expects the Contractor to accomplish all other desired services as described, which includes actuarial services and pension plan consulting services in such areas as strategic planning, benefit communications, plan design, and human resource issues.
Additional details are available in the attached statement of work.
Review Information
Issuing Office:
State Employees Retirement System
Contact Person:
Joshua Smith
Contact Email:
smjoshua@pa.gov