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General Information
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Department for this solicitation:
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Procurement
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Date Prepared:
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12/22/20
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Types:
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RFP
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Advertisement Type:
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Solicitation/Project#:
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20-018
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Solicitation/Project Title:
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Actuarial Servies
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Description:
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The Board 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, the Board’s 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, participants, and beneficiaries. The next experience study will be for the time period January 1, 2020, through December 31, 2024.
The Board is also responsible for administering the Benefits Completion Plan (“BCP”), established in the Retirement Code as a Qualified Governmental Excess Benefit Arrangement in accordance with Internal Revenue Code (“IRC”) §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.
The Fund and the BCP are separate and distinct trusts. Separate employer contribution rates to the two trusts are calculated, although SERS employers may be assessed one overall contribution rate, which is the combination of the 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.
Since January 1, 2019, the Board has administered the State Employees’ Defined Contribution Plan (“SEDCP”), an IRC §401(a) defined contribution plan established in the Retirement Code that has both employer and employee contributions. Although the SEDCP does not currently offer an annuity payment option, there is some ancillary actuarial consulting work involved in the Board’s administration of the SEDCP.
The Board also administers the Commonwealth’s Deferred Compensation Plan (“DCP”), an IRC §457(b) deferred compensation plan. The DCP is established under 72 P.S. §4521.2. This is a voluntary program for employee contributions. There are no employer contributions to the DCP. Not all members of SERS and participants in the SEDCP are eligible to participate in the DCP. Although the DCP does not currently offer an annuity payment option, there is some ancillary actuarial consulting work involved in the Board’s administration of the DCP.
In addition to the above requirements, the Board 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 detail is provided in the Technical Submittal portion of this RFP.
The Board uses a single staff and set of professional consultants and investment advisors and managers for the administration of all the retirement and pension plans that it administers.
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No Tabulations exist for 20-018.
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