OPEB Actuary Services 2024-2028 ("Other PostEmployment Benefits")

Project Title OPEB Actuary Services 2024-2028 ("Other PostEmployment Benefits") Invitation # P24061311002 Bid Posting Date 03/29/2024 1:31 PM (PDT) Project Stage Bidding Bid Due Date 04/26/2024 5:00 PM (PDT) Response Format Electronic Project Type RFP (Request for Proposal) Response Types Response File Type of Award Lump Sum Categories 94649 - Financial Services License Requirements Department Finance Department / Accounting Address Sacramento, California 95814 County Sacramento Bid Valid 90 days from the deadline to submit a proposal. Liquidated Damages None. Estimated Bid Value N/A Start/Delivery Date 5/20/2024 Project Duration Five-year contract. Bid Bond Bid Bond 0.00% Payment Bond 0.00% Performance Bond 0.00% Pre-Bid Meeting Information Pre-Bid Meeting No Online Q&A Online Q&A Yes Q&A Deadline 04/05/2024 5:00 PM (PDT) Contact Information Contact Info Osvaldo Lopez Bids to

target="_blank">https://pbsystem.planetbids.com/portal/15300/bo/bo-detail/115109 Owner's Agent Finance Department / Accounting Description Scope of Services The City of Sacramento, Department of Finance, is soliciting proposals to: prepare actuarial valuations of the City’s Other Postemployment Benefits (OPEB) as required by GASB 74/75, in accordance with actuarial standards of practice as promulgated by the Actuarial Standards Board. The City participates in the CalPERS defined benefit pension program and in the Sacramento City Employees’ Retirement Plan (SCERS). SCERS is a single‐employer defined benefit pension plan that has been a closed plan since 1977. The City administers its own health benefit plans and does not participate in the health benefit programs through CalPERS. The City provides a monthly benefit for medical, dental and vision premiums to each retiree, regardless of which retirement plan the employee participates in. The amount of the benefit varies depending on the employment contract, the length of service of the employee and whether the retirement is due to disability. In most cases, benefits are continued for surviving spouses. The City currently funds this benefit on a pay‐as‐you‐go basis, however the City established a CalPERS OPEB trust fund and has a balance of $109 million as of January 31, 2024. At June 30, 2021, the date of the last OPEB valuation, there were 3,561 active employees, 3,399 retirees or survivors receiving healthcare benefits, and 280 vested, terminated employees entitled to OPEB benefits. ___ Other Details In response to the Request for Proposals, the City anticipates receiving competitive pricing as well as an assurance of quality services. The City intends to award one contract, however, it may choose to award additional contracts as the City deems necessary to meet the City's needs. ___ Notes Founded in 1849, the City of Sacramento is the oldest incorporated city in California and is the capital city of California. It has a population of over 525,000. Sacramento is a progressive City with great pride in its ethnic and cultural diversity, concern for environmental and social issues, and emphasis on quality in the provision of governmental services. Sacramento is a Charter City, which operates under a City Council Manager form of government. It has an annual budget of $1.5 billion and 5,074 fill‐time equivalent positions. ___ Special Notices Local Programs & Policies Place eBid