Town of Old Saybrook Employee Benefit & Pension Board Request For Proposal: Consulting Actuarial S

Current User: Home Biznet Menu Log In/Out Search Search Results Results Detail SCP Solicitation Details State Contracting Portal Solicitation Details Organization Old Saybrook, Town of Project/Solicitation # 2018-4 Solicitation Type Request for Proposal Due Date 06/01/2018 Set-Aside NO Qualified Partnership NO Summary Town of Old Saybrook Employee Benefit & Pension Board Request For Proposal: Consulting Actuarial S Contact Name Lee Ann Palladino E-Mail LeeAnn.Palladino@oldsaybrookct.gov Phone (860) 395-3127 FAX (860) 395-3125 WebSite www.oldsaybrookct.org/ Additional Description PENSION AND OPEB PLAN CONSULTING ACTUARIAL SERVICES For the period July 1, 2018 – June 30, 2021 with possible renewals for an additional three (3) years. The Town of Old Saybrook (“Town”) invites proposals for consulting actuarial services. Nine

(9) copies of each proposal shall be placed in a sealed envelope and identified as “Proposal for Consulting Actuarial Services”: Proposals shall be addressed to: Town of Old Saybrook, Connecticut Ms. Lee Ann Palladino, Finance Director 302 Main Street Old Saybrook, CT 06475 The deadline for submission of proposals is June 1, 2018 at 12:00 p.m. Proposals received after the specified time and date shall not be considered. Questions about this RFP may be directed to Lee Ann Palladino, Finance Director, by email leeann.palladino@oldsaybrookct.gov no later than 14 days prior to the date proposals are due. All information given by the Town except by written addenda shall be informal and shall not be binding upon the Town nor shall it furnish a basis for legal action against the Town. Answers to these questions will be addressed in an addendum which will be issued on the Town of Old Saybrook website. It shall be the responsibility of the bidder to download this information. The response shall be posted no less than 7 days prior the RFP proposal due date of June 1, 2018. I. PURPOSE The purpose of this request is to solicit proposals from firms interested in serving as Consulting Actuary to the Town of Old Saybrook Employee Benefit and Pension Board (“Pension Board”). The Pension Board of the Town of Old Saybrook is seeking professional actuary services to perform the annual Town pension plan valuation and bi-annual Fire Department Pension Plan and Other Post Employment Benefit (“OPEB”) valuations and other related services as required by current or future GASB pronouncements. A complete description of required services is included in Section VI, Scope of Services. II. GENERAL INFORMATION The Pension Board manages and administers the defined benefit and defined contribution plans for Town and Police employees and volunteer Fire Department members. The Pension Board consists of six members appointed by the First Selectman. The First Selectman also serves as a full voting member on the Pension Board. The Pension Board has full responsibility and authority for Plan investments and valuation. III. OVERVIEW OF EXISTING PLANS A. The Town of Old Saybrook Pension Plan (“Town pension plan”) is a defined benefit, contributory pension plan covering employees of the Town, Police Department and certain Board of Education employees that work over 1,200 hours per year. The Town has a second pension plan for the Fire Department (“Fire pension plan”) which covers volunteer firefighters. The assets of the Town’s two pension plans are managed with an outside investment advisor and by adherence with an investment policy that is approved by the pension board with a broad asset allocation of 60% public equities and 40% fixed income. Town participants totaled 172 (both active and retired) and firefighter participants are approximately 200 active and 24 retired as of the same date. B. The Defined Contribution Plan became effective July 1, 2017 and is managed by an outside provider. All unions, with the exception of the Police union, and all non-union employees hired after July 1, 2017 will become members of the Defined Contribution plan. C. The Town contributes to retiree health care for various employees hired before 2006 and offers retiree health care at full cost for all other employees, including the Board of Education, that wish to purchase health benefits from the Town or Board of Education. The Town also provides life insurance benefits to retirees. At present there are approximately 25 participants that receive health care benefits from the Town. IV. LENGTH OF CONTRACT The contract for consulting actuarial services will cover a period of three (3) fiscal years. The Pension Board will have the option to extend the contract for an additional three-year period under the same terms and conditions. The contract will provide for early termination by either party upon sixty (60) days written notification of the intention to do so. V. SELECTION OF CONSULTING ACTUARY A. Timetable The following is a timetable for selection of the Consulting Actuary. 1. April 15, 2018 – Request for proposals available. 2. June 1, 2018 and 12:00 p.m. submission deadline. 3. Award anticipated no later than August 30, 2018. 4. Initial contractual award period begins September 1, 2018. B. General Selection Criteria The following criteria will be used to evaluate proposal responses and select a short list of responders that may be requested to make oral presentations: 1. Quality of written proposal and completeness of response to all questionnaire items. 2. Ability to meet service requirements. 3. Experience in Documents The Department of Administrative Services - Business Network. Review our Privacy Policy Need to contact us? Send e-mail to DAS Web Design All State disclaimers and permissions apply.