Utopia Retirement System

Actuarial Services

Scope of Services

Type of services:

URS is seeking proposals from qualified firms to provide pension system actuarial services for all of the URS defined benefit plans. The services requested are those that are checked below:

ٱ General advice about the quality, adequacy and cost effectiveness of retirement plans of URS, including the defined benefit, defined contribution and ancillary benefits (not to exceed 2 staff meetings and 1 board meeting)

ٱ Ongoing advice in preparing for the annual actuarial valuation of URS as required by law and any special actuarial studies as may be requested by URS

ٱ Advice with respect to the requirements and actuarial significance of federal laws that impact URS programs

ٱ Advice with respect to the actuarial funding methods, assumptions, and techniques

ٱ Advice about employer and employee contribution rates and projections

ٱ Availability to consult with URS by letter, telephone, or in person for not more than 10 hours per month, on average

ٱ Assist in the preparation or review of legislation, including fiscal notes and bill analyses, not to exceed xx consulting hours per year

ٱ Assist staff with their reviews of valuations

ٱ Preparation of actuarial valuations (annually)

ٱ Preparation of experience studies (every three years)

ٱ Preparation of actuarial summary statement for the comprehensive annual financial report (CAFR)

ٱ Review of the format of annual benefit statements

ٱ Provide option factors and calculate retirement benefits based on those options

ٱ Provide benefit calculations for (#) accounts per year

ٱ Provide data cleanup (describe in detail as this could be a major task)

ٱ Provide Section 415 limit testing, discrimination testing

ٱ Provide asset/liability modeling (explain the level of detail needed)

ٱ Provide sensitivity analysis regarding actuarial assumption factors

ٱ Consult on tax compliance

ٱ Coordinate with other service providers; e.g., attorneys, administrators, auditors

ٱ Attending meetings held (frequency) in (location). It is expected that the (describe which) consultant(s) will attend each meeting

ٱ Provide other special projects as required by URS (describe and set range of expected hours to be consumed from the actuarial services budget)

NAPPA Notes:

Our objective is for this to be an all inclusive list. What is checked is as important as what is not checked when the vendors attempt to estimate the work load and propose fees. The more specific this part of the RFP is, the more comparable the proposals will be.