Project Information

Bid Title

Actuarial Valuation Services

Issuing Agency

Town of Wellesley

Location

Massachusetts

Published Date

Oct 31, 2024

Closing Date

Dec 6, 2024

Government Level

State & Local

Status

Closed

Ref. #

Actuarial2024

Original Source

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Bid Documents

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Project Description

Bid Number:	Actuarial2024
Bid Title:	Actuarial Valuation Services
Category:	Goods & Services
Status:	Open

Description: The Wellesley Contributory Retirement Board (WCRB), trustees of the Town’s defined benefit pension plan, and the Town of Wellesley invite qualified actuaries to submit written proposals for actuarial valuation services. The WCRB anticipates that it will require a funding valuation biennially beginning January 1, 2025. The Town of Wellesley is soliciting proposals from qualified Firms for an actuarial valuation of the Town’s Other Post Employment Benefits (OPEB) liability, as well as annual GASB reporting, for the next six fiscal years. Responsive proposals shall provide for a fixed annual fee for completion and presentation of the draft plan valuation and funding schedule/appropriation report for each of the biennial reports, and a schedule of rates for any additional special studies that may be authorized by a majority vote of the Wellesley Contributory Retirement Board (WCRB). It is expected that the actuary will provide on-going actuarial advice and counsel to the WCRB, as necessary, as part of the fixed annual fee and that hourly charges will only be applicable to formal special studies, authorized by vote of the WCRB, to determine the costs associated with plan design changes. The Board reserves the right to reject any and all proposals that are not deemed to be in the best interests of the Wellesley Contributory Retirement System (WCRS). The selected vendor must have demonstrated familiarity with, and agree to comply with Massachusetts General Laws Chapter 32 and all applicable regulations, policies, and guidelines promulgated by the Massachusetts Public Employee Retirement Administration Commission (PERAC), and accounting and financial reporting requirements for state and local retirement systems, promulgated by the Government Accounting Standards Board (GASB). Publication Date/Time: 10/30/2024 8:00 AM Closing Date/Time: 12/6/2024 3:00 PM Submittal Information: Wellesley Retirement Board ATTN: Lynn Whynot Bid Opening Information: December 9, 2024 Contact Person: Lynn Whynot Retirement Administrator, Wellesley Contributory Retirement System 888 Worcester Street, Suite 227 Wellesley, MA 02482 lwhynot@wellesleyma.gov Miscellaneous: SCHEDULE: WCRB Issuance of RFP Wednesday, October 30, 2024 Vendor Questions about RFP to WCRB Administrator Wednesday, November 20, 2024 WCRB Written Responses to Vendor Questions Wednesday, November 27, 2024 Vendor Proposals Due Date Friday, December 6, 2024 (3:00 pm EST) Proposals Opened and Reviewed by Staff Monday, December 9, 2024 WCRB Anticipated Evaluations Tuesday, December 17, 2024 meeting Vendor Interviews (anticipated date) Tuesday, January 28, 2025 meeting Anticipated Contract Award Vote of WCRB January or February 25, 2025 meeting/s Evaluations/Interviews/Award dates subject to change Related Documents: View Document(s)

Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541612Human Resources Consulting Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

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