Project Information

Bid Title

Actuarial Valuation & Consulting Services

Issuing Agency

Town of Westerly

Location

Rhode Island

Published Date

Apr 8, 2026

Closing Date

Apr 29, 2026

Government Level

State & Local

Status

Closed

Ref. #

27-01

Original Source

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Bid Documents

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Project Description

Bid Number:	27-01
Bid Title:	Actuarial Valuation & Consulting Services
Category:	Services (Professional, Support, Consulting and Misc. Services)
Status:	Open

Publication Date/Time: 4/8/2026 9:30 AM Closing Date/Time: 4/29/2026 2:00 PM Related Documents: 27-01 RFP Actuarial Services

Attachment Preview

TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS

REQUEST FOR PROPOSALS

RFP 27-01

ACTUARIAL VALUATION & CONSULTING SERVICES

April 8, 2026

The Town of Westerly/Westerly Schools (Town), Westerly, RI, acting through its Purchasing

Agent, is hereby soliciting sealed bids for the above referenced RFP and you are hereby

invited to submit a Proposal for the Scope of Work described in this Request for Proposal,

in strict accordance with the Bid Documents.

TERMS AND CONDITIONS

Bids shall be based on the Terms and Conditions as referenced in this Request for Proposal.

BID DUE DATE/SUBMITTING INSTRUCTIONS

BIDS ARE DUE and MUST BE SUBMITTED on the attached BID FORM, Attachments B, NO LATER THAN

2:00 p.m. EST April 29, 2026. A Bid submitted on other than the attached BID BREAKDOWN FORM

may be rejected. Envelopes containing bids must be sealed and addressed to the undersigned, at

the Purchasing Department, 2nd Floor office, Westerly Town Hall, 45 Broad St., Westerly, RI 02891

and must be clearly marked with the Name and Address of Bidder, Bid Due Date and Time, and RFQ

Number and Title. Bidders must include one original and a Digital (soft) copy for Public Use on a

flash drive of the Bid as defined in the Instruction to Bidders.

BIDDER’S QUESTIONS

Questions regarding this solicitation must be emailed and received by the Purchasing

Agent at ecardillo@westerlyri.gov no later than 12:00 PM on April 21, 2026, in a Microsoft

Word attachment with the corresponding solicitation number. Questions, if any, and

responses will be posted on the Town of Westerly website at www.westerlyri.gov as an

addendum to this solicitation. Bidders are responsible for checking the Town’s website

for all addenda distributed in response to questions and requests for additional

information.

SPECIAL INSTRUCTIONS TO BIDDERS

1. Bidder shall base the Proposal on providing all materials and equipment, FOB jobsite.

2. Bidder’s prices shall include all Permits/Fees.

3. Quotes must be firm for a minimum of 120 days from date of submission.

4. Bid Completeness - Pricing submitted on this project must be an all-inclusive price.

The intent of an all-inclusive Price is such that no Adds or Change Orders will be

necessary.

5. If the Bidder submits a supporting/additional document with their bid, that document

must include page numbers.

6. This project is Tax exempt for Rhode Island Sales Tax and Federal Excise Taxes.

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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS

7. SELECTION CRITERIA - The evaluation will be completed by the Selection Team. The

members of the Team will, individually and collectively, evaluate each properly

submitted proposal, and may, select a group of finalists. Each finalist may be

interviewed by the Team to determine, all factors considered, the most qualified and

capable Bidder with which to contract. While the fee schedules will be discussed and

considered during these interviews, fees alone will not drive the committee’s decision.

RFQ BID DOCUMENTS

Attachment A – Scope of Work/ Project Schedule, Pages 3-6

Attachment B – Bid Form Pages, 7-9

Attachment C – Instruction to Bidders, Pages 10-15

APPENDIX A - Bidder Certification, Pages 16-20

Agreement – Westerly Standard Professional Agreement, Pages 21-29

BIDDER CERTIFICATION and DISCLOSURE FORM: Bidders must include,

complete, sign and submit a Bidder Certification Form with each bid proposal. See

APPENDIX A.

This solicitation is available at www.westerlyri.gov.

The Town of Westerly/Westerly Schools reserves the right to reject any/all bids, waive any

informality in the bids received and to accept and award the bid to the lowest evaluated bid deemed

most favorable to the interest of the Town/School.

The Town/School does not discriminate based on age, color, gender, national origin, race, religion,

sexual orientation, or disability in accordance with applicable laws and regulations

Regards,

Eileen Cardillo

Purchasing/Risk Manager

Town of Westerly/ Westerly Public Schools

45 Broad Street

Westerly, RI 02891

Tel: (401) 348-2599

Email: ecardillo@westerlyri.gov

www.WesterlyRI.gov

CC: SH

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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS

ATTACHMENT "A"

SCOPE OF WORK

(And Project Schedule)

ACTUARIAL VALUATION & CONSULTING SERVICES

RFP 27-01

SCOPE OF WORK

1. Description of Scope

The Successful Bidder will be responsible for the completion of the following work scope items:

INTRODUCTION

The Town of Westerly (Town) is requesting proposals to conduct independent actuarial valuations

for our Police Pension Funds and Other Post-Employment Benefits. There is a separate scope of

work for each of these projects. It is our intent to retain a Rhode Island Certified Actuary firm for a

three-year contract with option to extend for additional two (2) 1-year terms for a total of five years

at the Town’s discretion using complete valuations every year for the Police and Firefighters’

Funds and every other year of the Other Postemployment Benefits.

This proposal will cover the fiscal periods beginning on July 1, 2026 ending June 30, 2029, with

the option to renew for two twelve-month extensions for a total of five (5) years at the Town’s

discretion.

The Town’s annual CAFR and prior year actuarial reports can be found at

www.westerlyri.gov; under the Finance Department.

SCOPE OF WORK TO BE PERFORMED – ACTUARIAL PENSION AND POST EMPLOYMENT

BENEFIT PLAN SERVICES

ANNUALLY:

• Annual Police Pension GASB 67 and 68 reports under the terms of Governmental

Accounting Standards Board # 67/68.

• Annual post-employment benefits (OPEB) report in accordance with the terms of

Governmental Accounting Standards Board Statement # 74/75.

BI-ANNUALLY:

• Valuation Reports as required by RI legislation

• Interim Valuation Reports for both plans every other plan year.

ADDITIONAL SERVICES

• Attendance at one meeting per year including travel

• Management summary report highlight key results from the valuation and trends and

market changes that impact valuations

• Consulting on phone calls regarding valuation and other recurring issues

• Periodical retirement calculations as needed to plan for employee retirements.

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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS

REPORT REQUIREMENTS

Annual GASB 67/68 Report: Pension Fund

1. Actuarial Certification

2. Statement of Fiduciary Net Position and Changes to the Fiduciary Net Position

3. Schedule of Changes in the Net Pension Liability and Related Ratios

4. Pension Expenses

5. Deferred Outflows of Resources and Deferred Inflows of Resources Relation to Pensions

6. Rate of Return

7. Discount Rate and Net Pension Liability

8. Schedule of Contributions

9. Actuarial Assumptions

10. Plan Provisions

Annual GASB 74/75 Report

1. Actuarial Certification

2. Schedule of Changes in the Net OPEB Liability and Related Ratios

3. OPEB Expenses

4. Deferred Outflows of Resources and Deferred Inflows of Resources

5. Asset Information

6. Actuarially Determined Contributions

7. Discount Rate and Cash Flow Projections

8. Schedule of Contributions and Participations

9. Actuarial Assumptions

10. Plan Provisions

11. Demographic Information

Biannual Valuation Reports

1. Summary Results and Changes since prior valuations

2. Valuation Summary

3. Risks and Plan measures

4. Present Value of Future Benefits

5. Entry Age accrued Liability

6. Asset Information and reconciliation of gain or loss

7. Demographics

8. Participants

9. Plans Provisions

10. Actuarial Assumptions

Interim Valuation Reports

1. Changes in OPEB or Pension Liability and related ratios

2. Employer Contributions

3. OPEB Expense

4. Deferred Outflows/Inflows of Resources

5. Asset Information

6. Actuarially Determined Contribution

7. Discounts Rate

8. Key Actuarial Assumptions

CHANGES TO REPORTING REQUIREMENTS

It is expected that, should reporting requirements change RI regulations or by Governmental Auditing

Standards Board that the Actuarial Firm will adjust to the changes to ensure compliant reporting.

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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS

You may indicate your interest by submitting an electronic copy and one (1) paper copy of your

proposal, including the following items:

• Your understanding of the services to be provided.

• Overview of the history of your firm to include principals, qualifications of staff, certifications, years in

business, etc.

• Complete listing of Rhode Island municipalities, preferably of comparable size to Westerly, which

we may contact for references. Include contact name, Town, Address, phone number and e-mail

address (Five (5) maximum.

• Pricing on a five-year basis, provided by year, submitted on Attachment B.

• Your firm’s EEOC policy statement.

• A statement that the proposal is a firm and irrevocable offer for (120) one hundred twenty days.

SELECTION CRITERIA

Proposals will be evaluated on the basis of experience, qualifications, capability, Project Approach,

references and the cost. The recommended award will be based upon the Town’s determination of

which firm can best meet the needs of the Town.

DISCRETION AND LIABILITY WAIVER

The Town reserves the right to exercise discretion and apply its judgment with respect to all

proposals submitted. The Town reserves the right to reject all proposals, either in part or in its

entirety, or to request and obtain, from one or more of the consulting firms submitting proposals,

supplementary information as may be necessary for Town staff to analyze the proposals.

The consultant, by submitting a response to this RFP, waives all right to protest or seek any legal

remedies whatsoever regarding any aspect of this RFP. The Town reserves the right to accept or

reject any or all proposals, to waive any irregularity in a proposal, and to make an award as may

best serve the interests of the Town.

This RFP does not commit the Town to award a contract, to defray any costs incurred in this

preparation of a proposal pursuant to this RFP or to procure or contract for work.

All proposals submitted in response to this RFP become the property of the Town and Public

records and, as such, may be subject to public review.

The Town reserves the right to cancel, in part or in its entirety, this RFP including, but not limited

to: selection procedures, submittal date, and submittal requirements. If the Town cancels or

revises the RFP, all interested firms will be notified using e-mail.

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Commodity Codes

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

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