Project Information

Bid Title

RFP: ACTUARY SERVICES

Issuing Agency

City of Minot

Location

North Dakota

Published Date

May 11, 2026

Closing Date

May 29, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

Bid Title:	RFP: ACTUARY SERVICES
Category:	City Clerk
Status:	Open

Description: CITY OF MINOT REQUEST FOR PROPOSALS: ACTUARY SERVICES The City of Minot (City) is requesting proposals from qualified vendors for pension actuarial and other post-employment benefits (OPEB) reporting services for the City’s pension and OPEB plans for the fiscal years ending December 31, 2026, and 2027, with three one-year renewal options upon mutual agreement. The vendor will need to provide all information necessary for the City to maintain compliance with Governmental Accounting Standards Board (GASB) Statement Numbers 67, 68, 74 & 75.  An experience study is required every five years to analyze the demographic and economic experience of the pension plan. Additionally, one will need to be completed for the City upon the contract inception. There is no expressed or implied obligation for the City to reimburse responding vendors for any expenses incurred in preparing proposals in response to this request. The City of Minot shall not be liable for any expenses incurred by the applicant including but not limited to expenses associated with the preparation of the proposal, attendance at the interviews, preparation of a compensation (fees) schedule, or final contract negotiations. To be considered, the City of Minot requires five (5) bound copies of the proposal, along with an emailed proposal to: City of Minot Attn: Melody Shelkey, City Treasurer 10 3rd Ave SE Minot, ND 58701 701-857-4771 (direct) For security reasons, you must enable JavaScript to view this E-mail address. The proposal must be received no later than 4:00 PM on Friday May 29, 2026.  All bound copies and the emailed proposal must be received prior to deadline to be included as a prospective vendor. The City reserves the right without prejudice to reject any or all proposals submitted. During the evaluation process, the City reserves the right, where it may serve the City’s best interest, to request additional information or clarifications from proposers, or to allow corrections of errors or omissions. Vendors may be requested to make oral presentations to the Selection Committee as part of the final evaluation process. The City reserves the right to retain all proposals submitted and to use any ideas in a proposal regardless of whether that proposal is selected. Submission of a proposal indicates acceptance by the vendor of the conditions contained in this request for proposals, unless clearly and specifically noted in the proposal submitted and confirmed in the contract between the City and the vendor selected.  It is anticipated the selection of a vendor will be completed by June 12, 2026. Following the notification of the selected vendor, it is expected a contract will be executed between both parties following the approval of City Council at the July 6, 2026, meeting. Publication Date/Time: 5/11/2026 12:00 AM Publication Information: Minot Daily News May 11th and 18th Closing Date/Time: 5/29/2026 4:00 PM Submittal Information: Submit to City Treasurer, Melody Shelkey Related Documents: 2026 RFP for Actuary Services FINAL

Attachment Preview

City of Minot

North Dakota

10 3rd Ave SE

Minot, ND 58701

www.Minotnd.gov

Request for Proposals (RFP)

Professional Actuarial Services

Submission Deadline:

4:00 PM CST May 29,

2026

RFP Contact:

Melody Shelkey, City

Treasurer

melody.shelkey@minotnd.gov

701-857-4771 (direct)

CITY OF MINOT

REQUEST FOR

PROPOSALS

Table of Contents

I. Introduction.......................................................................................

General Information........................................................................................ 3

Term of Engagement...................................................................................... 4

II. Nature of Services Required...............................................................

Scope of Work to be Performed........................................................................ 4

Standards to be Followed................................................................................ 5

Reports to be Issued....................................................................................... 5

III. Description of the City of Minot Plans.................................................

IV. Time Requirements............................................................................

Anticipated Proposal Calendar........................................................................ 6

Notification.................................................................................................. 6

Schedule for Completion................................................................................ 6

V. Proposal Requirements.......................................................................

General Requirements................................................................................... 7

Actuary Proposal.......................................................................................... 8

Dollar Cost Proposal...................................................................................... 9

VI. Evaluation Procedures........................................................................

Selection Committee..................................................................................... 9

Evaluation Criteria...................................................................................... 10

Oral Presentations....................................................................................... 11

Final Selection............................................................................................ 11

Right to Reject Proposals............................................................................. 11

VII. Appendices.........................................................................................

Proposers Guarantees and Warranties............................................................ 12

Retirement Plan Services RFP

May 2026

Page |2

CITY OF MINOT REQUEST FOR PROPOSALS

I. INTRODUCTION

A. General Information

The City of Minot (City) is requesting proposals from qualified vendors for

pension actuarial and other post-employment benefits (OPEB) reporting

services for the City’s pension and OPEB plans for the fiscal years ending

December 31, 2026, and 2027, with three one-year renewal options upon

mutual agreement. The vendor will need to provide all information necessary

for the City to maintain compliance with Governmental Accounting Standards

Board (GASB) Statement Numbers 67, 68, 74 & 75. An experience study is

required every five years to analyze the demographic and economic experience

of the pension plan. Additionally, one will need to be completed for the City

upon the contract inception.

There is no expressed or implied obligation for the City to reimburse responding

vendors for any expenses incurred in preparing proposals in response to this

request. The City of Minot shall not be liable for any expenses incurred by the

applicant including but not limited to expenses associated with the preparation

of the proposal, attendance at the interviews, preparation of a compensation

(fees) schedule, or final contract negotiations.

To be considered, the City of Minot requires five (5) bound copies of the

proposal, along with an emailed proposal to:

City of Minot

Attn: Melody Shelkey, City Treasurer

10 3rd Ave SE

Minot, ND 58701

701-857-4771 (direct)

Melody.shelkey@minotnd.gov

The proposal must be received no later than 4:00 PM on Friday May 29,

2026. All bound copies and the emailed proposal must be received prior

to deadline to be included as a prospective vendor.

The City reserves the right without prejudice to reject any or all proposals

submitted.

During the evaluation process, the City reserves the right, where it may serve

the City’s best interest, to request additional information or clarifications from

proposers, or to allow corrections of errors or omissions. Vendors may be

requested to make oral presentations to the Selection Committee as part of

the final evaluation process.

The City reserves the right to retain all proposals submitted and to use any

ideas in a proposal regardless of whether that proposal is selected. Submission

of a proposal indicates acceptance by the vendor of the conditions contained in

this request for proposals, unless clearly and specifically noted in the proposal

submitted and confirmed in the contract between the City and the vendor

selected. It is anticipated the selection of a vendor will be completed by June

12, 2026. Following the notification of the selected vendor, it is expected a

Retirement Plan Services RFP

May 2026

Page |3

contract will be executed between both parties following the approval of City

Council at the July 6, 2026, meeting.

B. Term of Engagement

A two-year contract is proposed with three one-year renewal options upon

mutual agreement. The contract is subject to an annual review by the City. It

is anticipated that the City will request proposals every five years. In the event

of unsatisfactory performance, or when in the best interest of the City, proposals

may be solicited before the end of the five-year period.

II. NATURE OF SERVICES REQUIRED

A. Scope of Work to be Performed

The City administers a multi-employer defined benefit pension plan – City

Employee Pension Plan (CEPP). The CEPP includes all the City of Minot

(excluding non-civil service employees) and Minot Park District employees with

a hire date on or before December 31, 2013. Annual disclosure reports are

needed to reflect the discount rate, contributions, payroll, and funding levels as

of the measurement period. These annual disclosure reports will be needed to

comply with the requirements, under GASB 67/68, for fiscal year-end reporting

in the City’s notes to financial statements. Further, an experience study is

required every five years to analyze the demographic and economic experience

of the pension plans.

The scope of services shall include but are not limited to:

 Annual GASB 67/68 pension reporting and disclosures for years ended

December 31 including net pension liability, target asset allocation,

sensitivity of the net pension liability to changes in the discount rate, and

schedule of changes in net pension liability.

 The report must include all items required by the Government Finance

Officers Association (GFOA) for inclusion in the Annual Comprehensive

Financial Report (ACFR)

 Annual funding report for pension plan

 Participant listings

 Engagement with contracted auditor and completing auditor requests for

both the plan and financial statements

 Attendance at one client meeting, annually, to present valuation results,

analysis, and updates on pension legislation, trends, and current

industry developments

 Benefit calculations upon request

 Experience study completed every five years (first one performed in year

one of contract)

The City administers an OPEB plan, it is a single-employer plan which provides

employees of the City of Minot (excluding Minot Park District and non-civil

service City employees) that participated in the City’s group health insurance

plan upon retirement to continue to participate in the City’s group health

insurance plan after retirement. These annual disclosure reports will be needed

to comply with the requirements, under GASB 74/75, for fiscal year-end

reporting in the City’s notes to financial statements. They are eligible to

continue coverage until they attain age 65. The scope of services shall include

but are not limited to:

Retirement Plan Services RFP

May 2026

Page |4

 Annual GASB 74/75 OPEB reporting for years ending December 31

including net OPEB liability/asset, target asset allocation, sensitivity of

the net OPEB liability/asset to changes in the discount rate, and

schedule of changes in net OPEB liability/asset.

 Engagement with contracted auditor and completing auditor requests for

both the plan and financial statements

 The report must include all items required by the Government Finance

Officers Association (GFOA) for inclusion in the Annual Comprehensive

Financial Report (ACFR)

Responsible for ensuring compliance with relevant federal, state, and local

requirements and assist with required disclosures for the City’s ACFR, a copy

of the City’s most current ACFR is available on the City’s website at

https://www.minotnd.gov/Archive.aspx?AMID=40

B. Standards to be Followed

To meet the requirements of this request for proposals, actuarial services shall

be performed in accordance with generally accepted industry standards and

with the care, skill, prudence, and diligence that a prudent benefits consultant

or actuary acting in a like capacity and familiar with such matters would use.

C. Reports to be Issued

The vendor shall prepare the following reports:

 Annual actuarial valuations of the City’s pension plan

 Annual actuarial valuations of the City’s OPEB plan

 Disclosure Report for the City of Minot

 Disclosure Report for the Minot Parks and Recreation District

 Experience study performed every five years

 All applicable reports required for compliance with GFOA’S

pronouncements for pension and OPEB plans.

GASB

III. DESCRIPTION OF THE CITY OF MINOT PLANS

The City is a majority member of the City of Minot Employees’ Pension Plan.

The City Employees’ Pension Plan (CEPP) is a multiple employer cost-sharing

defined benefit pension plan that provides benefits to employees of the City

of Minot and the Minot Park District. The City is required to report a

proportionate share of the net pension liability (asset), deferred outflows and

inflows of resources, and pension expense using the economic resources

measurement focus and accrual basis of accounting.

North Dakota Century Code 40-46 grants the City Council the authority to

establish and amend the benefit terms of the plans. Management of the CEPP

and OPEB is vested in the CEPP Board, which consists of 10 members; the

Mayor, Finance Director, Human Resource Director, Police Chief, 2 members

of the police department elected by police plan members, 2 at large members

elected by all plan members except police department members, and 2 City

Council members appointed by the Mayor.

The CEPP includes all City of Minot (excluding non-civil service employees)

and Minot Park District employees with a hire date on or before December 31,

2013. The plan was closed to all new participants effective January 1, 2014.

Retirement Plan Services RFP

May 2026

Page |5

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