RFP for Actuarial Services 2018 - sbcera.org

1 REQUEST FOR PROPOSALS. FOR. Actuarial CONSULTING. Services . March 2018. San Bernardino County Employees' Retirement Association 348 West Hospitality Lane, Third Floor San Bernardino, CA 92415. Email: Website: REQUEST FOR PROPOSALS FOR Actuarial CONSULTING Services . KEY DATES. Request for Proposals (RFP) issued: 3/23/2018. Written questions from proposers due: 4/27/2018. Responses to written questions provided by: 5/7/2018. Due date for submission of proposals: 5/18/2018. Evaluation of proposals completed by: 6/8/2018. Interview of finalists (if needed): To Be Determined Notification of decision mailed on or after: 6/8/2018.

2 Final approval and contract execution by: 8/2/2018. WRITTEN QUESTIONS. Questions regarding this RFP should be directed to SBCERA via e-mail only at: All questions must identify the RFP section and page number to which the question refers. Questions and responses thereto will be posted on the SBCERA. website at Written questions will be accepted until 5:00 Pacific Daylight Time (PDT) on Friday, April 27, 2018. Written responses will be posted on SBCERA's website by 5:00 PDT on Monday, May 7, 2018. OBTAINING COPIES OF RFP. This RFP can be found on SBCERA's website at If the prospective proposer is unable to download this document from the website, an electronic copy of the RFP can also be obtained through email.

3 Send the request via email to SBCERA, Attention: Fiscal Services Request for copy of Actuarial Consulting Services RFP at All responses to this RFP must be submitted in accordance with the instructions contained in the RFP. TABLE OF CONTENTS. Page INTRODUCTION 1. MISSION STATEMENT.. 2. PLAN PROVISIONS.. 2. PLAN BENEFITS.. 4. FUNDING POLICY.. 5. Actuarial INFORMATION.. 5. FINANCIAL STATEMENT INFORMATION.. 7. SCOPE OF Services .. 8. MINIMUM QUALIFICATIONS.. 13. PROPOSAL REQUIREMENTS.. 13. Background and Financial Information. 13. Personnel Information. 15. Proposed Actuarial Methods.. 16. Actuarial Experience and References.

4 17. Additional Required Information.. 19. Actuarial Cost Structure. 20. PROPOSAL ORGANIZATION. 20. COVER LETTER REQUIREMENTS.. 21. PROPOSAL SUBMISSIONS.. 23. EVALUATION OF PROPOSALS. 26. PROPOSAL OBLIGATIONS.. 27. CONTRACT TERMS.. 27. NOTICE TO PROPOSERS REGARDING THE PUBLIC RECORDS 28. RFP WITHDRAWAL OR MODIFICATION. 29. ERRORS/CLARIFICATIONS.. 29. COLLUSION AFFIDAVIT/CONFLICT OF INTEREST.. 29. RIGHTS RESERVED.. 29. ACCEPTANCE OF TERMS AND CONDITIONS .. 31. APPENDIX A DRAFT CONTRACT.. 32. INTRODUCTION. The San Bernardino County Employees' Retirement Association (SBCERA) issues this Request for Proposals (RFP) to solicit proposals from qualified Actuarial firms to serve as SBCERA's retained independent actuary to perform Actuarial consulting Services including annual pension fund valuation, related studies, and associated pension consulting Services commencing with the Actuarial valuation for the year ending June 30, 2019.

5 The successful bidder will perform the following professional Actuarial consulting Services : An annual Actuarial valuation and review of SBCERA in accordance with generally accepted Actuarial principles and practices as accepted in the United States of America ( ), prepare all applicable reports (including a survivor benefit valuation and Governmental Accounting Standards Board (GASB) Statement No. 67 (GASB 67) valuation), and present the reports and any findings in person to the SBCERA Board of Retirement (Board);. An annual Actuarial valuation pursuant to GASB Statement No. 68 (GASB. 68) for SBCERA's Plan sponsors (participating employers).

6 A triennial Actuarial experience study (due for the year ending June 30, 2020);. Provide other related Actuarial consulting Services , as requested. SBCERA anticipates awarding a five-year agreement with an option, at SBCERA's discretion, for a three-year extension, for these Services commencing with the Actuarial valuation for the year ending June 30, 2019. Please note the following: SBCERA's audit policy for Actuarial audits requires an Actuarial audit in any year in which a new primary actuary completes their first Actuarial valuation. The contract for this service will be completed immediately upon the final selection of the winning proposer in conformity with the terms hereof.

7 The contract will incorporate, without substantial deviation, the terms of this RFP, the winning Proposal, and the form Agreement attached hereto. 1. MISSION STATEMENT. It is the mission of SBCERA to provide the members and their beneficiaries with those retirement and related benefits and Services which they have earned and which are commensurate with their years of service and compensation. It is the responsibility of those charged with administration of SBCERA to: (a) effectively collect contributions to fund liabilities incurred;. (b) diversify the investments of the system so as to minimize the risk of loss and to maximize the rate of return.

8 (c) administer the benefits impartially, fairly and in accordance with the applicable law;. (d) deliver service to the membership in an accurate, courteous, prompt professional and cost-efficient manner;. (e) minimize employer contributions; and, (f) strategically plan for the future. PLAN PROVISIONS. SBCERA administers the SBCERA pension plan a cost-sharing multiple- employer defined benefit pension plan (the Plan). SBCERA was established in 1945 and operates under the provisions of the California County Employees Retirement Law of 1937 (CERL), the California Public Employees' Pension Reform Act of 2013 (PEPRA), and the regulations, and policies adopted by SBCERA's Board.

9 The Plan's provisions may be amended by the California State Legislature and in some cases require approval by the County of San Bernardino Board of Supervisors and/or the SBCERA Board. Fiduciary oversight of SBCERA is vested with the SBCERA Board, which consists of nine voting members and three alternate members. Four members are appointed by the County of San Bernardino's Board of Supervisors, six members (which include two alternates) are elected by the members of SBCERA (General members elect two members, Safety members elect one member and one alternate, and Retired members elect one member and one alternate) and the County of San Bernardino Treasurer (County Treasurer) is an ex-officio member who has designated one alternate.

10 Board members serve three-year terms, with the exception of the County Treasurer, who serves during their tenure in office. SBCERA's Chief Executive Officer (CEO) is appointed by the Board, and implements the policies and direction set by the Board. 2. PLAN PROVISIONS (Continued). SBCERA provides retirement, disability, death, and survivor benefits to its Plan members (members), who are employed by 17 active participating employers, and 3 withdrawn employers which include: Barstow Fire Protection District California Electronic Recording Transaction Network Authority California State Association of Counties City of Big Bear Lake City of Chino Hills County of San Bernardino Crestline Sanitation District Department of Water and Power of the City of Big Bear Lake Hesperia Recreation and Park District Inland Library System Law Library for San Bernardino County Local Agency Formation Commission Mojave Desert Air Quality Management District San Bernardino County Transportation Authority SBCERA.