Request for Quote - Actuarial Services
The City of San Carlos (CSC) and the City of Redwood City (RWC) are seeking proposals from qualified actuarial firms (Consultant) to provide professional services regarding the valuation of the unfunded liability associated with the pensions of fire personnel as it relates to the fire services agreement between the two agencies.
Please read the full text of the RFQ and exhibit prior to submitting.
The target dates are as follows:
Release of RFQ August 9, 2023
Proposal due August 30, 2023
The contract will be between the City of San Carlos (City), serving as the administrator of the contract for both San Carlos and Redwood City, and the Consultant. A copy of the professional services agreement is attached for your reference.
All inquiries regarding the quote shall be directed to Administrative Services Director Rebecca Mendenhall by email at rmendenhall@cityofsancarlos.org. Proposers are encouraged to submit their quotes prior to 3:00 p.m. on Wednesday, August 30, 2023.- Please provide a copy of the prior May 2018 actuarial study that estimated CSC’s portion of the RWC unfunded liability.
- Please provide a copy of the most recent RWC OPEB actuarial report that includes a description of relevant benefit provisions. Please provide a copy of the most recent RWC pension plan actuarial report.
- Please confirm whether copies of the annual pension and OPEB actuarial reports from 2013 through 2023 will be available to the actuarial firm that is successfully awarded this project.
- Please provide a copy of the most recent actuarial reports.
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- Final Actuarial Report – May 2018,
- Redwood City Actuarial Report 2018
- Redwood City IDR Actuarial Report
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- Is the current actuary permitted to bid?
- What were the fees paid in the last three years?
- The RFQ references the prior May 2018 actuarial study completed to determine CSC’s portion of the unfunded liability.
- Can you provide a copy of that study?
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- Can you tell us the fee charged for the study?
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- Was the prior study methodology and quality acceptable to CSC and RWC? If not, can you explain issues that came up that you’d like to correct/avoid?
- Ideally, when would CSC and RWC like to see items 1, 2, and 3 in the Scope of Services completed?
Request for Quote - Actuarial Services
Exhibit A - Professional Services Agreement
Final Actuarial Report – May 2018
City of San Carlos – Millman Contract