Actuarial Consulting Services

The Pennsylvania Municipal Retirement System (PMRS) in its service to municipal pension plans of the Commonwealth of Pennsylvania engages the professional actuarial consulting services and advice in the determination of the minimum municipal obligation and other actuarial services under Act 205 along with and other accounting valuation services including the separate composite reporting under GASB 67 and for each municipality under GASB 68.

The Board is seeking to contract for professional actuarial consulting services and advice to fulfill its duties with respect to the member plans of PMRS in accordance with the PMRS' governing law, the Pennsylvania Municipal Retirement Law (PMRL), Act of 1974, P.L. 34, No. 15, 53 P.S. §881.101 et seq. as amended, and Pennsylvania Law, Act of 1984, P.L. 1005, No. 205, as amended (Act 205 of 1984).

Services to be provided include:

• General actuarial consulting to the Board and the PMRS staff
• Annual preparation of a composite actuarial valuation report on the PMRS
• Provide PMRS with a copy of all finalized actuarial demographic and financial data in a mutually agreed upon format.
• Submit and certify all finalized Act 205 actuarial demographic and financial data to the Auditor General.
• Annual preparation of GASB 68 Reports
• Actuarial valuations (biennial) for each defined benefit plan
• Five-year actuarial experience study
• Notify PMRS staff of actuarial tables changes so that PMRS systems can be configured correctly.

Other related special projects as determined by Board/PMRS on an as needed basis

Services Preferred, but not required:

- Cost study valuations (as requested) for possible plan entries into PMRS or possible changes to existing plan benefits

The successful Offeror will be required to perform PMRS's annual valuations for January 1, 2027, 2028, 2029, 2030, and 2031. [...] The Offeror will be required to complete such studies on an as requested basis within thirty business days of receipt. [...] Meet with the PMRB and staff approximately seven (7) times during each twelve-month period. [...] The Offeror will be required to annually (by June 30, of each year) prepare a formal report on the proportion of the Investment Reserve to be awarded as excess interest as defined in the PMRL. [...] The culmination of this effort is a system-wide 5 year experience study to be delivered by **June 30, 2030** to the PMRB with recommendations for changes in assumptions and/or operations. [...] Reports must be provided by **December 31** based upon the previous year's January 1 valuation.

PROPOSALS WILL ONLY BE ACCEPTED ELECTRONICALLY THROUGH JAGGAER.

All Offerors are **required** to create a user profile within our JAGGAER portal.

Technical support is available via Jaggaer at (800) 233-1121.

Contractors must submit their proposals in the format, including heading descriptions, outlined below. To be considered, the proposal must respond to all requirements in this part of the RFP and a *PMRB-30 "Disclosures"* form must accompany the proposal. [...] Each Proposal shall consist of the following items:

• Technical Submittal
• Cost Submittal
• *PMRB-30 "Disclosures" Form*
• List of the Appendices on the table of contents

All cost data relating to this proposal and all Disadvantaged Business cost data should be kept separate from and not included in the Technical Submittal.