Actuarial Services Consultant

THIS SOLICITATION MUST BE VIEWED IN JAGGAER. PROPOSAL SUBMITTALS WILL ONLY BE ACCEPTED ELECTRONICALLY THROUGH JAGGAER. All Offerors are required to create a user profile within the Commonwealth’s JAGGAER portal.
SERS is required by the State Employees’ Retirement Code (71 Pa. C.S. 5101, et. seq.) to
have an actuary make an annual valuation of the State Employees’ Retirement Fund (“Fund”) consisting of both the Defined Benefit Plan and the Defined Contribution Plan within six months of the end of each calendar year. However, SERS’ practice is to expedite this process to occur within four months of the end of each calendar year.
SERS is also responsible for administering the Benefits Completion Plan (BCP), established
as a Qualified Governmental Excess Benefit Arrangement in accordance with Internal
Revenue Code (IRC) Section 415(m), to provide benefits that would have otherwise been
limited by IRC 415(b). Enabling legislation for the BCP was enacted in December 2002, an
IRC Private Letter Ruling was received in December 2003, and the first payments were made
in July 2004. Although the Fund and the BCP are separate and distinct trusts, SERS employers are
assessed one overall contribution rate, which is the combination of two rates. The contractor
will be required to make an annual valuation for the BCP within four months of the end of the
calendar year.
The SERS actuary also assists in providing annual stress testing reports on behalf of SERS to the Independent Fiscal Office and provides actuarial cost notes for specific legislation as requested by the Independent Fiscal Office and legislative sponsors.
Every five years SERS is required to conduct an actuarial investigation and experience study of the Fund based on data, including the mortality, service, and compensation experience, during the preceding five years concerning members, annuitants and beneficiaries. The next experience study covered by this contract will be for the time-period January 1, 2025, through December 31, 2029.
In addition to the above requirements, SERS expects the Contractor to accomplish all other
desired services as described, which includes actuarial services and pension plan consulting
services in such areas as strategic planning, benefit calculations, communications, plan design, and
human resource issues.