21-0199RRR Actuarial Consulting Services 0706.pdf

RFQ # 21-0199RRR / Actuarial Consulting Services Page 1

R E Q U E S T F O R Q U O T E

RFQ # 21-0199RRR / Actuarial Consulting Services

BIDBUY BID # 22-557THA-ADMIN-B-30804

*Quotes must be submitted no later than as published on the Bid in BidBuy.

AGENCY: Illinois Tollway ADDRESS: 2700 Ogden Avenue CITY: Downers Grove, Illinois 60515 CONTACT: Connie Ponce PHONE: 630-241-6800 ext. 4614 EMAIL: cponce@getipass.com

Specifications and Requirements

1. DESCRIPTION OF SUPPLIES AND SERVICES

1.1. SUPPLIES AND/OR SERVICES REQUIRED: The Illinois State Toll Highway Authority (ISTHA) is seeking a vendor to provide Actuarial Consulting Services. The Tollway is required to comply with various accounting pronouncements related to employee pension and health benefits, specifically Government Accounting Standards Board “GASB 68” and “GASB 75” statements. These accounting pronouncements require reliance on actuarial valuations prepared by the Department of Central Management Services “CMS”, the State Employee Retirement System “SERS” or may require preparation of Tollway-specific valuations. The Tollway would like to have an actuary available for consultation about actuarial computations related to pension and health benefit accounting, valuations and methods.

The required services shall include review for compliance with various accounting pronouncements related to pension and health benefits, specifically GASB 68 and GASB 75. This review may consist of, but is not limited to, the following:

1.1.1. Vendor shall review of the actuarial reports prepared by Central Management Services “CMS” and State Employees Retirement System “SERS” to determine if the actuarial assumptions used in the reports are actuarially sound and reasonable.

1.1.2. Vendor shall provide review of formulas and methods used by CMS and SERS actuaries to determine their actuarial valuations, if access to these methods is available.

1.1.3. Vendor shall maintain correspondence with the CMS or SERS actuaries to discuss methodologies or assumptions used.

mailto:cponce@getipass.com

RFQ # 21-0199RRR / Actuarial Consulting Services Page 2

1.1.4. Vendor shall perform Independent re-calculation of CMS and SERS actuarial valuations, if access to the data used by those firms is made available.

The Tollway reserves the right to request any or none of the above listed services.

1.2. MILESTONES AND DELIVERABLES:

1.2.1. Reports of actuarial valuations and assessments of actuarial valuations prepared by others shall be provided to the Tollway within 60 days of completion.

1.2.2. INVOICES: The Vendor shall present itemized invoices within fifteen (15) days of report submission.

Invoices shall be marked to the attention of the Contract Administrator and delivered to the Illinois Tollway, P.O. Box 3094, in Lisle, IL 60532, or emailed to: FinanceInvoices@getipass.com .

1.3. VENDOR/STAFF SPECIFICATIONS:

1.3.1. COVID-19 PROTECTIONS: In response to the COVID-19 pandemic, Governor J.B. Pritzker issued Executive Order 2021-22 and 2021-23. These Executive Orders mandate certain contractors shall use face coverings, have COVID-19 vaccinations, or undergo testing for COVID-19 when in indoor public places, Health Care Facilities, Schools, Institutions of Higher Education, and State-owned and operated congregate facilities. Vendor shall adhere to the requirements of these Executive Orders as applied by the Agency. The Agency may also implement vaccination or testing requirements that exceed those in the Executive Orders.

1.3.2. Vendor and its staff must have the qualifications (including as appropriate; education, experience, expertise and technical ability) necessary to perform this contract at the time of bid. The actuary should be qualified to issue Statements of Actuarial Opinion in the employee pension and health benefits area of actuarial practice for the duration of the contract term.

1.3.3. Vendor shall provide an outline of their certifications at time of bid and have a minimum of two (2) years’ experience in the services being requested in the RFQ.

1.3.4. Vendor and its staff shall be qualified in the State of Illinois to review and opine on actuarial valuation methods and assumptions, and be qualified to prepare actuarial valuations, if required.

1.4. TRANSPORTATION AND DELIVERY: N/A

2. TERM AND TERMINATION

2.1 TERM OF THIS CONTRACT: The estimated duration of this contract shall be for the period of four (4) years from August 1, 2022 to July 31, 2026, or upon the last dated signature of the Parties.

2.2 RENEWAL: This Contract may not be renewed unless the renewal period(s) and any applicable conditions are shown below. The renewal shall be subject to the same terms and conditions as the original Contract unless otherwise stated below. Renewal pricing is shown below. However, the Contract may not renew automatically, nor may the contract renew solely at the Vendor’s option.

This Contract does not contain any renewal options and therefore cannot be renewed.

mailto:FinanceInvoices@getipass.com

RFQ # 21-0199RRR / Actuarial Consulting Services Page 3

2.3 TERMINATION FOR CAUSE: The State may terminate this Contract, in whole or in part, immediately upon notice to the Vendor if it is determined that the actions, or failure to act, of the Vendor, its agents, employees or subcontractors have caused, or reasonably could cause jeopardy to health, safety, or property. The Contract may be terminated if the State determines that the Vendor lacks the financial resources to perform under the Contract. If Vendor fails to perform to the State’s satisfaction any material requirement of this Contract or is in violation of a material provision of this Contract, the State shall provide written notice to the Vendor requesting that the breach or noncompliance be remedied within the period of time specified in the State’s written notice. If the breach or noncompliance is not remedied by that date the State may either:

a. immediately terminate the Contract without additional written notice or

b. enforce the terms and conditions of the Contract, and in either event seek any available legal or equitable remedies and damages.

2.4 TERMINATION FOR CONVENIENCE: Following thirty (30) days written notice, the State may terminate this Contract in whole or in part without the payment of any penalty or incurring any further obligation to the Vendor. Following any such termination for convenience, the Vendor shall be entitled to compensation upon submission of invoices and proof of claim for services provided under this Contract up to and including the date of termination.

This contract is contingent upon and subject to the availability of funds. The State, at its sole option, may terminate or suspend this contract, in whole or in part, without penalty or further payment being required, if the Illinois General Assembly or the federal funding source fails to make an appropriation sufficient to pay such obligation, or if funds needed are insufficient for any reason. 30 ILCS 500/20-60.

The Vendor shall be entitled to compensation upon submission of invoices and proof of claim for supplies and services provided in compliance with this contract up to and including the date of termination.

3. STANDARD TERMS AND CONDITIONS

3.1 CONTRACT DOCUMENTS: Upon award, vendors will be required to complete a contract along with applicable forms and disclosures. The required forms are as follows, and are not required at the time of bid submission.

They may be located on the CPO’s website at:

https://www2.illinois.gov/cpo/general/Pages/SolicitationandContractTemplates.aspx

FORMS A

Complete this section if you are not using an Illinois Procurement Gateway (IPG) Registration #

OR

FORMS B

Complete this section only if you are using an IPG Registration # https://www2.illinois.gov/cpo/general/Pages/SolicitationandContractTemplates.aspx

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3.2 INVOICING INFORMATION

Vendor(s) are required to attest to the standards set forth in this contract and must include the following statement on every one of their invoices delivered to the Tollway pursuant to statute 605 ILCS 10/16.1.

This statement must be imprinted on the invoice or an attachment attesting to the following statement:

INVOICE#_____________ INVOICE DATE_____________

“The Seller, _______________________________ hereby certifies that the goods, merchandise and wares shipped in accordance with the attached delivery invoice have met all the required standards set forth in the purchasing contract”.

Authorized Representative

If the Vendor does not comply with attesting to the statute 605 ILCS 10/16.1 this will cause delay in payment.

All invoices must include original order date to ensure accurate and timely payment processing.

Invoices shall be sent to the following address:

Illinois Tollway

Attention: Procurement P.O. Box 3094

Lisle, Illinois 60532-8094 Email: FinanceInvoices@getipass.com mailto:FinanceInvoices@getipass.com

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Pricing

*Notes to Vendor: All Quoted prices shall be valid for 180 days from date of submission.

No price increases shall be accepted.

In the event of a price decrease, the Tollway is guaranteed to receive the lowest price.

If the Tollway issues an award, the award will be made to the Responsive/Responsible bidder who submits the lowest price.

METHOD AND RATE OF COMPENSATION: Vendor shall be compensated by the following method:

Description of Services Estimated Annual

Quantities Four (4) Year

Term Hourly Rate

Extension (Estimated Quantities x Hourly Rate)

Actuarial consulting services as needed

100 hours Year One $ $

Actuarial consulting services as needed

100 hours Year Two $ $

Actuarial consulting services as needed

100 hours Year Three $ $

Actuarial consulting services as needed

100 hours Year Four $ $

Total Bid $

IPG Registration Number: Expiration Date:

COMPANY NAME:

PRICE(S) QUOTED BY:

DATE:

SIGNATURE: