5-26-25 - Bid Specifications - Actuarial Services.pdf

REQUEST FOR BID

BID SPECIFICATIONS (THIS IS A FORMAL BID)

SB-1 GENERAL INFORMATION:

The Parkway School District (District) is seeking bids from qualified individuals and actuarial firms interred in providing actuarial services to the District for the purpose of determining the District’s obligation for post-employment benefits.

The initial term of this agreement will be for three (3) years, with the option to extend two (2) additional one

(1) year terms.

Parkway School District reserves the right to accept or reject any or all bids or any part of any bid for any reason. All bids shall be deemed final, conclusive and irrevocable and no bid shall be subject to correction or amendment for any error or miscalculation.

Bidders shall not include Federal Excise Tax, Transportation Tax, or State Retail Sales Tax in quotations.

These taxes do not apply to the District.

SB-2 BID AWARD METHOD:

It is the District's policy to award a bid based on the lowest or best bid. However, the district retains the right to award in whatever manner serves the best interests of the District.

SB-3 CONTACT PERSON

Any bidder with questions must submit in writing via the bidding platform, Bonfire. Questions are to be submitted through the Opportunity Q&A via the Messages panel. All questions must be submitted by the Bid’s Question Due Date. Every attempt shall be made to ensure that the bidder receives a prompt response if such questions are received in a timely manner. Any questions submitted outside the Bonfire platform shall not be answered.

PROPOSAL

NUMBER:

26-25

DATE PUBLISHED:

August 13, 2025

GOODS / SERVICE AREA:

Actuarial Services

BID OPENING:

Date: August 27, 2025 Time: 3:00 PM

CONTRACT PERIOD:

Three (3) or more Years from Date of

Award See vendor signature page for details.

ADDRESS INQUIRIES ON:

The Parkway School District Bonfire Portal at https://parkwayschools.bonfirehub.com/

RETURN BID ON:

The Parkway School District Bonfire Portal at https://parkwayschools.bonfirehub.com/

SB-4 TERMS:

The District shall have the sole right to extend the contract for the optional 2 years and in order to exercise such rights, the District shall notify the Contractor, in writing, prior to the start of the next school year, of its decision to exercise the optional extension for the next school year.

SB-6 DESCRIPTION:

The District provides continuation of medical, dental and vision insurance coverage, including prescription drugs to employees who are eligible for normal or early retirement under a single employer plan. Retirees who elect to participate must pay the premium in effect for the current plan year or any subsequent year at the premium rates in effect at the time. Retirees may cover spouses and eligible dependent children and can continue coverage past Medicare eligibility age. Since the retirees pay the premiums for each year the District’s share of any premium cost is determined on the basis of a blended rate or implicit rate subsidy calculation. The plan is not accounted for as a trust fund since an irrevocable trust has not been established;

therefore, for financial statement purposes the District has classified the entire postemployment liability as unfunded.

Breakdown of Participants as of August 5, 2025:

● Number of Members – Health o 2,393 in total o 202 retirees

● Number of Members – Dental o 3,251 in total o 1,050 retirees

SB-5 PERFORMANCE REQUIREMENTS:

The successful Proposer will undertake and provide these services:

1. Perform an actuarial valuation to determine the estimated annual expense to the District under GASB 75 guidelines.

2. Determine the annual cost to the District to fund the liability.

3. Prepare an analysis and explanation of the various funding strategies that might be considered for funding the liability.

4. Provide the District with the necessary information and disclosures to comply with GASB and OPEB reporting within the District’s audited financial statements.

5. Provide a draft of the note required by GASB for the District’s ACFR

SB-6 PROPOSAL FORMAT AND CONTENTS:

The vendor’s proposal package shall contain a signed RFP cover sheet created by the vendor and the following items in the order listed below and utilize the forms provided. The Vendor is urged to be concise yet thorough in its presentations. Pertinent supplemental information should be referenced and included as attachments. All proposals must be organized and tabbed to comply with the following sections. Where there are no provided bid forms, the vendor uses company letterhead to address the components of the RFP. Where a discrepancy exists between an amount submitted as figures and words, the amount expressed in words shall govern. Any interlineations, alterations or erasures must be initialed by the signer of the Proposal.

1. PROPOSAL ON COMPANY LETTERHEAD

The vendor shall submit a quote on company letterhead.

This proposal will include but is not limited to the following items:

● State whether your firm is local, national or international.

● Give the location of the office from which the work is to be done and the number of partners, managers, supervisors, seniors and other professional staff employed at that office.

● Describe the range of activities performed by your office such as audit, accounting, tax service or management services.

● Briefly state your firm’s understanding of the work to be done.

● Give the names of the person who will be authorized to make representations for your firm, their titles, addresses and telephone numbers.

● Identify the supervisors who will work on the valuation. Resumes, including experience in Missouri

Public School Districts for each person to be assigned to the valuation, should be included. (The resumes may be included as an appendix).

● Describe recent local and regional office auditing experience in auditing Missouri Public School Districts and give names and telephone numbers of client officials responsible for three of the audits listed.

● Clearly describe the scope of the required services to be provided. Please include all information that will be needed from the District.

2. COMPANY W-9

The vendor shall provide a current signed and dated W-9

3. VENDOR SIGNATURE PAGE

This cover sheet identifies the vendor’s legal name, mailing address, telephone, fax, email address and contact persons. An officer of the vendor’s company must sign the Vendor Signature Page. The vendor must be registered to do business in the state of Missouri.

4. FEDERAL WORK AUTHORIZATION (E-VERIFY) PROGRAM

The vendor shall complete the form.

5. REFERENCES (minimum of 3) On company letterhead provide three references to include the following information:

● company name

● representative’s contact name

● email address

● phone number

6. AFFIDAVIT OF NON-COLLUSION

The vendor shall complete the form.

7. PRICING SHEET

Provide a fee schedule by year for the cost of the valuation.

SB-7 EVALUATION

Proposals will be evaluated using a predetermined method to ascertain which proposal best meets the needs of the District. Evaluation considerations will include the following:

1. Responsiveness of the firm in clearly stating their understanding of the work to be performed.

2. Cost is not the exclusive evaluation criteria, but is weighted significantly.

3. Experience of the firm and the number of school audits performed annually.

4. Experience and professional activities of the individuals assigned to the valuation.

SB-8 PROCUREMENT TIMELINE:

Action Date* Bid Published August 13, 2025 - 11:00 AM Q&A End August 20, 2025 - 11:00 AM Intent to bid August 27, 2025 - 2:30 PM Bid Close August 27, 2025 - 3:00 PM Vendor Notified of Award (Tentative) September 5, 2025 - 4:00 PM *All times are CST