COST PROPOSAL.docx
DOCX document 24 KB Posted
- Solicitation number
- 120961 O5
- Issued by
- Lancaster County, Nebraska
About this file
The document is a Cost Proposal for RFP #120961 O5, issued by the Nebraska Public Employees Retirement Systems (NPERS) for comprehensive actuarial services. The procurement seeks a vendor to provide consulting services for six retirement systems and one deferred compensation plan, serving approximately 180,000 plan members with $21 billion in assets. The initial contract term is three years, with two optional three-year renewal periods, beginning July 1, 2025. Required services include annual valuations of defined benefit and cash balance plans, GASB compliance reporting, projection reports (5-year and 30-year), actuarial experience studies, and a one-time benefit adequacy study. The response deadline is March 21, 2025 at 2:00 PM Central Time, with the awarded vendor expected to attend approximately 15 in-person business days of meetings annually in Lincoln.
The cost proposal includes detailed pricing for various actuarial services, with vendors required to provide specific hourly rates for different position levels, including Consulting Actuary, Actuary Manager, Actuary Assistant, and Support Staff. All proposed costs must be all-inclusive, with no additional reimbursement for travel or expenses. Bidders must demonstrate significant expertise, including having at least three public pension fund clients by December 31, 2024, five years of organizational experience, and a lead consultant with ten years of public pension fund actuarial consulting experience. The lead consultant must be a member of the American Academy of Actuaries and have experience testifying before legislative and administrative bodies. While no specific budget range is disclosed, the comprehensive scope suggests a substantial contract value given the management of approximately $21 billion in assets across multiple retirement systems.
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Text version
120961 O5
COST PROPOSAL
ACUTARIAL SERVICES FOR THE NEBRASKA PUBLIC EMPLOYEES RETIREMENT SYSTEMS (NPERS)
These costs shall be all-inclusive. Neither the State, the PERB, nor NPERS will be responsible for travel, out-of-pocket, or other expenses of the actuarial consultant/firm.
Bidder Name: _________________________
| Description |
| Unit of Measure |
| Initial Year One |
| Initial Year Two |
| Initial Year Three |
| Consultation Service and Reports for the Annual Valuation of the School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Omaha School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Judges Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Patrol Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the State Cash Balance Plan and ERBF |
| $ |
| Consultation Service and Reports for the Annual Valuation of the County Cash Balance plan and ERBF |
| $ |
Consultation Services and Reports for GASB 67
| Consultation Services and Reports for GASB 68 |
| $ |
| Annual 5-year projection report |
| EA |
| Annual 30-year projection report |
| EA |
| Projection modeling software |
| YR |
| 2025 Actuarial Experience Study for Omaha School Defined Benefit Plan |
| EA |
| One Time Benefit Adequacy Study to be completed as required by NPERS |
| EA |
OPTIONAL SUPPLEMENTAL SERVICES:
PLEASE LIST ALL POSITIONS THAT MIGHT BE UTILIZED FOR ADDITIONAL SUPPLEMENTAL SERVICES. (Add rows as needed.)
Hourly ranges will not be accepted. Please break out positions if needed. For example, Consulting Actuary I, Consulting Actuary II, Consulting Actuary III, etc.
| Position Title |
| Initial |
Year One Hourly Rate Initial Year Two Hourly Rate Initial Year Three Hourly Rate
Consulting Actuary
Actuary Manager
Actuary Assistant
Actuary Support Staff
OPTIONAL THREE (3) YEAR - RENEWAL 1
| Description |
| Unit of Measure |
| Optional Renewal One |
Year Four Optional Renewal One Year Five Optional Renewal One Year Six
| Consultation Service and Reports for the Annual Valuation of the School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Omaha School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Judges Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Patrol Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the State Cash Balance Plan and ERBF |
| $ |
| Consultation Service and Reports for the Annual Valuation of the County Cash Balance plan and ERBF |
| $ |
Consultation Services and Reports
| Consultation Services and Reports for GASB 68 |
| $ |
| Annual 5 year projection report |
| EA |
| Annual 30 year projection |
| EA |
| Projection modeling software |
| YR |
| 2028 Actuarial Experience Study for School, Judges, State Patrol, State Cash Balance, and County Cash Balance Plans |
| EA |
| 2029 Actuarial Experience Study for Omaha School Defined Benefit Plan |
| EA |
OPTIONAL SUPPLEMENTAL SERVICES DURING OPTIONAL RENEWAL PERIOD ONE:
PLEASE LIST ALL POSITIONS THAT MIGHT BE UTILIZED FOR ADDITIONAL SUPPLEMENTAL SERVICES (Add rows as needed.)
Hourly ranges will not be accepted. Please break out positions if needed. For example, Consulting Actuary I, Consulting Actuary II, Consulting Actuary III, etc.
| Position title |
| Optional Renewal Two - Year Seven |
Hourly Rate Optional Renewal Two - Year Eight Hourly Rate Optional Renewal Two - Year Nine
Consulting Actuary
Actuary Manager
Actuary Assistant
Actuary Support Staff
OPTIONAL THREE (3) YEAR - RENEWAL 2
| Description |
| Unit of Measure |
| Optional Renewal Two |
Year Seven Optional Renewal Two Year Eight Optional Renewal Two Year Nine
| Consultation Service and Reports for the Annual Valuation of the School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Omaha School Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Judges Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the Patrol Defined Benefit Plan |
| $ |
| Consultation Service and Reports for the Annual Valuation of the State Cash Balance Plan and ERBF |
| $ |
| Consultation Service and Reports for the Annual Valuation of the County Cash Balance plan and ERBF |
| $ |
Consultation Services and Reports
| Consultation Services and Reports for GASB 68 |
| $ |
| Annual 5-year projection report |
| EA |
| Annual 30-year projection |
| EA |
| Projection modeling software |
| YR |
| 2032 Actuarial Experience Study for School, Judges, State Patrol, State Cash Balance, and County Cash Balance Plans |
| EA |
| 2033 Actuarial Experience Study for Omaha School Defined Benefit Plan |
| EA |
OPTIONAL SUPPLEMENTAL SERVICES DURING OPTIONAL RENEWAL PERIOD TWO:
PLEASE LIST ALL POSITIONS THAT MIGHT BE UTILIZED FOR ADDITIONAL SUPPLEMENTAL SERVICES (Add rows as needed.)
Hourly ranges will not be accepted. Please break out positions if needed. For example, Consulting Actuary I, Consulting Actuary II, Consulting Actuary III, etc.
| Position title |
| Optional Renewal Two - Year Seven |
Hourly Rate Optional Renewal Two - Year Eight Hourly Rate Optional Renewal Two - Year Nine
Consulting Actuary
Actuary Manager
Actuary Assistant
Actuary Support Staff
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