ESBD_389160_1738785274308_Questions and Answers - Actuarial Audit Services RFP FINAL.docx
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- Attached to
- Actuarial Audit Services RFP
- Solicitation number
- 24-19173-001
- Issued by
- Texas
About this file
This document is a Questions & Answers file issued by the Employees Retirement System of Texas (ERS) regarding RFP No. 24-19173-001 for Actuarial Audit Services, dated February 5, 2025. The scope of services requires a comprehensive actuarial audit that is substantially similar to the previous audit conducted for the period ending August 31, 2019. The contractor must provide services as detailed in Appendix F's Scope of Services and Section B's Actuarial Audit Services Requirements. The most recent actuarial audit was performed by Gabriel, Roeder, Smith & Company.
The file does not disclose specific budget information or prior contract fees, directing interested parties to submit open records requests for such details. Insurance requirements are outlined in Section I of the Scope of Services (Appendix F), with proof of insurance to be provided in accordance with Section K of the Respondent Questionnaire (Appendix G). Contract terms, including indemnification clauses, are subject to negotiation during the contracting phase rather than during the Q&A process.
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| File | Type | Posted |
|---|---|---|
| ESBD_389160_1736366947476_ESBD Notice of Publish - Actuarial Audit Services RFP.docx | DOCX document | |
| ESBD_389160_1736366947476_ESBD Notice of Publish - Actuarial Audit Services RFP.docx | DOCX document |
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Employees Retirement System of Texas Actuarial Audit Services RFP
Questions and Answers February 5, 2025
Below are responses to the questions asked with regard to RFP No. 24-19173-001 – Request for Proposals for Actuarial Audit Services.
| Question 1 |
| Was the scope of the last audit substantially the same as this current audit? |
| Answer 1 |
| The scope is substantially the same. Information about ERS’ last audit may be found on ERS’ website at the following link: |
Actuarial Audit of the GASB 74 Valuation for Period Ending August 31, 2019
| Question 2 |
| Are there any specific areas of the audit that ERS would like the vendor to address? |
| Answer 2 |
| Contractor is required to provide the Services as described in the Scope of Services (Appendix F) and details for the actuarial audit are provided in Section B, Actuarial Audit Services Requirements, particularly in Section B.1. |
| Question 3 |
| · Contract section 19.1 (appendix B): "19.1 This indemnification will not apply to any judgment or award if the court or agency making the award determines that the liability underlying the judgment or award was caused solely by the gross negligence, fraud, or criminal misconduct of ERS, its officers, trustees, employees, or representatives." Would ERS consider removing "gross" from this sentence. |
· Our firm prefers to contract for actuarial services with a limit on liability for ordinary mistakes. However, we accept unlimited liability for: (i) willful, fraudulent or criminal misconduct, (ii) breach of the confidentiality provisions; and (iii) bodily injury, including death, or damage to tangible personal or real property incurred while performing the Services and to the extent caused by the negligent or willful acts or omissions of our personnel. Please confirm that Texas ERS is willing to negotiate a prudent amount of potential payment that is acceptable to both parties, with exceptions noted.
| Answer 3 |
| Per RFP Section A.6.d., the question and answer process is not designed to facilitate contractual negotiations. Contract questions are addressed during contractual negotiations and not during the question and answer process. |
See RFP Sections C.2. – C.2.a.i. for additional information regarding submitting Deviations to the Contractual Agreement.
| Question 4 |
| Contract section 19.1 references Exhibit H which will outline the insurance requirements, can you furnish this exhibit for our review to ensure compliance? |
| Answer 4 |
| The insurance requirements are outlined in Section I of the Scope of Services (Appendix F). Exhibit H to the Contractual Agreement is the proof of insurance the Finalist will provide, in accordance with Section K of the Respondent Questionnaire (Appendix G). |
| Question 5 |
| · What were the prior fees paid to Incumbent for their audit of the Texas Employees Group Benefits Program? |
· How much was charged the last time an actuarial audit was performed? What were the fees paid for the OPEB valuation the last 4 years?
· To help us gage [sic] the complexity of the services please provide the date and fees paid for the most recent actuarial audit as well as the annual fee for the OPEB valuation.
| Answer 5 |
| The information requested will not be provided for purposes of this question and answer process as ERS has provided the information necessary for prospective Respondents to respond to the RFP. This information may be requested by submitting a request to the email address listed on ERS' Open Records Policy page: https://www.ers.texas.gov/Open-Records-Policy. |
| Question 6 |
| · When was the last time an actuarial audit of the OPEB plan was performed? |
· Who performed the last actuarial audit of the OPEB plan?
| Answer 6 |
| The most recent actuarial audit of the Actuarial Valuation Report was completed by Gabriel, Roeder, Smith & Company for the period ending August 31, 2019. Information regarding this report is located at the following link: Actuarial Audit of the GASB 74 Valuation for Period Ending August 31, 2019. |
| Question 7 |
| What is the budget for this actuarial audit? |
| Answer 7 |
| ERS will evaluate all Proposals, including Price Proposals, for best value and select a Contractor on this basis. |
Operational budgets are prepared by ERS staff and approved by ERS’ Board of Trustees each Fiscal Year. Information about ERS’ operations and overall financial management may be found on ERS’ website at the following link: https://www.ers.texas.gov/About-ERS/Reports-and-Studies/Reports-on-Overall-ERS-Operations-and-Financial-Management.
The internal operational budgets will not be provided for purposes of this question and answer process as ERS has provided the information necessary for prospective Respondents to respond to the RFP. This information may be requested by submitting a request to the email address listed on ERS' Open Records Policy page: https://www.ers.texas.gov/Open-Records-Policy.
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