PERS S 45900 00014078 RFP Actuarial Services Final.pdf

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 1 of 25

STATE OF OREGON

COVER PAGE

Oregon Public Employees Retirement System

Is issuing this Request For Proposals (RFP) under OregonBuys Bid

Number S-45900-00014078 for

PERS ACTUARIAL SERVICES

Date of Issue: June 9, 2025

Opening Date and Time: July 24, 2025 12:00 PM Single Point of Contact (SPC): Jennifer Champie, Sr. Procurement and Contracts Specialist

Address: 11410 SW 68th Parkway

City, State, Zip Tigard, OR 97223

Phone (voice) (503) 603-7505

E-mail: jennifer.champie@pers.oregon.gov

The State of Oregon promotes equal opportunity for all individuals without regard to age, color, disability, marital status, national origin, race, religion or creed, sex or gender, sexual orientation, or veteran status.

mailto:jennifer.champie@pers.oregon.gov

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TABLE OF CONTENTS

SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

1.2 SCHEDULE

1.3 SINGLE POINT OF CONTACT (SPC)

SECTION 2: AUTHORITY, OVERVIEW, AND SCOPE

2.1 AUTHORITY AND METHOD

2.2 DEFINITION OF TERMS

2.3 OVERVIEW AND PURPOSE

2.4 SCOPE OF WORK

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

3.2 MINIMUM SUBMISSION REQUIREMENTS

3.3 PROPOSAL Content REQUIREMENTS

SECTION 4: SOLICITATION PROCESS

4.1 PUBLIC NOTICE

4.2 PRE-PROPOSAL CONFERENCE

4.3 QUESTIONS / REQUESTS FOR CLARIFICATIONS

4.4 SOLICITATION PROTESTS

4.5 PROPOSAL DELIVERY

4.6 PROPOSAL MODIFICATION OR WITHDRAWAL

4.7 PROPOSAL DUE

4.8 PUBLIC OPENING

4.9 PROPOSAL REJECTION

4.10 EVALUATION PROCESS

4.11 POINT AND SCORE CALCULATION

4.12 RANKING OF PROPOSERS

4.13 ADDITIONAL ROUNDS

SECTION 5: AWARD AND NEGOTIATION

5.1 AWARD NOTIFICATION PROCESS

5.2 INTENT TO AWARD PROTEST

5.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

5.4 CONTRACT NEGOTIATION

5.5 COMMITMENT TO DIVERSITY, EQUITY, AND INCLUSION

5.6 CERTIFIED FIRM PARTICIPATION

5.7 GOVERNING LAWS AND REGULATIONS

5.8 OWNERSHIP/PERMISSION TO USE MATERIALS

5.9 CANCELLATION OF RFP; REJECTION OF PROPOSAL; NO DAMAGES

5.10 COST OF SUBMITTING A PROPOSAL

5.11 STATEWIDE E-WASTE/RECOVERY PROCEDURE

5.12 RECYCLABLE PRODUCTS

5.13 CHECKLIST DISCLAIMER

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LIST OF ATTACHMENTS

ATTACHMENT A SAMPLE CONTRACT

ATTACHMENT B DISCLOSURE EXEMPTION AFFIDAVIT

ATTACHMENT C PROPOSER INFORMATION AND CERTIFICATION SHEET

ATTACHMENT D REFERENCE CHECK FORM

ATTACHMENT E PRICE PROPOSAL FORM

ATTACHMENT F COBID CERTIFICATION / OUTREACH PLAN

ATTACHMENT G RESPONSIBILITY INQUIRY

ATTACHMENT H STATEMENT OF WORK

ATTACHMENT I WORK ORDER CONTRACT

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SECTION 1: GENERAL INFORMATION

1.1 INTRODUCTION

The State of Oregon, acting by and through the Oregon Public Employees Retirement System, (“Agency” or “PERS”), is issuing this Request for Proposal (RFP) under the provisions of ORS 279B.060 for Actuarial Services related to the Programs that it administers.

As stated in Oregon Revised Statute (ORS) chapters 237, 238, and 238A, the duties of the Board include arranging for actuarial services for the System. For this purpose, the Board requires the services of a "Qualified Actuary".

Proposer must be a qualified actuarial consulting firm ("Proposer") with the experience that meets the minimum requirements stated in section 3.1 of this RFP.

All Proposers must review in detail the RFP and all attachments prior to submitting a final proposal to the Agency. Proposers must agree to all terms and conditions of the RFP and attachments by the proposal filing deadline of July 24. Any exceptions to the terms and conditions must be identified in the proposal with proposed language changes and submitted by the proposal filing deadline.

Additional details on the Scope of the goods or services or both are included in the Scope of Work/Specifications section.

Agency anticipates the award of one Contract from this RFP.

The initial term of the Contract is anticipated to be four (4) years with options to renew for three (3) additional two (2) year terms up to a cumulative maximum of ten (10) years.

1.2 SCHEDULE

The table below represents a tentative schedule of events. All times are listed in Pacific Time.

All dates listed are subject to change.

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Event Date Time

RFP Posted on OregonBuys June 9, 2025

Questions/Requests for Clarification Due June 24, 2025 12:00 PM

Answers to Questions/Requests for Clarification Issued (approx.) July 1, 2025

RFP Protest Period Ends 7 calendar days prior to RFP Closing

Opening: Proposal Responses and Other Required Documents Due July 24, 2025 12:00 PM

Proposal Evaluation July 30 -August 15, 2025

Presentations, Demonstrations, or Interviews August 18-22, 2025

Best and Final Offer Due August 29, 2025 12:00 PM

Issuance of Notice of Intent to Award (approx.) September 5, 2025

Award Protest Period Ends 7 calendar days after Notice of Intent to Award

Contract Execution October 31, 2025 (no later than)

1.3 SINGLE POINT OF CONTACT (SPC)

The SPC for this RFP is identified on the Cover Page, along with the SPC’s contact information.

Proposer shall direct all communications related to any provision of the RFP only to the SPC, whether about the technical requirements of the RFP, contractual requirements, the RFP process, or any other provision.

SECTION 2: AUTHORITY, OVERVIEW, AND SCOPE

2.1 AUTHORITY AND METHOD

Agency is issuing this RFP under the authority of the Department of Administrative Services (DAS) delegation REQ-DASOBO-00128012 (313-08 Amd#1), (Delegation Request).

Agency is using the Competitive Sealed Proposal method, pursuant to ORS 279B.060 and OAR 125-247-0260. Agency may use a combination of the methods for Competitive Sealed Proposals, including optional procedures: a) Competitive Range; b) Discussions and Revised Proposals; c) Revised Rounds of Negotiations; d) Negotiations; e) Best and Final Offers; and f) Multistep Sealed Proposals.

2.2 DEFINITION OF TERMS

For the purposes of this RFP, capitalized words are defined in OAR 125-246-0110 or as defined below.

Project Specific Definitions

1. “Agency” and “PERS” are used interchangeably.

2. “Board” and “PERS staff” means those individuals authorized to work directly with the actuary.

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3. “Key Person” means the primary contact who is a qualified actuary that is assigned to the account.

4. “Programs” and “System” means the Tier One/Tier Two pension programs, the Oregon Public Service Retirement Plan (OPSRP) pension program, and the PERS Health Insurance Program (PHIP).

5. “Qualified Actuary” means a person trained in actuarial science who is either a Fellow of the Society of Actuaries or whose work is reviewed by a Fellow of the Society of Actuaries.

6. “Qualified Actuarial consulting firm” means a firm that meets the minimum qualifications

7. “Work Order” means the document required to be completed for any work that is to be completed on an hourly basis; Attachment H is to be used for authorization.

2.3 OVERVIEW AND PURPOSE

2.3.1 Agency Overview and Background

PERS MISSION: We serve the people of Oregon by administering public employee benefit trusts to pay the right person the right benefit at the right time.

PERS was established in 1946 to provide retirement, disability, and death benefits to Oregon’s state, school district, and local government employees. The Agency’s more than 400 employees serve approximately 248,000 non-retired members, 166,000 retired members or beneficiaries, and 904 public employers. PERS is governed by a five-member board. PERS also administers a deferred compensation plan, known as the Oregon Savings Growth Plan (OSGP), a tax qualified 457 plan. By statute, OSGP is available to all state employees and the employees of those local government units that have chosen to offer OSGP.

PERS processed approximately 7,000 retirements in 2023 and about 70,000 (or 28 percent) PERS members were eligible to retire as of June 2024.

PERS assets are invested and managed on behalf of members and beneficiaries by the Oregon Investment Council with staff support from the State Treasury Investment Division. The current assets are valued at approximately $97 Billion as of December 2023.

2.3.2 Project Overview and Background

PERS is a cost-sharing, multiple-employer plan. Participation by state agencies, school districts, and community colleges is mandatory. Participation by most political subdivisions is optional, but irrevocable if elected. PERS is administered in accordance with Oregon Revised Statutes (ORS) Chapter 238, Chapter 238A, and Internal Revenue Code Section 401(a).

Public employees who established membership in PERS before January 1, 1996, are known as Tier 1 members. Those who established membership in PERS on or after January 1, 1996, but before August 29, 2003, are known as Tier 2 members. Those who have established membership since August 29, 2003, participate in the Oregon Public Service Retirement Plan (OPSRP) pension program. All three tiers are defined benefit programs. Members in all three benefit tiers also participate in the Individual Account Program (IAP), which is similar to a defined contribution plan.

Tier 1 and Tier 2 retirees may be eligible for subsidies toward the monthly cost of health insurance. Those subsidies are offered under the Retirement Health Insurance Account (RHIA), and the Retiree Health Insurance Premium Account (RHIPA). RHIA and RHIPA are collectively known as the PERS Health Insurance Program (PHIP). RHIA is a cost-sharing, PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 7 of 25 multiple-employer defined benefit OPEB program funded by all OPERS employers. RHIPA is a single employer defined benefit OPEB program funded by state agencies.

PERS also offers a deferred compensation plan, known as the Oregon Savings Growth Plan (OSGP). The OSGP is not part of this RFP.

Due to its size, multiple tiers, and multiple benefit types, as well as a history of legislative reforms targeted mainly at reducing benefit costs to PERS employers, PERS is one of the most complex public pension systems in the nation. For this reason, PERS requires the services of a qualified actuarial consulting firm to accurately assess system liabilities, recommend actuarial methods and assumptions, and determine appropriate employer contribution rates. PERS’ current actuarial services contract has been in place since 2005, although it has been modified since the original contract. The current actuarial services contract has been extended several times, most recently through December 31, 2025. PERS has determined that no further extensions are possible, so it is necessary to issue an RFP.

2.4 SCOPE OF WORK

The following subsections summarize the actuarial services that PERS requires, and Attachment H (Statement of Work) provides the detailed explanation of all categories of services that are being requested for this RFP. All such services shall meet the highest standards prevalent for actuarial services.

2.4.1 Actuarial Services based on a monthly Retainer Fee

Routine and Repeating Actuarial Services include:

1. Attendance of a Qualified Actuary at Board and PERS staff meetings.

2. Regular assistance by a Qualified Actuary to PERS staff, by telephone, e-mail, writing, or personal meeting.

3. Respond to requests for information from PERS-participating political subdivisions.

4. Cooperation with actuarial audits.

5. Keep PERS informed of changes in federal or state statutes, regulations, and policy, and by significant professional groups, as they pertain to actuarial requirements pertinent to PERS

6. Allow PERS, with attribution to Proposer, to republish or link to articles, research papers, or other education materials that Proposer may distribute to its clients that PERS chooses to redistribute to its members, employers, or other stakeholders.

2.4.2 Actuarial Services based on a Fixed Fee.

1. Experience Studies.

2. Valuations.

3. Variable Annuity Values.

4. IRC 415 Factors.

5. Actuarial Equivalency Factors.

6. GASB 67/68 and 74/75 Calculation

7. Financial Modeling Services.

8. Best Practices/Administrative Operations Consulting.

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2.4.3 Special Projects Actuarial Services based on an Hourly Rate

1. Actuarial analysis of Legislative Initiatives.

2. Such other services as may be reasonably asked of an actuarial consultant by a public pension plan.

3. Preparation of actuarial data as needed to comply with Governmental Accounting

Standards Board (GASB) Statements 67 and 68 and any relevant new or amended GASB Statements adopted during the term of this Contract.

Recent reports and presentations provided by the current Contractor under the preceding sections are posted on the PERS website at https://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx.

2.4.4 Actuarial Services that are Funded by the Employer

These services are allowed or required under ORS Chapter 238 and 238A and may be charged at the Special Projects hourly rate in section 2.4.3 above, or other rate as agreed upon by Proposer and the requesting employer. Services provided by Proposer under this section must be coordinated by PERS but shall be directly invoiced to and paid by the employer receiving the service and shall not be part of any costs to be billed to PERS under the Contract resulting from this RFP. Proposer shall enter into an agreement with the employer receiving the service, but PERS will not be a party to any such agreement between Proposer and the employer. All such services shall be consistent with and are subject to the terms and conditions of Proposer's contract with PERS.

1. An evaluation of an employer’s retirement benefit plan in compliance with OAR Chapter

459 Division 030.

2. An evaluation and estimate of employer unfunded actuarial liability for the purpose of providing the basis for a lump-sum payment in compliance with OAR Chapter 459 Division 009.

3. Any other evaluation or analysis, within the scope of solicited services, as requested by and funded by employer(s), subject to approval by PERS.

SECTION 3: PROCUREMENT REQUIREMENTS

3.1 MINIMUM QUALIFICATIONS

To be considered for evaluation, Proposal must demonstrate how Proposer meets all requirements of this section:

1. Proposer must have at least four (4) public pensions or public trust fund clients, each of which has assets of at least $10 billion as of December 31, 2023. Public funds can include state, city or county, or special districts, or some combination thereof;

2. Proposer must have at least ten (10) years of experience (2015-2024) providing the services specified in the RFP for large (greater than $10 billion) public pension clients.

Experience does not need to be with a single client but may be with a combination of clients during the 2015-2024periods.

3. The Actuarial firm must have extensive (10 years) experience in evaluating and forecasting the financial condition of large defined benefit pension plans for public employees.

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Proposers must certify in their transmittal letter and describe how their firm, principal actuary “Key Person” and any support actuaries used to perform the work described above meet these minimum qualifications.

3.1.1 Licensing/Registration Requirements

Proposer shall be licensed or a proven ability to become licensed upon contract award to conduct business in the State of Oregon.

3.1.2 Key Person Requirements

The Principal Actuary “Key Person” responsible for the account must:

a. Be a Fellow of the Society of Actuaries in good standing and an Enrolled Actuary, and;

b. Have a minimum of ten (10) years of experience as an actuary on pension consulting services, experience analysis, and valuation assignments for public retirement systems with membership of at least 50,000;

c. Any support actuaries must be either Fellows of the Society of Actuaries, Enrolled Actuaries, or have ten (10) years of pension consulting experience;

3.2 MINIMUM SUBMISSION REQUIREMENTS

3.2.1 Proposal Submissions

To be considered for evaluation, Proposal must contain each of the following elements (further detailed in Proposal Requirements section below):

• Executive Summary, and including but not limited to:

o Administrative Proposal o Key Persons and Resumes

• Technical Proposal

• Key Persons and Resumes

• Disclosure Exemption Affidavit (Attachment B)

• Proposer Information and Certification Sheet (Attachment C)

• Reference Check Form (Attachment D)

• Price Proposal Form (Attachment E)

• COBID Certification / Outreach Plan (Attachment F)

• Responsibility Inquiry (Attachment G)

3.2.2 Proposal Format and Quantity

Proposal should follow the format and reference the sections listed in the Proposal Requirements section. Responses to each section and subsection should be labeled to indicate the item being addressed.

OregonBuys Electronic Response. Proposer should submit its Proposal electronically through the State of Oregon’s electronic procurement system OregonBuys at https://oregonbuys.gov/. Proposer should follow the procedures outlined in Section 4.5 for electronic submission.

https://oregonbuys.gov/

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Proposer shall submit one copy of its Proposal and all other submittal requirements, with Attachment C - Proposer Information and Certification Sheet bearing the Proposer’s authorized representative’s Signature, in one of the following formats: Adobe Acrobat (pdf), Microsoft Word (docx), or Microsoft Excel (xlsx). If Proposer believes any of its Proposal is exempt from disclosure under Oregon Public Records Law (ORS 192.311 through 192.478), Proposer shall complete and submit the Disclosure Exemption Affidavit (Attachment B). Proposer shall also mark as “Confidential” in OregonBuys all attachments to its Proposal that Proposer believes are exempt from disclosure.

The Proposer Information and Certification Sheet (Attachment C) must bear the Proposer’s authorized representative’s Signature.

3.2.3 Authorized Representative

Failure of Proposer’s authorized representative to sign the Proposal may result in rejection of the Proposal by Agency.

3.3 PROPOSAL CONTENT REQUIREMENTS

Proposal must address each of the items listed in this section and all other requirements set forth in this RFP. Proposer shall describe the Goods to be provided or the Services to be performed or both. A Proposal that merely offers to provide the goods or services as stated in this RFP may be considered non-Responsive to this RFP and will not be considered further.

Proposal should not include extensive artwork, unusual printing or other materials not essential to the utility and clarity of the Proposal. Do not include marketing or advertising material in the Proposal, unless requested. Proposal should be straightforward and address the requests of the RFP. Proposal containing unsolicited marketing or advertising material may receive a lower evaluation score if required information is difficult to locate.

The contents of the Proposal and any clarifications thereto submitted by the successful Proposer shall become part of the contractual obligation and will be incorporated by reference into the ensuing Contract.

Organization

1. Organization and Background

a. Provide a brief history, going back to inception, of your firm and your parent organization, if applicable.

b. Provide a description of the corporate structure of the firm, including the legal form of organization, the parent company (if applicable), and any affiliated companies, strategic partnerships, and joint ventures. If any near-term changes to the firm’s corporate structure are anticipated, please also note these.

c. Provide a list of all office locations, and the number of professionals working in each office. The firm personnel assigned to work with PERS must be readily available to meet in person with PERS with no more than 24 hours prior notice and respond to electronic communication, i.e. email, within 4 hours; and the firm must have

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 11 of 25 sufficient personnel available to perform the duties required by the Board within the time constraints specified.

d. If the firm is not publicly held, provide a list of the owners of the firm (from largest to smallest with respect to ownership) and their ownership percentages. Include individuals and all other entities. If applicable, also note the percentage of the firm that is a) minority-owned, b) women-owned or c) Disability-owned.

e. What is your firm’s position (legally, structurally and culturally) relative to firm transition (acquisition, sale or take-over)? Has the firm recently undergone a change in ownership structure or does the firm anticipate a future sale or acquisition that could impact your services?

f. Discuss the overall objective of your firm with respect to future growth. Comment on any present or planned areas of emphasis or expected changes in the near future.

g. In your view, how should a client measure its actuarial consulting firm’s “performance”? Please explain. How does your firm adhere to the “Actuarial Standards of Practice”? Please explain.

h. Provide documentation of Proposer’s financial status and stability sufficient to demonstrate that proposer conducts business in a fiscally responsible manner and will be financially viable through the extended term of the proposed contract. Proposer must be prepared to provide documentation substantiating its financial responsibility and stability if requested by PERS.

This information will also be considered as a factor in determining whether proposer is a Responsible Proposer who meets the standards set forth in OAR 125-247-0500 and who has not been debarred or disqualified by PERS under OAR 125-247-0575.

i. Describe your firm’s lines of business and the approximate contribution of each to the total revenue. The Actuarial firm must have extensive (10 years) experience in evaluating and forecasting the financial condition of large defined benefit pension plans for public employees. Proposer must have experience preparing asset/liability funding and plan studies and recommendations, and this work must be the majority of the revenue of the Proposer. If the Proposer is a subsidiary of a parent company, please provide the revenue information on both entities.

2. Standards of Conduct

a. Does your firm have a written Code of Conduct or a set of standards for professional behavior? If so, please include a copy of the most current Code/standards and explain how they are monitored and enforced.

b. Has your firm adopted the Code of Ethics and The Standards of Professional Conduct of the Society of Actuaries? If so, please explain how employee compliance is monitored?

c. Within the last ten (10) years, has your organization or an officer or principal been involved in litigation or other legal proceedings

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 12 of 25 relating in any way to your actuarial consulting assignments? If so, please describe the litigation/proceeding, provide an explanation, and indicate the current status or disposition. To Proposer’s knowledge, are there any such proceedings currently being considered?

3. Conflicts of Interest

a. Please describe the firm’s conflict-of-interest policies. Please include an explanation of how these policies and any other measures taken by the firm limit the likelihood that a client could receive actuarial advice that is not solely aligned with the client’s best interests.

b. If you are chosen as the actuarial consultant for PERS, do you foresee any potential conflicts of interest? If so, please explain.

Experience

1. Client Base

a. Describe any organizational changes that occurred or were announced during the past ten (10) years (e.g., mergers, acquisitions, dispositions) which significantly affected the total assets under advisement.

b. Please list the number of institutional clients and assets the firm has serviced in a complete actuarial consulting capacity (full-service retainer capacity) over the last five (5) years. Please provide calendar year-end (December 31) data for all years through 2024.

Description 2020 2021 2022 2023 2024

Number of Clients

Total Assets under Advisement

c. How many clients have you gained and lost in the years ending

December 31, 2020, 2021, 2022, 2023, and 2024? For each client lost, indicate the clients’ name, the year of the departure, the size of the fund, and the reason for the termination.

d. List the number of institutional clients the firm currently services in a complete consulting capacity (full-service retainer capacity) by asset size and type of plan. Please provide details on the size of all clients over $10B.

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Staffing

1. Staff and Consultants

a. Explain how the team/person dedicated to PERS would be structured. Identify who would be the client relationship lead, who would perform the analytical work in support of the relationship and who would serve as the back-up consultant in situations when the proposed lead consultant could not attend the PERS meetings.

b. Indicate the percentage of time that each proposed Key Person(s) is expected to be devoted to PERS. Describe the succession planning process of Key Person(s).

c. Provide a resume of the proposed personnel to be assigned to PERS, including the following information:

• Name

• Title

• Office Location

• Role

• Total years of institutional actuarial experience

• Total years with the firm

• Educational qualifications

• Total current number of assigned accounts

• Name, plan type, length of relationship, size, and role (Lead consultant, Support consultant) for each current assigned client account.

Consulting Capabilities

1. General Research

a. Describe your firm’s capabilities primarily in the area of actuarial forecasting for defined benefit plans.

b. Describe the firm’s expertise, capability, and methodologies for providing education to board, staff and employers. Please provide

Description

$1 Billion to $5

Billion

$6 Billion to $10 Billion

Over $10

Billion Total

Public Pension Employee Plans

Healthcare

Insurance

Other (Identify)

Total

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 14 of 25 sample reports or presentations that represent the requirements in the Scope of Work.

c. Describe your firm’s experience in testifying and providing information to legislative and administrative bodies in support of actuarial positions and the principles used in valuing the system or pricing legislation.

Emphasis should be placed on the ability to share and discuss information in laymen’s terms: actuarial theory, basis for assumption, and other actuarial matters.

Project Implementation Plan

Briefly describe how Proposer would carry out the major activities of this project in context with the Statement of Work. Provide a comprehensive plan that the Proposer intends to follow. Illustrate how the plan will serve to coordinate and accomplish the Work.

The Implementation Plan should include all transition work that may be needed. If there are additional costs for the transition, identify those costs in Attachment E. Please identify what data is needed, who is the owner of the data, and the format in which the information is to be obtained.

3.3.1 Proposer Information and Certification Sheet

Proposer shall complete and submit the Proposer Information and Certification Sheet (Attachment C).

Failure to demonstrate compliance with Oregon Tax Laws and sign the Proposer Information and Certification Sheet may result in a finding of non-Responsibility.

3.3.2 References

Proposer must provide three (3) current public employee clients with assets greater than $10B. These clients should have received similar services from your firm as those requested in this RFP within the last 10 years. Include name, contact person, title, phone number, email address, size of membership, asset value, number of years they have been a client of the firm, and the services provided. References must verify the quality of previous, related Work. Proposer will provide reference information including but not limited to name of entity, contact name, title, telephone number, email address, size of membership, length of relationship with Proposer, detailed services provided by Proposer, and any other pertinent information.

Agency may check to determine if references provided support Proposer’s ability to comply with the requirements of this RFP. Agency may use references to obtain additional information, break tie scores, or verify any information needed. Agency may contact any reference (submitted or not) in determining Proposer’s qualifications.

Proposer shall send the Reference Check Form (Attachment D) to its references. Reference forms must be completed by the reference, returned to the Proposer and submitted with the Proposal.

Note: References will not be contacted without advance notification to your firm. PERS intends to contact references for finalists only.

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3.3.3 Price Proposal

Attachment E of this RFP is a Price Proposal Form that must be completed and submitted with the proposal in the format provided.

Your price proposal should correlate to the sections listed in Attachment H (Statement of Work) of this RFP and be reflective of the following requirements:

1. Section 1: Actuarial Services Based on a Monthly Retainer Fee The monthly retainer fee should be inclusive of all labor and expenses.

2. Section 2: Actuarial Services based on a Fixed Fee These services listed in Attachment H (Statement of Work, Section 2) shall be provided by Proposer, upon PERS request at a fixed fee per project consistent with the rates contained in Attachment E ( Price Proposal). Fixed fees should be inclusive of all labor and expenses.

If the parties agree that a project completed under this section must be redone due to unforeseen circumstances, e.g., legislative changes, federal changes, this work will be done at the hourly rate provided and require a signed Work Order and issuance of a notice to proceed prior to commencement of work.

Proposer shall not be paid for services rendered prior to the effective date of the work order.

3. Section 3: Actuarial Services for Special Projects Provided at a Fixed Rate per Hour Proposer shall include its price per hour for actuarial services requested by PERS on an as needed basis for Special Projects. The hourly rate should be inclusive of all expenses.

For any Special Project, a Qualified Actuary shall provide a written, itemized Work Order that shall include the description of the work to be performed, a schedule for the completion of the project, the number of hours required, and the total not-to-exceed maximum amount to be billed to PERS. Proposer may commence work on a Special Project only upon the written approval of PERS, following full execution of the Work Order and issuance by PERS of a Notice to Proceed. The Work Order will then become part of the Contract. Any work performed without said approval shall not be billable to PERS.

For purposes of calculating hourly rates under Section 3, Proposer shall:

3.1.3 Assume approximately ten (10) PERS-related legislative bills or concepts every year.

3.2 Assume approximately ten (10) non-legislative requests every year at twenty (20) hours each.

3.3 Assume approximately 10 GASB-related requests every year.

4. Section 4: Actuarial Services that are funded by the Employer. Attachment E of this RFP is a Price Proposal Form that must be completed and submitted with the proposal. This is to be submitted as part 5 of the proposal.

5. Proposer may provide alternate price proposals for consideration which must be included as a separate document and clearly identified. All transition prices must be clearly identified.

3.3.4 Key Persons and their Resumes

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Specify key persons to be assigned to this project and include a current resume (not to exceed two pages each) for each key person that demonstrates the person’s qualifications and experience for the Work described in this RFP.

3.3.5 Project Implementation Plan

Briefly describe how Proposer would carry out the major activities of this project in context with the Scope of Work. Provide a comprehensive management plan that the Proposer intends to follow. Illustrate how the plan will serve to coordinate and accomplish the Work.

SECTION 4: SOLICITATION PROCESS

4.1 PUBLIC NOTICE

The RFP and attachments are published in the State of Oregon’s electronic procurement system OregonBuys at https://oregonbuys.gov/. RFP documents will not be mailed to prospective Proposers.

Modifications, if any, to this RFP will be made by written Amendment(s) published in OregonBuys. Prospective Proposer is solely responsible for checking OregonBuys to determine whether or not any Amendment(s) have been issued. Amendment(s) are incorporated into the RFP by this reference.

4.2 PRE-PROPOSAL CONFERENCE

A Pre-Proposal conference will not be held for this RFP.

4.3 QUESTIONS / REQUESTS FOR CLARIFICATIONS

All inquiries, whether relating to the RFP content or process; Sample Contract, including all Exhibits and Attachments; administration, deadline or method of award, or to the intent or technical aspects of the RFP must:

• Be delivered to the SPC via an OregonBuys submission;

• Reference the OregonBuys bid number;

• Identify Proposer’s name and contact information;

• Refer to the specific area of the RFP being questioned (i.e. page, section and paragraph number); and

• Be received by the due date and time for Questions/Requests for Clarification identified in the Schedule in Section 1.2.

4.4 SOLICITATION PROTESTS

4.4.1 Protests to RFP

Prospective Proposer may submit a Written protest of anything contained in this RFP, including but not limited to, the RFP process, Specifications, Scope of Work, and the proposed Sample Contract. This is prospective Proposer’s only opportunity to protest the provisions of the RFP, except that Proposer may protest Amendment(s) as provided below and Proposer may take exception to the terms and conditions of the Sample Contract https://oregonbuys.gov/

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 17 of 25 marked as negotiable as set forth in the Negotiations Section.

4.4.2 Protests to Amendment(s)

Prospective Proposer may submit a Written protest of anything contained in an Amendment. Protests to an Amendment, if issued, must be submitted by 5:00 p.m. Pacific Time on the second Business Day following the issuance of the Amendment or the date/time specified in the Amendment, or they will not be considered. Protests of matters not added or modified by the Amendment will not be considered.

4.4.3 Requirements for Protests

All protests must:

• Be delivered to the SPC via email;

• Reference the OregonBuys bid number;

• Identify prospective Proposer’s name and contact information;

• Be sent by an authorized representative;

• State the reason for the protest, including:

o the grounds that demonstrate how the Procurement Process is contrary to law, Unnecessarily Restrictive, legally flawed, or improperly specifies a brand name;

and o evidence or documentation that supports the grounds on which the protest is based; and

• State the proposed changes to the RFP provisions or other relief sought.

Protests to the RFP must be received by the due date and time identified in the Schedule.

Protests to an Amendment must be received by the due date identified in the Amendment.

4.5 PROPOSAL DELIVERY

Proposer is solely responsible for ensuring its Proposal is received by the SPC in accordance with the RFP requirements before Opening. Agency is not responsible for any transmission errors or delays, or for any mis-delivery for any reason. A Proposal submitted by any means not authorized below will be rejected. The following delivery options are permitted for this RFP:

Delivery through OregonBuys

Proposal submission should be electronically through OregonBuys. at:

https://oregonbuys.gov/

Detailed instructions on how to submit a Proposal can be found at OregonBuys Vendor Formal Solicitation Response.pdf

4.6 PROPOSAL MODIFICATION OR WITHDRAWAL

If a Proposer wishes to make modifications to a submitted Proposal, the Proposer must submit its modification in one of the authorized methods listed in Section 4.5 (Proposal Delivery). To be effective the modification must include the OregonBuys bid number and be submitted to the https://oregonbuys.gov/ https://www.oregon.gov/das/ORBuys/Documents/OregonBuys%20Vendor%20Formal%20Solicitation%20Response.pdf https://www.oregon.gov/das/ORBuys/Documents/OregonBuys%20Vendor%20Formal%20Solicitation%20Response.pdf

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SPC prior to Opening.

If a Proposer wishes to withdraw a submitted Proposal, it must submit a Written notice signed by an authorized representative of its intent to withdraw to the SPC via email, prior to the Opening in accordance with OAR 125-247-0440. To be effective the notice must include the OregonBuys bid number.

4.7 PROPOSAL DUE

A Proposal (including all required submittal items) must be received by the SPC on or before Opening. All Proposal modifications or withdrawals must also be received prior to Opening.

A Proposal received after Opening is considered LATE and will NOT be accepted for evaluation.

A late Proposal will be returned to the Proposer or destroyed.

4.8 PUBLIC OPENING

There will be no public Opening of Proposals. Proposals received will not be available for inspection until after the evaluation process has been completed and the notice of Intent to Award is issued pursuant to OAR 125-247-0630. However, Agency will record and make available the identity of all Proposers through OregonBuys after Opening.

4.9 PROPOSAL REJECTION

Agency may reject a Proposal for any of the following reasons:

• Proposer fails to substantially comply with all prescribed RFP procedures and requirements, including but not limited to the requirement that Proposer’s authorized representative sign the Proposal.

• Proposer has liquidated and delinquent debt owed to the State or any department or agency of the State.

• Proposer fails to meet the responsibility requirements of ORS 279B.110.

• Proposer makes any contact regarding this RFP with State representatives such as State employees or officials other than the SPC or persons authorized by the SPC, or inappropriate contact with the SPC.

• Proposer attempts to influence a member of the Evaluation Committee.

• Proposal is conditioned on Agency’s acceptance of any other terms and conditions or rights to negotiate any alternative terms and conditions that are not reasonably related to those expressly authorized for negotiation in the RFP or Amendment(s).

4.10 EVALUATION PROCESS

4.10.1 Responsiveness and Responsibility Determination

4.10.1.1 Responsiveness determination

A Proposal received prior to Opening will be reviewed to determine if it is Responsive to all RFP requirements including compliance with Section 3.1 (Minimum Qualifications) and Section 3.2 (Minimum Submission Requirements). If the Proposal is unclear, the SPC may request clarification from Proposer. However, clarifications may not be used to

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 19 of 25 rehabilitate a non-Responsive proposal. If the SPC finds the Proposal non-Responsive, the Proposal may be rejected; however, Agency may waive mistakes in accordance with

OAR 125-247-0470.

4.10.1.2 Responsibility Determination

Agency will determine if an apparent successful Proposer is Responsible prior to award and execution of the Contract. Proposers shall submit a signed Responsibility Inquiry form (Attachment I) with Proposal.

At any time prior to award, Agency may reject a Proposer found to be not Responsible.

4.10.2 Evaluation Criteria

Each Proposal meeting all Responsiveness requirements will be independently evaluated by members of an Evaluation Committee. Evaluation Committee members may change, and Agency may have additional or fewer evaluators for optional rounds of competition.

Evaluators will assign a score for each question/group of questions within a given section of the RFP using the criterion listed below in this Section 4.10.2 up to the maximum points available as specified in Section 4.11 (Point and Score Calculation).

SPC may request further clarification to assist the Evaluation Committee in gaining additional understanding of a Proposal. A response to a clarification request may only clarify or explain portions of the already submitted Proposal and may not contain new information not included in the original Proposal.

4.10.3 PRICE EVALUATION

Proposers must meet at least sixty-five percent (65%) of available points to move forward into the price evaluation section. The SPC will conduct the price evaluation and will award a price score to each Price Proposal based upon the percentage of the proposed price as compared to the lowest Proposer’s price using the following formula:

lowest price of all Proposers X price points possible = price score price being scored

4.11 POINT AND SCORE CALCULATION

Points are the total possible for each section as listed in the table below. Each round is scored individually, but total points are accumulative for final determination.

PROPOSAL EVALUATION CRITERIA AND SCORING – ACTUARIAL SERVICES POINTS

Organization 150 Standards of Conduct 50 Conflict of Interest 50 Experience – Client Base 100 Staffing 200 Consulting Capabilities 200 Implementation Plan 150

TOTAL POINTS POSSIBLE 900

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4.12 RANKING OF PROPOSERS

The SPC will average the scores for each Proposal (calculated by totaling the points awarded by each Evaluation Committee member and dividing by the number of members). The SPC will combine the average score for each Proposal with Proposer’s price score and reference score.

SPC will determine the rank of each Proposal, with the highest score receiving the highest rank, and successive rank order determined by the next highest score.

Agency may, in Agency’s sole discretion, determine an apparent successful Proposer with no additional rounds of competition. If additional rounds are conducted, Agency will rank advancing Proposers at the conclusion of each subsequent round and may determine an apparent successful Proposer at any time during the solicitation process.

NEXT STEP DETERMINATION

At the conclusion of a round of competition, Agency may choose to conduct additional round(s) of competition if in the best interest of the State. Additional rounds of competition may consist of, but will not be limited to:

• Interviews

• Presentations/Demonstrations/Additional Submittal Items

• Discussions and submittal of revised Proposals

• Serial or simultaneous negotiations

• Best and Final Offers

4.12.1 Competitive Range Determination

If Agency, in its sole discretion, determines that one or more additional rounds of competition is necessary, it will select a Competitive Range to indicate the Proposers that will be invited to participate in a subsequent round. The Competitive Range may include all, or at Agency’s sole discretion, some (based primarily on a natural break in the distribution of scores), of the Proposers from a previous round. Agency will post a notice in OregonBuys of its Competitive Range Determination and provide details about the process and schedule for the subsequent round.

4.13 ADDITIONAL ROUNDS

Interviews (at PERS discretion)

Proposers progressing to subsequent rounds may be invited to participate in Proposer interviews. Interviews may be in person at a location determined by Agency; however, Agency may elect to conduct interviews via teleconference. Further details will be included with Notice of Competitive Range.

RFP PROPOSAL POINTS POSSIBLE

RFP Proposal Content 900

PRICE POINTS POSSIBLE

Price Proposal (Attachment E) 400

TOTAL POINTS POSSIBLE 1300

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Best and Final Offers

Proposers in the Competitive Range may submit Best and Final Offers. The written Best and Final Offer (“Revised Proposal”) must be submitted on or before the due date and time set forth in the notice of Competitive Range / 12:00 PM Pacific Time on August 29 and must be emailed to the Single Point of Contact. LATE REVISED PROPOSALS WILL NOT BE ACCEPTED.

If Proposer elects not to submit a Revised Proposal, Proposer’s initial Proposal will be accepted as the Best and Final Offer and evaluated accordingly.

Best and Final Offer Requirements

Best and Final Offers must be submitted in writing in the form of an amendment to the Proposer’s initial Proposal. Best and Final Offers must comply with the following requirements and specifications:

• Identify Proposer’s business name and reference RFP OregonBuys Bid S-45900-00014078;

and

• Submit One (1) copy of the revised Proposal with original Signature, identified as the “master”; and

• Clearly identify the information included Proposer’s initial Proposal that Proposer intends to amend or replace in terms of the page, section and paragraph of Proposer’s initial Administrative, Technical or Price Proposal; and

• Include a redlined version of the Sample Contract (attached to the RFP as Attachment A) and any and all other documents applicable to the requests set forth in the RFP or applicable Amendment(s); and

• Include a Best and Final Offer letter, signed in ink by Proposer’s authorized representative, which summarizes the Proposal aspects amended by the Best and Final Offer and states that the information included in the Best and Final Offer supersedes the corresponding information included in Proposer’s Proposal submitted on or before July 24; and

• Include all information requested in the Best and Final Offer letter.

SECTION 5: AWARD AND NEGOTIATION

5.1 AWARD NOTIFICATION PROCESS

5.1.1 Award Consideration

Agency, if it awards a Contract, will award a Contract to the highest-ranking Responsible Proposer(s) based upon the scoring methodology and process described in Section 4.

Agency may award less than the full Scope of Work described in this RFP.

5.1.2 Intent to Award Notice

Agency will notify all Proposers in Writing that Agency intends to award a Contract to the selected Proposer(s) subject to successful negotiation of any negotiable provisions.

5.2 INTENT TO AWARD PROTEST

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5.2.1 Protest Submission

An Affected Proposer shall have 7 calendar days from the date of the Intent to Award notice to file a Written protest.

A Proposer is an Affected Proposer only if the Proposer would be eligible for Contract award in the event the protest was successful and is protesting for one or more of the following reasons as specified in ORS 279B.410:

• All higher ranked Proposals are non-Responsive.

• Agency has failed to conduct an evaluation of Proposals in accordance with the criteria or process described in the RFP.

• Agency abused its discretion in rejecting the protestor’s Proposal as non-Responsive.

• Agency’s evaluation of Proposal or determination of award otherwise violates ORS

Chapter 279B or ORS Chapter 279A.

If Agency receives only one Proposal, Agency may dispense with the evaluation process and Intent to Award protest period and proceed with Contract Negotiations and award.

5.2.1.1 Protest Requirements

Protests must:

• Be delivered to the SPC via email;

• Reference the OregonBuys bid number;

• Identify Proposer’s name and contact information;

• Be signed by an authorized representative of Proposer;

• Specify the grounds for the protest; and

• Be received within 7 calendar days of the Intent to Award notice.

5.2.2 Response to Protest

Agency will address all timely submitted protests within a reasonable time and will issue a Written decision to the respective Proposer. Protests that do not include the required information may not be considered by Agency.

5.3 APPARENT SUCCESSFUL PROPOSER SUBMISSION REQUIREMENTS

Proposer who is selected for a Contract award under this RFP will be required to submit additional information and comply with the following:

5.3.1 Insurance

Prior to award, Proposer shall secure and demonstrate to Agency proof of insurance as required in this RFP or as negotiated. Insurance Requirements are found in Exhibit B of Attachment A.

5.3.2 Taxpayer Identification Number

Proposer shall provide its Taxpayer Identification Number (TIN) and backup withholding status on a completed W-9 form when requested by Agency or when the backup

PERS RFP Actuarial Services – OregonBuys Bid Number S-45900-00014078 Page 23 of 25 withholding status or any other relevant information of Proposer has changed since the last submitted W-9 form, if any.

5.3.3 Business Registry

If selected for award, Proposer shall be duly authorized by the State of Oregon to transact business in the State of Oregon before executing the Contract. Visit http://sos.oregon.gov/business/pages/register.aspx for Oregon Business Registry information.

5.3.4 Pay Equity Certification

If selected for award and the Contract value exceeds $500,000 and Proposer employs 50 or more full-time workers, Proposer shall submit to Agency a true and correct copy of an unexpired Pay Equity Compliance Certificate, issued to the Proposer by the Oregon Department of Administrative Services. For instructions on how to obtain the Certificate, visit https://www.oregon.gov/das/Procurement/Pages/PayEquity.aspx.

ORS 279B.110(2)(f) requires that Proposer provide this prior to execution of the Contract.

5.3.5 Nondiscrimination in Employment

As a condition of receiving the award of a Contract under this RFP, Proposer must certify by its Signature on Attachment C - Proposer Information and Certification…