RFP Special Provisions RFP-COTPA 25-006 ACTUARIAL SERVICES.pdf

[Type here]

The Central Oklahoma Transportation and Parking Authority

Request for Proposals

RFP-COTPA-25-006

Actuarial Services

RFP.SP.VI.2025 RFP-COTPA-25-006 ACTUARIAL SERVICES Page 2

Special Provisions (Special Instructions and Scope of Services)

Special Provisions are deemed to be part of the Professional Services Agreement and shall supersede any conflicting term, requirement or condition in the Professional Services Agreement.

(Rest of page intentionally left blank)

RFP.SP.VI.2025 RFP-COTPA-25-006 ACTUARIAL SERVICES Page 3

The Opportunity Project Summary The Central Oklahoma Transportation and Parking Authority (COTPA) has a Pension Plan (Plan) which includes a single employer plan covering approximately 335 active employees and approximately 100 retirees and their spouses. COTPA is soliciting proposers to perform the necessary actuarial services related to actuarial valuation following GASB 67 and GASB 68 and any subsequent GASB standards during the agreement period.

Background The Central Oklahoma Transportation & Parking Authority (COTPA), dba EMBARK, is the public transportation trust for the City of Oklahoma City. COTPA provides bus transit, paratransit, streetcar, bike share transit and ferry services. COTPA currently manages four COTPA owned garages and three surface lots. COTPA's Board of Trustees are the governing body for the oversight of COTPA, downtown off-street public parking, and Oklahoma River Cruises.

Scope of Services Description of Services The successful proposer shall provide actuarial services, but not limited to, the following:

A. Analyze the Plan’s data to assess any inconsistencies and make recommendations for enhancing data quality.

B. Prepare an actuarial valuation following GASB 67, GASB 68, and any subsequent GASB standards, including, but not limited to:

a. The actuarial present value of total projected benefits.

b. Actuarial accrued liability.

c. Actuarial value of assets.

d. The unfunded actuarial accrued liability.

e. Normal cost.

f. Annual required contribution of the employee and the employer as a level dollar amount and as a level percentage of covered payroll.

g. Prepare the necessary material for the Comprehensive Annual Financial Report to comply with GASB reporting and disclosure requirements. (further defined below).

C. Provide option for a two-year cycle of reporting requirements as follows:

a. Provide a final report of liabilities by funding source for the purpose of booking the liabilities in the accounting records for each year of study.

b. Provide a final report of suggested disclosures for each year of study.

c. Complete each final report identified above by October 10th of the following the fiscal year end. Note that the valuation date for the fiscal year of study will be the first day of that fiscal year.

d. Pricing for two additional two-year studies may be proposed.

e. Provide an hourly billing rate for additional services to study the impact of proposed changes to the Plan and their impact on liabilities and retirees when, and if, requested.

f. Pricing to provide a formal presentation of the report should be included as an option.

RFP.SP.VI.2025 RFP-COTPA-25-006 ACTUARIAL SERVICES Page 4

D. Provide options for a full annual actuarial valuation as follows:

a. Provide a final report of liabilities by funding source for the purpose of booking the liabilities in the accounting records each year.

b. Provide a final report of suggested disclosures each year.

c. Complete the final report identified above by October 10th of the following the fiscal year end. Note that the valuation date for the fiscal year of study will be the first day of that fiscal year.

d. Pricing for five additional actuarial valuations may be proposed.

e. Provide an hourly billing rate for additional services to study the impact of proposed changes to the Plan and their impact on liabilities and retirees when, and if, requested.

f. Pricing to provide a formal presentation of the report should be included as an option.

g. Pricing to provide general consulting services for projects not specified in the above scope of listed services requested, including, but not limiting to, labor negotiation support, plan design, legislative impact evaluation, Comprehensive Annual Financial Report (CAFR) preparation, research and updates, correspondence via telephone and/or email, review of rules, regulations, procedures, preparation of tables for calculation of benefits, establishment of specifications, etc.

Minimum Qualifications

The firm must be a professional actuarial services firm whose primary line of business includes providing actuarial services to public pension plans, or similar entities of substantial size. At a minimum, the firm must have performed actuarial services for defined benefit pension plans with similar asset base.

All the firm’s actuaries performing the work must meet the professional qualification standards of the American Academy of Actuaries.

The Primary Actuary must have a minimum of ten years of experience as an actuary performing pension and consulting services experience analysis, valuation assignments and actuarial audit assignments for multi-employer retirement plans, GASB 67/68 disclosures, and other actuarial consulting services for public sector defined benefit retirement plans.

Contract Payment COTPA issues payment in accordance with the Professional Services Agreement. Proposer(s) should invoice COTPA at the email address that appears in the Notice to Proposers.

RFP.SP.VI.2025 RFP-COTPA-25-006 ACTUARIAL SERVICES Page 5

Fee Proposal Table Proposals submitted in response to this Request for Proposals should include a completed Fee Proposal Schedule below:

Service Actuarial Valuation

Services Annual GASB 67 & 68 Reporting General

Consulting:

FY 25-26 $ hour FY 26-27 $ hour FY 27-28 $ hour FY 28-29 $ hour FY 29-30 $ hour

Proposal Instructions & Content

TIMELINE

TIME (CT)

& DATE LOCATION / ADDITIONAL INFORMATION

Proposer(s) Selection 5/1/2025 Selected Proposer(s) will be notified in writing.

Any award is contingent upon the successful negotiation of final Professional Services Agreement terms. If negotiations cannot be concluded successfully, COTPA reserves the right to negotiate a Professional Services Agreement with another Proposer or withdraw the RFP.

Negotiations shall be confidential and not subject to disclosure to competing Proposer(s) unless and until a Professional Services Agreement is reached.

Estimated Professional Services Agreement Execution

6/6/2025 Subject to COTPA approval.

The above dates are tentative and subject to change. The Proposal Release date, Pre-Proposal meeting, if applicable, Question-and-Answer period, and Proposal submission deadline are available to view on Bidnet Direct and the Notice to Proposers.

RFP.SP.VI.2025 RFP-COTPA-25-006 ACTUARIAL SERVICES Page 6

Proposal Content Proposers are encouraged to use this table to ensure all components are included in their Proposal.

Complete proposals will include the following:

Proposal

☐ Cover Letter A simple letter of submittal.

☐ Company History Describe historical background and track record of company.

☐ Project Team Provide a general description of the firm, including size, number of employees, number of credentialed actuaries, primary business, other business or services offered and review any past or contemplated changes in the ownership structure of the firm.

Provide the supervising actuary who will be assigned to the engagements including their experience and qualifications. Provide a resume for everyone that will be assigned to the engagement.

☐ Technical Proposal

Describe your company’s experience in providing actuarial studies and consulting services. Include an example of a report issued by the office having primary responsibilities for carrying out the provisions of this specification and the resulting contract.

☐ Customer References

A minimum of 3 references are required. Provide references from other local government customers when possible.

☐ Client Retention Indicate the number of clients gained and the number of clients lost over the past three years. Provide contact information on last client(s) lost.

☐ Information requirements

Identify the information and assistance you will require from EMBARK staff in completing the calculations.

☐ Pricing Fee Proposal Table

Additional Documents Upon Award: Awarded Proposer(s) will be required to submit the following upon award. We encourage you to take note of these requirements. Please review sample documents in Bidnet Direct prior to proposal submission.

☐ Professional Services Agreement

☐ Acord Form

☐ Letter of Authorization, if applicable