Actuarial Services

The City of Orlando's Procurement and Contracts Division is soliciting proposals for professional actuarial services for the City of Orlando General Employees' Pension Plan and Other Post-Employment Benefits (OPEB) Plan. The procurement seeks an actuarial consultant to provide comprehensive services including annual actuarial reports, GASB 67/68 Pension Plan Reports, and GASB 74/75 OPEB Plan Reports for fiscal years 2025-2029, with potential extensions through 2033. The scope of work specifically involves determining costs and alternative funding strategies for post-retirement health care benefits, with a preference for a single consultant to serve both the Pension Board and the City, though the City reserves the right to hire two separate consultants. Evaluation criteria will be points-based, with 38% weight on scope of services and technical competency, 35% on proposer and staff experience, 2% on Veteran Business Enterprise participation, and 25% on pricing. The proposal is due on August 22, 2025, at 2:00 PM local time, with a virtual proposal opening, and the contract term is five years with the option to extend for four additional twelve-month periods.

The solicitation includes set-aside considerations for Veteran Business Enterprise participation and requires proposers to be compliant with various state regulations, including E-Verify, public records laws, and prohibitions on contracting with scrutinized companies. Currently, Gabriel, Roeder, Smith & Company (GRS) appears to be the incumbent actuarial service provider, having prepared recent pension and OPEB valuation reports. The existing pension fund has a market value of $235,807,248 with a funded ratio of 81.7%, while the OPEB plan is 47.6% funded with total actuarial assets of $231,171,177. The Actuarially Determined Contribution (ADC) for the retiree health care program is $25,296,668, representing 9.73% of the projected payroll. Insurance requirements for the selected contractor are comprehensive, with coverage ranging from $100,000 to $10,000,000 across various liability categories, and payment terms stipulate invoices will be paid within 30 days of receipt, subject to annual budget appropriations by the City Council.