Actuarial Services

Monterey-Salinas Transit District is soliciting quotations under RFQ 27-02 for actuarial services on its self-insured workers' compensation and liability programs, with questions due November 18, 2026 at 12:00 p.m. PST and quotations due December 2, 2026 at 5:00 p.m. PST. Proposers must be registered as vendors on MST's procurement website. Quotations must be uploaded to MST's Bonfire eProcurement Portal, and hard copies will not be accepted.

The scope requires estimating outstanding losses, including allocated loss adjustment expenses, as of June 30, 2027; projecting ultimate limited losses and losses paid for fiscal years 2027/28 and 2028/29; and affirming compliance with GASB Statement No. 10. The deliverable is a written report designed for non-actuarial audiences, with a technical section supporting all conclusions. Proposers must submit at least three examples of relevant written work, including at least one from a local government entity, preferably another public transit agency.

Required insurance includes professional liability of $2 million per claim and in the aggregate, commercial general liability of $1 million per occurrence and $2 million general aggregate, commercial automobile liability of $1 million, and workers' compensation of $1 million. Appendix B requires all policies to name MST as an additional insured, while the sample contract limits that requirement to the general and automobile liability policies. Proposers must complete six Appendix B forms: debarment and suspension certification, federal tax delinquency and conviction certification, non-collusion affidavit, insurance coverage statement, RFQ compliance or exception declaration, and cost proposal.

Pricing is a fixed Grand Total Price per actuarial study covering all costs for the contract duration. The sample contract caps payment at a not-to-exceed amount specified per actuarial study and requires payment within 30 calendar days of invoice receipt. The contract runs January 1, 2027 through December 31, 2028, with MST holding the option to extend for two additional two-year terms.

MST will award on a best-value basis considering quality and cost, with award anticipated to the lowest responsible and responsive proposer. Offers must remain valid and irrevocable for 90 days after the quotation due date. The sample contract is governed by California law with venue in Monterey County, requires contractor indemnification, permits termination for cause or convenience, and vests all work product in MST upon termination.