RFP for Actuarial Services to Monitor CT Paid Family and Medical Trust Fund

The Connecticut Paid Family and Medical Leave Insurance Authority is seeking an actuarial firm to conduct independent and periodic actuarial reviews of the reserve requirements for the Paid Leave Authority Trust Fund through a Request for Proposal (RFP) issued on February 4, 2022. The primary objective is to perform a comprehensive review and analysis of the Trust Fund's financial reserves in accordance with Generally Accepted Accounting Principles (GAAP). The selected vendor will assess the Trust Fund, which is funded by contributions of up to 0.5% from employees, sole-proprietors, and self-employed individuals enrolled in the Paid Family and Medical Leave program under Connecticut General Statute 31-49e. The RFP requires a qualified actuarial firm to evaluate the financial health and sustainability of the Trust Fund, which serves as the sole resource for paying benefits to eligible claimants seeking wage replacement during authorized leave. The solicitation period runs from February 4, 2022, to February 28, 2022, with a vendor Q&A period open from February 4, 2022, to February 18, 2022, allowing potential bidders to seek clarification on the RFP requirements.

The RFP does not specify any set-aside designations, disadvantaged business enterprise requirements, or restrictions on the types of organizations that can respond to the solicitation. There are no mentions of incumbent vendors or current contractors in the documentation. The solicitation documents do not provide specific details about estimated contract value, budget ranges, or potential contract duration. Payment terms are listed as unspecified, and no line items are defined in the RFP. The Trust Fund is funded through employee contributions, but the RFP does not elaborate on the existing infrastructure or technology that might require integration with the selected actuarial firm's work. The primary qualification appears to be the ability to conduct a professional, independent actuarial review of the Trust Fund's financial reserves using GAAP standards, with a focus on assessing the fund's capacity to meet ongoing benefit obligations for eligible claimants under the Connecticut Paid Family and Medical Leave program.