Purpose of the request for proposal (RFP)
A. The purpose for this request for proposal is to select experienced and qualified firms
(hereinafter referred to as the "Firm") with actuarial services experience in New York State
public schools. The Firm will provide these services for Valley Stream Union Free School
District Thirty (hereinafter referred to as the "District").
B. In accordance with the District's policies and procedures, contracts for professional services
requiring special skills or training are not subject to competitive bidding requirements of
General Municipal Law Section 103
Brief Description of the District
A. The District is located in Nassau County, it owns and occupies four (4) buildings for
educational purposes.
B. The District provides quality educational services to approximately 1,400 students in grades
Pre-Kindergarten through Grade 6.
4. Scope of Services
A. The District request proposals from qualified actuarial firms interested in providing actuarial
services for the purpose of determining the obligation for post-employment benefits for
compliance with GASB Statement No. 75 based upon the current census data for the current
and following year.
B. The Firm shall:
1. Furnish the District detailed reports for this valuation no later than four (4) weeks
after the District has delivered complete data for the valuation to the consulting
actuary.
2. Perform an actuarial valuation to determine the District's estimated annual expense
under GASB 75 and any other related guidelines.
3. Determine the annual cost to the District to fund this liability.
4. Prepare an analysis and explanation of the various funding strategies that might be
considered for funding the liability.
5. Communicate to the District what trust options they should consider in its
compliance with GASB 75 and any other related requirements.
6. Provide the District with the necessary information and disclosure for the District's
financial statements.
7. Provide an actuarial report that includes at a minimum the following.
a. A detailed summary of the OPEB benefits provided, eligibility requirements
and other plan provisions (A Summary of the "Substantive Plan")
b. A description of the methodology used in deriving the liabilities and results
c. Description of the data used in the valuation, including age/service
distribution tables
d. Detailed schedule outlining the calculation of the Annual Required
Contribution (ARC) and annual OPEB expense
e. Actuarial present value of total benefits
f. Actuarial accrued liability and unfunded actuarial accrued liability
g. An estimate of the Net OPEB obligation at the end of the transition year
h. Schedule of funding progress and funding status
i. Summary and explanation of actuarial assumptions used in the analysis
j. Cash flow analysis detailing the projected pay-as-you-go-costs over the next
ten years
k. Complete any report necessary for the District to be able to comply with
GASB Statement Number 75.
8. Reports should reflect normal cost amounts using the aggregate funding method
and liability amounts using the entry age normal funding method.
9. Provide the District with the necessary information and disclosure for its financial
statements.
C. The Vendor will comply with New York State Education Law Section 2-d
D. Responsiveness and Time Requirements
1. The contracted Firm is expected to have qualified staff available by telephone for
consultation during normal business hours.
2. The District may require regular or periodic on-site consultation.
3. The Districts is unable to predict the total amount of time that may be required of
the Firm. The successful proposer will be expected to provide services as required
throughout the year.
5. Terms of Contract
A. The contract period will commence from the date the successful vendor is approved by the
Board of Education and continue through June 30, 2024.
B. The District reserves the right to renew this contract under the proposal timeframes and
costs as shown on Appendix B, at the existing terms and conditions, from July 1 through
June 30 of each subsequent year, upon approval of the Board of Education, each year.
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