This is a service / maintenance or supply contract in Bartlett, Tennessee. Contact the soliciting agency for additional information.

The City of Bartlett Pension Board is soliciting proposals from qualified firms to provide consulting actuarial services as described in Section II of this Request for Proposal-Scope of Services. The services requested are for The Retirement System of Bartlett Plan that administers a defined benefit pension fund, with approximately 543 active members and 244 retired members and beneficiaries. The fund had a total market value of approximately $106 million as of January 1, 2023. Additionally, services are requested for the City of Bartlett TN Retirement (Cash Balance) Plan that administers a defined benefit cash balance fund, with approximately 317 active members, one (1) member receiving benefits, and eleven (11) vested terminated participants. The fund had a total market value of approximately $5.46 million at June 30, 2023. The Retirement System of Bartlett Plan is a defined benefit retirement plan for members and retirees with an employment date prior to July 1, 2014. Employees contribute 4% of earnings to the retirement system. The City of Bartlett contributes to the plan based on the actuarially required contribution each year. Employees are 100% vested in the plan after five (5) years of service. The City of Bartlett TN Retirement (Cash Balance) Retirement Plan is a defined benefit retirement plan for members and retirees with an employment date on or after July 1, 2014. Members contribute 5% of earnings to the plan; the City of Bartlett contributes 5% to the plan; at the end of each plan year (June 30th of each year), the City contributes 5% interest on the previous year's balance. The Retirement Plan Committee serves as the Plan Administrator of both retirement plans and consists of a governing committee appointed by the City of Bartlett Board of Mayor and Aldermen. The plans are governmental plans and not governed by Employee Retirement Income Security Act (ERISA). The plans, however, are subject to the Tennessee Public Employee Defined Benefit Financial Security act of 2014, Tenn. Code Ann. 9-3-501 et seq. The plans employ outside legal counsel, accounting, audit, trustee and investment managers to assist with plan oversight and administration. SCOPE OF SERVICES The firm awarded the resulting contract will provide various actuarial services, which include consultation and advisory services, valuation services, experience analyses, and other general duties. The consulting actuary will perform tasks, which include, but shall not be limited to, the following: A. Consultation and Advisory Services 1. Provide actuarial consultation and advisory services. The consulting actuary will provide on-going actuarial consultation and advisory services on any technical, policy or administrative issues related to the benefit program or funding structure, which may arise during the course of administration of the plan as well as coordinate services and information with other consultants, including legal counsel, auditors, etc. These services may be delivered in meetings or by telephone calls and written correspondence. The Retirement System of Bartlett Plan and the City of Bartlett TN Retirement (Cash Balance) Plan expects these services may include public testimony to the Retirement Plan Committee or committees on any technical, policy, legal or administrative problems arising during the course of administration of the plan. The consulting actuary should be readily accessible to the Employees' Retirement Plan Committee and staff by telephone or email within one working day and will be available for meetings within five (5) working days of a request. The Employees' Retirement Plan Committee expects the consulting actuary to attend a minimum of two (2) Retirement Board meetings per contract year, including one meeting to present and review the annual actuarial valuation of both plans. The Bartlett Employees' Retirement Plan Committee also expects the consulting actuary to be available for educational discussions with the Retirement Board and/or its staff. The consulting actuary must have the ability to discuss actuarial theory and other actuarial matters in laymen's terms. 2. Prepare various actuarial operating tables and factors. From time to time, these tables and factors may be required for administration of the plan. These tools include, but are not limited to, mortality tables, option tables and forms for annuitants, present value factors and survivor benefit factors. 3. The consulting actuary should assist the City of Bartlett Employees' Retirement Plan Committee in developing strategies for resolving any policy or administrative problems associated with implementing new legislation. 4. Keep The City of Bartlett Employees' Retirement Plan Committee informed of any new relevant developments or changes in federal or State of Tennessee legislation and/or tax regulations regarding financing, benefits, vesting, fiduciary responsibility or disclosure. The City of Bartlett Employees' Retirement Plan Committee also expects the consulting actuary to assist in interpreting and implementing applicable federal and state law appropriately. 5. Provide advice of special benefit cases, review certain benefit applications and perform complex computations related to special cases. 6. Provide, within first three months of contract services, recommendations, with assumptions and costs for alternative retirement plans for Bartlett city employees effective July 1, 2024 and after. 7. Consult, confer and counsel with staff and appropriate professional service firms as required. B. Valuation Services 1. Perform annual actuarial valuations and preparation of actuarial reports, including required disclosures under Actuarial Standard of Practice No. 51 and No. 4 for the City of Bartlett Legacy Retirement System and the City of Bartlett Cash Balance Plan. The resulting valuation reports and assumptions must contain detailed member data as well as explanations of any significant changes in actuarial losses or gains because of deviations from expected experience. Reports shall information regarding the City's Actuarial Required Contribution for the subsequent fiscal year. 2. Preparation of annual reporting required by Governmental Accounting Standards Board Statements No. 67 and 68, including reasonable level of audit support for City of Bartlett Legacy Retirement System and the City of Bartlett Cash Balance Plan. 3. Calculate individual benefit certifications for City of Bartlett retirees under the Legacy Retirement System and the Cash Balance Plan, including conversions between optional forms of payment, including Plan Approved Domestic Relations Orders (QDROs) if applicable. 4. Prepare annual 5-year employer contribution rate forward projection. 5. Required Employee Benefit Statements on an annual basis. 6. Required funding analysis. Submission Questions Due Proposers October 13, 2023