DOCUMENT

RFP - Benefit Actuarial Services 2007

  • YEAR CREATED: 2007
  • ENTITY TYPE: City/Township
  • TYPE OF DOCUMENT: RFP - Request for Proposals
The document is a request for proposal (RFP) for actuarial valuation services from the City of Bloomington. The document outlines the requirements and expectations for the actuarial services, including the need for a well-conceived service plan, a timeline of tasks to be performed, and a proposal cost for a four-year period. The document also states that the selection of the provider will be based on criteria such as the technical portion of the proposal, the firm's knowledge and expertise, the staff's qualifications and experience, the financial proposal, and adherence to HIPAA guidelines. The City of Bloomington seeks to enter into a four-year contract with the awarded provider, with the option to terminate the contract with a 90-day written notice. The contract may be renewable for an additional four-year term based on performance and mutual agreement. The actuarial reports are expected to be completed on a timeline consistent with the preparation of the annual audit. The document provides demographic information and a list of benefits for which the Other Post-Employment Benefits (OPEB) liability is to be evaluated. This includes details about the health insurance plans, dental plan, vision plan, life insurance, and benefit plan changes. The availability of employee health plans and cost subsidies for retirees are also mentioned. It is specified that retirees are entitled to the same level of benefits as active employees, with Medicare being the primary payer. Overall, the document provides a comprehensive overview of the requirements and expectations for actuarial valuation services for the City of Bloomington, including the evaluation of OPEB liability for retirees who receive the same benefits as active employees, with Medicare as the primary payer.
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