Description
The Shrewsbury Contributory Retirement System is seeking a qualified actuarial services provider to perform actuarial valuations and provide consulting services for the next seven fiscal years. The selected vendor will be responsible for preparing an actuarial valuation of the system, establishing reasonable actuarial assumptions, and providing recommendations for changes in valuation assumptions. The vendor will also be expected to provide ongoing actuarial advice and counsel to the Shrewsbury Retirement Board.
• The scope of services includes actuarial valuations, funding schedule development, and compliance with Governmental Accounting Standards Board (GASB) requirements.
• The vendor must have experience in providing actuarial valuation services to public pension plans, preferably in Massachusetts.
• The contract will have a fixed term not exceeding seven years and may be terminated earlier by the Board upon thirty days' written notice.
• The vendor must provide a detailed description of the proposed method, a summary of the annual fixed fee and hourly rate charges, and a time schedule for the completion of the valuation.
• The evaluation criteria include experience, size of the firm, quality of the proposal, methodology, and understanding of GASB requirements.