Overview

SamCERA has issued a Request for Proposal to solicit proposals from qualified actuarial firms to serve as an independent actuary to perform actuarial consulting. Actuarial consulting services are described in detail in the RFP document. Services will include (but are not limited to): 

• An annual actuarial valuation and review of the Retirement Fund (commencing with the actuarial valuation for the fiscal year ending June 30, 2024;
   
• An annual Disclosure Report pursuant to Governmental Accounting Standards Board (GASB) Statement No. 67 and GASB Statement No. 68 (commencing with the actuarial valuation for the fiscal year ending June 30, 2024); 
   
• Two Triennial Experience Studies (for the periods July 1, 2023-April 30, 2026 and July 1, 2026-April 30, 2029).

Firms wishing to submit a proposal must meet the following minimum experience requirements:

• The firm must be a professional actuarial services firm whose primary line of business includes providing actuarial services to public pension plans, or similar entities of substantial size. At a minimum, the firm must have performed actuarial services for defined benefit pension plans with assets exceeding five billion dollars ($5,000,000,000); 
• All of the firm’s actuaries performing the work must meet the professional qualification standards of the American Academy of Actuaries; 
• The Primary Actuary (Lead) and any supporting actuary performing the work must be an Enrolled Actuary, a member of the American Academy of Actuaries Qualification Standards, and an Associate of the Society of Actuaries; 
• The Primary Actuary must have a minimum of ten years of experience as an actuary performing pension and consulting services experience analysis, valuation assignments and actuarial audit assignments for multi-employer retirement plans, GASB 67/68 disclosures, and other actuarial consulting services for public sector defined benefit retirement plans. In addition, the Primary Actuary must have experience with defined benefit pension plans falling under the County Employees Retirement Law of 1937 (CERL) and the California Public Employees’ Pension Reform Act (PEPRA); 
• The firm must have all necessary permits and licenses; and 
• The firm must provide its own work facilities, equipment, supplies and support staff to perform the required services. 

Proposal Submission Process

Proposals must be received no later than 12:00 p.m. (PST) on February 22, 2024.

Proposals must be submitted electronically to: proposals@samcera.org and the original and three hard copies mailed/delivered to:

SamCERA
Attn: Gladys Smith, Assistant Executive Officer
100 Marine Parkway, Suite 125
Redwood City, CA 94065

Schedule of Events is set forth in the chart below and may be subject to change.

More Information

The following information can be found under “Related Links” on the right side of this webpage:

• For more information and details about this request for proposal, please read the full RFP, attached as a PDF.
• The Proposer Questionnaire, attached as Word file.