About this opportunity
AI summaryThe Norfolk County Retirement Board seeks competitive proposals from qualified actuarial firms to provide comprehensive actuarial services for the Norfolk County Retirement System. The contractor must perform actuarial valuations, develop funding schedules, calculate normal costs and liabilities using the entry age normal cost method, provide GASB financial statement disclosure information, and deliver twenty-year forecast schedules. Only onshore US organizations are eligible to submit bids for onsite performance. Bidders must email separate technical and price proposals to Kathleen Kiely-Becchetti at [email protected] by 12:00 P.M. Eastern Standard Time on December 9, 2026. The board evaluates prices both unbundled and in the aggregate to determine the lowest overall cost, and proposals must remain firm for ninety days.
Buyer and opportunity details
- Client
- Norfolk County Retirement Board
Scope of work
- Analyze and review the most recent actuarial study and assist in submitting a funding schedule to PERAC
- Provide financial statement disclosure information conforming to GASB and develop a funding schedule conforming to M.G.L. c. 32 and 840 CMR
- Calculate required values including normal costs, accrued liabilities, unfunded liabilities, and benefit payments
- Display member data breakouts for the system and separately for each governmental unit
- Provide a liability schedule for active and retired plan participants and member data charts
- Provide a schedule forecasting costs for twenty fiscal years for the system and each unit
- Submit a written valuation report and make a detailed oral presentation to the Board
- Provide off-year updates to funded status, attend meetings, and provide additional valuation scenarios as requested
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| Lowest overall cost evaluated on an unbundled basis and in the aggregate | Not specified |
Minimum qualifications
- Performed actuarial valuations for defined benefit pension plans for at least five years
- Performed within the last three years at least five actuarial valuations of a defined benefit pension plan sponsored by a Massachusetts governmental entity
Documents to include with your response
- Technical Proposal
- Price Proposal
- Completed Candidate Questionnaire
- Example of a valuation report
- Signed Minimum Criteria certification
- Signed Certification of Good Faith
- Signed Warranties form
- Signed PERAC Acknowledgement form
- Statement that proposal is firm for ninety (90) days
Key dates
- RFP Date
- November 4, 2026
- Proposals due
- 12:00P.M. eastern standard time on Wednesday, December 9, 2026
How to submit
- Method
- Instructions
- Email separate price and technical proposals to Kathleen Kiely-Becchetti. Subject lines must be marked PROPOSAL FOR ACTUARIAL SERVICES - PRICE and PROPOSAL FOR ACTUARIAL SERVICES - TECHNICAL.
Contract details
- Insurance and bonding
- Errors and omissions insurance policy providing at least $1 million of coverage for negligent acts or omissions.