Request for Proposals for Actuarial Valuation Services of
Other Post-Employment Benefits (OPEB)

The Transbay Joint Powers Authority (TJPA) has issued a Request for Proposals (RFP) for ACTUARIAL VALUATION SERVICES OF OTHER POST-EMPLOYMENT BENEFITS (OPEB) for the Transbay Transit Center program from firms or individuals qualified to complete an actuarial valuation of the TJPA’s retiree health insurance benefit plan. This valuation shall be performed in compliance with the actuarial standards/methods included in the Government Accounting Standards Board (GASB) Statement No. 45 (GASB 45), Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, and in accordance with actuarial practices as set forth by the American Academy of Actuaries.

Services to be provided by the selected Respondent related to GASB 45 shall include, but are not limited to:

1. The issuance of a Public Statement of Actuarial Opinion (PSAO) in accordance with the Qualification Standards of the American Academy of Actuaries.

2. Performing an actuarial valuation to determine the TJPA’s liability for its existing retiree health benefit program. This valuation shall be completed in a manner so as to comply with all the
actuarial valuation requirements of GASB 45.

3. Preparing any and all reports and/or certifications, including those required by CERBT or other OPEB trust.

4. Preparing an analysis to determine how establishing a trust or equivalent arrangement would affect the interest rate assumption(s). Timing considerations of establishing the trust should also be
analyzed.

5. Preparing a sensitivity analysis showing the impact of alternative assumptions for healthcare trend rates and investment earning rates.

6. Meeting(s) with TJPA staff to present valuation results, and potential presentation of valuation to TJPA Board of Directors.

The valuation report and presentation should include, at a minimum:

A. Actuarial valuation certification

B. Summary of actuarial methods and assumptions used

C. Actuarial assets and obligations as of the beginning of the period covered by the valuation report

D. Annual required contribution for each fiscal year covered by the valuation report as a dollar amount and percentage of payroll

E. Annual OPEB cost and net OPEB obligation for each fiscal year covered by the valuation report

F. Projected contributions, benefit payments and annual OPEB cost for the next 10 fiscal years

G. Summary of plan provisions and the data used for the valuation

H. Summary of GASB 45 provisions

All services shall be provided in accordance with the Actuarial Standards of Practice, the Actuarial Code of Professional Conduct, and GASB 45. Specific elements to be provided in the GASB 45 analysis shall comply with minimum standards information requirements as described in GASB 45.

Proposals must be received by the TJPA no later than 3:00 pm Pacific Time on Tuesday, April 7, 2015 at the following address:

Transbay Joint Powers Authority

201 Mission Street, Suite 2100

San Francisco, CA 94105

Reponses to this RFP that are not received by the time and date specified, do not contain all the required information and completed forms, or do not meet required skills and experience qualifications shall be deemed non-responsive and rejected without consideration.

[Note: Proposers are encouraged to Register on the TJPA’s website to be alerted when changes and new documents are added]