Exhibit C


                        WASHINGTON STATE PENSION FUNDING COUNCIL
                                            A...
Exhibit C


6. Describe your firm’s theory and methodology for development of actuarial assumptions
   (except for the int...
Exhibit C


            

  11. Provide an organizational chart of your firm indicating lines of authority for personnel
 ...
Exhibit C



                     

           18. Describe the adequacy of staff resources and capacity for the proposed ...
Exhibit C


  22. Has your firm, within the last ten years, been censured or fined by any regulatory
      body? If so, pl...
Exhibit C


                        CATEGORY B: RISK ASSESSMENT STUDY REVIEW
                          QUESTIONNAIRE AND W...
Exhibit C


8. What methodology does your firm use in building a risk assessment model to ascertain
   the viability of a ...
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Questionnaire - Exhibit C

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Questionnaire - Exhibit C

  1. 1. Exhibit C WASHINGTON STATE PENSION FUNDING COUNCIL AND WASHINGTON STATE LEOFF PLAN 2 BOARD REQUEST FOR PROPOSALS (RFP) # 10-01 FOR ACTUARIAL AUDIT SERVICES AND RISK ASSESSMENT REVIEW SERVICES CATEGORY A: ACTUARIAL AUDITING SERVICES QUESTIONNAIRE AND WRITTEN RESPONSES Name of firm:       Provide written answers to the following questions, reproducing the questions with each answer. This questionnaire will be used as the basis for scoring and evaluation related to Category A services only. A. UNDERSTANDING SCOPE OF SERVICES / METHODOLOGY: 1. Describe in detail your understanding of the work that is to be performed as described in this RFP.       2. Describe the specific methodology to be used for the required scope of services identified in this RFP.       3. Describe the specific analytic methods that will be used to review the valuations and the appropriateness of the actuarial techniques used to calculate the contribution rates.             4. Specify the method used to ensure that no material items are overlooked and that the methods used in the valuation are reasonable.       5. Provide a timeline for completion of the work identified in this RFP. Include proposed dates for each key stage or event of the project, indicate dates by which your firm must have specific input data from PFC or OSA, and indicate points in the project when your firm would plan to meet with PFC and/or OSA staff at our offices.       RFP 10-01 – Exhibit C Page 1 of 7 April 19, 2010
  2. 2. Exhibit C 6. Describe your firm’s theory and methodology for development of actuarial assumptions (except for the interest rate assumption, which is addressed separately).       7. Describe your firm’s approach to recommendations regarding the amortization of unfunded liabilities.       8. Describe your approach to measuring funded status and funding progress in order to facilitate the assessment of trends over several valuations of a client.       9. Describe the capabilities of your valuation system(s) and your computer system support.       10. Describe your quality control processes for actuarial audit reports and recommendations. How are these services monitored and reviewed?       11. Provide one recent actuarial audit report as provided to an existing client (redact client information as you deem necessary).       B. ORGANIZATION AND EXPERIENCE 12. Describe the background and ownership of the firm. Describe any material changes in organization structure or ownership that have occurred in the past five years. a. Year firm was formed and began providing actuarial consulting services to institutional clients. b. The ownership structure. Indicate all entities that have an ownership stake in the firm (name and percentage). c. Affiliated companies or joint ventures. d. Recent or planned changes to the ownership or organization structure. e. Transition plans for retirement of key executives. f. Importance of actuarial consulting services to your parent company’s (if applicable) or your firm’s overall business strategy. g. Percentage of parent company’s (if applicable) or your firm’s revenues from actuarial consulting services. RFP 10-01 – Exhibit C Page 2 of 7 April 19, 2010
  3. 3. Exhibit C       11. Provide an organizational chart of your firm indicating lines of authority for personnel involved in performance of this potential contract and relationships of this staff to other programs or functions of the firm. This chart must also show lines of authority to the next senior level of management.       12. Provide a description of the proposed project team structure and internal controls to be used during the course of the project, including any subcontractors.       13. List the locations of each of the firm’s offices from which actuarial consulting services are provided. Indicate which office would be primarily responsible for servicing this relationship.       14. For the key executives and professionals in the actuarial consulting group, including the Primary Actuary and all Secondary Actuaries that would be assigned to this project please provide the following information: Name of senior       Years with firm       staff Degrees and professional       Years of       designations experience Responsibilities       within the firm. 15. Who within the firm will have prime responsibility and final authority for the work?       16. Does your firm intend to engage a subcontractor to assist in this engagement? If so, please identify the subcontractor, the personnel to be assigned to this project and the qualifications and experience of such personnel.       17. Identify any scheduling issues or conflicts that would reduce the availability of principal consultants for participation in meetings or presentation of audit results. If any such exist, describe how the issue would be resolved. RFP 10-01 – Exhibit C Page 3 of 7 April 19, 2010
  4. 4. Exhibit C       18. Describe the adequacy of staff resources and capacity for the proposed work, including the organization’s plan for unexpected contingencies affecting staff availability.       19. Discuss in general the firm’s competitive advantage over other firms in the actuarial consulting industry and in the actuarial audit service area. Why should PFC and LEOFF PLAN 2 hire your firm?       20. Provide the name, title, address, and telephone number for the following client references for whom your firm has provided either full service actuarial consulting or actuarial audit services similar to this mandate, as specified in each question (References will be contacted for the top-scoring proposal(s) only.): a. The client for whom your firm most recently completed an actuarial audit. b. The client for whom the primary actuary to be assigned to this project most recently completed an actuarial audit. c. The client with the longest full-service actuarial consulting relationship with your firm. d. A multi-employer public pension plan client for whom your firm has provided full-service actuarial consulting for at least three years. Client name Contact Advance notice Phone number Year required and/or email retained                                                                                                                                                       Public funds (1 required):                                                             21. Over the past five years, has your organization or any officer or principal been involved in any business litigation or other legal proceedings related to any actuarial consulting activities or actuarial auditing services? If so, provide a brief explanation and indicate the current status.       RFP 10-01 – Exhibit C Page 4 of 7 April 19, 2010
  5. 5. Exhibit C 22. Has your firm, within the last ten years, been censured or fined by any regulatory body? If so, please indicate the dates and describe the situation.       23. Is the firm affiliated with any other firm(s) offering non-actuarial services that could represent conflicts of interest? If yes, briefly describe your firm’s policies and procedures for doing business with these affiliates while safeguarding against conflicts of interest.       24. Do you, your parent company, or any affiliated company have any business relationships with the Office of the Washington State Actuary (OSA)? If so, describe that relationship.       25. List and describe any professional relationship your firm or any of your actuarial consulting group staff have with any member of the LEOFF Plan 2 Board, the PFC, or OSA staff.       26. Indicate when and why any senior personnel or key professionals left or joined the firm in the last five years. (For personnel who have left indicate job titles and years with the firm and who replaced them).       C. CONFIDENTIAL DATA SECURITY 27. Describe your system security measures, data back up and disaster recovery procedures.       28. Has your company experienced an incident when participant or plan data has been compromised? If so, describe the situation and identify any steps your company has taken to avoid such incidents in the future.       29. How will you assure that if you engage any subcontractor that they will maintain the privacy of data used in providing the services sought in this RFP?       RFP 10-01 – Exhibit C Page 5 of 7 April 19, 2010
  6. 6. Exhibit C CATEGORY B: RISK ASSESSMENT STUDY REVIEW QUESTIONNAIRE AND WRITTEN RESPONSES Name of firm:       Provide written answers to the following questions, reproducing the questions with each answer. This questionnaire will be used as the basis for scoring and evaluation related to Category B services only. 1. Describe your firm’s experience in developing, analyzing, or reviewing economic, financial, actuarial, or risk models.       2. Describe your experience in performing cost-benefit, net-present value, or risk analyses, and/or your experience in public policy analysis.       3. Describe the specific analytic methods to be used for the required risk assessment study scope of services identified in this RFP?       4. Provide a timeline for completion of the for the required risk assessment study work identified in this RFP. Include proposed dates for each key stage or event of the project, indicate dates by which your firm must have specific input data from PFC or OSA, and indicate points in the project when your firm would plan to meet with PFC and/or OSA staff at our offices.       5. What measures does your firm employ in examining the complexity of the design of public pension plans?       6. What measures does your firm employ in examining the complexity of the design of public pension plans?       7. Provide one recent analysis report (other than an actuarial valuation or actuarial audit) as provided to an existing client (redact client information as you deem necessary).       RFP 10-01 – Exhibit C Page 6 of 7 April 19, 2010
  7. 7. Exhibit C 8. What methodology does your firm use in building a risk assessment model to ascertain the viability of a public pension plan?       B. ORGANIZATION AND EXPERIENCE (IF YOU ARE RESPONDING TO BOTH THE ACTUARIAL AUDIT AND RISK ASSESSMENT PORTIONS OF THIS REQUEST, YOU MAY COMPLETE THIS SECTION JUST ONCE) 13. Describe the background and ownership of the firm. Describe any material changes in organization structure or ownership that have occurred in the past five years. a. Year firm was formed and began providing actuarial consulting services to institutional clients. b. The ownership structure. Indicate all entities that have an ownership stake in the firm (name and percentage). c. Affiliated companies or joint ventures. d. Recent or planned changes to the ownership or organization structure. 9. For the key executives and professionals who would be assigned to the risk assessment review project please provide the following information: Name of senior       Years with firm       staff Degrees and professional       Years of       designations experience Responsibilities       within the firm. 10. For each named staff member or subcontractor, include a publication list of academic or professional papers published or presented during a period of at least the last five years, with either working hyperlinks or electronic copies of any papers on the topics of risk assessment, risk management, public sector finance, or public sector pension funding. Copies or links for papers on other topics are optional in the proposal.       RFP 10-01 – Exhibit C Page 7 of 7 April 19, 2010

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