FOR A LEGISLATIVE ACTUARY

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FOR A LEGISLATIVE ACTUARY

  1. 1. THE LEGISLATIVE SERIVCE BUREAU STATE OF OKLAHOMA REQUEST FOR PROPOSALS FOR A LEGISLATIVE ACTUARY ACTUARIAL SERVICES #2006-1 The Legislative Service Bureau (74 O.S. Section 450.1 et seq.) (“LSB”), is soliciting proposals from qualified firms or entities to be the “Legislative Actuary” to provide actuarial consulting services and other duties provided in the Oklahoma Pension Legislation Actuarial Analysis Act (SB 1894 (2006) (“Act”); Title 62 O.S. Supp. 2006, Section 3101 et seq.; Title 74 O.S. Supp. 2006, 452.15). This Request for Proposals (RFP) provides information on the required actuarial services, establishes the specifications and requirements for submitting proposals, and provides information about the proposal evaluation process. The term “Vendor” as used in this RFP shall mean the company, firm, or person submitting a proposal for consideration. LSB reserves the right without prejudice to reject any or all proposals submitted. There is no express or implied obligation for LSB to reimburse Vendors for any expenses incurred in preparing proposals in response to this RFP. In the event that none of the proposals are satisfactory to LSB, no selection will be made. Proposals submitted in response to this RFP become the property of LSB and are subject to public inspection. LSB reserves the right to modify the RFP contents and requirements at any time prior to the submission deadline. This RFP is comprised of eleven (11) sections which contain sixteen (16) pages total and a copy of Senate Bill 1894 (2006). The sections are as follows: Section Page # I. Proposal Cover Sheet (to be returned with Proposal) 3 II. Mandatory Requirements for Submitting a Proposal 4 III. Background 6 IV. Timeline 7 V. Communication with OPERS 7 VI. Proposal Preparation & Submission Requirements 7 VII. Minimum Qualifications of the Actuarial Firm 9 VIII. Statement of Needs 10 IX. General Terms and Conditions 12 X. Questionnaire 14 XI. Evaluation Criteria and Award 16 This RFP can be found on the LSB website at www.lsb.state.ok.us . If you are unable to download the document from the website, you can also obtain an electronic copy of this RFP through e-mail. Send your request to: rfp2006-1@lsb.state.ok.us . Include the name of the RFP and the proposal number in your request. All responses to this RFP must be submitted in accordance with the instructions contained in the RFP. Electronic responses to this RFP will not be considered. Regardless of the manner in which the RFP document is received by the Vendor, the contents of the RFP may not be altered in any way. The Vendor’s Affidavit and all questions must be identically reproduced LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 1 of 16
  2. 2. in the submitted proposal. Any alterations to the contents of the RFP document will be grounds for rejection from consideration or termination of a resulting contract. By submitting an RFP, it is agreed by the Vendor that any misleading or false information given may be grounds for rejection from consideration, or termination of any resulting contract whenever and however discovered. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 2 of 16
  3. 3. I. PROPOSAL COVER SHEET (must be signed, notarized and returned) Proposal Number Proposal Deadline #2006-1 must be received by 4:30 p.m. CT (Legislative Actuary - October 31, 2006 Actuarial Consulting Services) Vendor Identification: Name of Firm: FEI # (if applicable) Address: City/State/Zip Code: Telephone Number: Facsimile Number: E-mail of contact VENDOR’S AFFIDAVIT STATE OF ______________________________) ) SS: COUNTY OF ____________________________) ________________________________ (Print Name), of lawful age, being first duly sworn, on oath says that: 1. (S)he is the duly authorized agent of __________________________________, the vendor submitting this proposal which is attached to this statement for the purpose of certifying the facts pertaining to the existence of collusion among vendors and between vendors and state officials or employees, as well as facts pertaining to the giving or offering of things of value to government personnel in return for special consideration in the letting of any contract pursuant to the proposal to which this statement is attached; 2. (S)he is fully aware of the facts and circumstances surrounding the making and submitting of this proposal and has been personally and directly involved in the proceedings leading to the submission of such proposals; and 3. Neither the vendor nor anyone subject to the vendor’s direction or control has been a party: a) to any collusion among vendors in restraint of freedom of competition by agreement to propose a fixed price or to refrain from submitting a proposal; b) to any collusion with any state official or employee as to quantity, quality or price in the prospective contract, or as to any other term of such prospective contract; nor, c) in any discussions between vendors and any state official concerning exchange of money or any other thing of value for special consideration in the award of this prospective contract; d) to paying, giving or donating or agreeing to pay, give or donate to any officer or employee of the State of Oklahoma, any money or other thing of value, either directly or indirectly, in procuring this prospective contract. 4. The information contained in this proposal is true, correct and accurate as presented. __________________________________________________________________ Name/Title Subscribed and sworn to before me this _______ day of _____________________, 20 ____. __________________________________________________________________ Notary Public (seal) My commission expires: ________________________ LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 3 of 16
  4. 4. 1II. MANDATORY REQUIREMENTS FOR SUBMITTING A PROPOSAL A. Proposals must be received by the deadline only at the following address: Legislative Service Bureau ATTN: Dale Wythe, Director State Capitol Building 2300 N. Lincoln Blvd., Rm B-30 Oklahoma City, Oklahoma 73105 B. The deadline for receipt of complete proposals is 4:30 p.m. Central Time, on October 31, 2006. Proposals submitted to the incorrect address or location or received after this date and time will be rejected and will not be considered. C. The Original Proposal must contain the Proposal Cover Sheet, fully completed, signed and notarized. The original proposal must be clearly marked “ORIGINAL.” Proposals should be formatted in substantial compliance with Section VI, Proposal Preparation and Submission Requirements. The Vendor shall submit an original plus six (6) additional copies of its response including the same number of any supplemental materials. Each copy must be clearly marked “COPY.” Packages must be labeled as indicated in Section VI, Proposal Preparation and Submission Requirements. The Original Proposal, the Proposal Cover Sheet and the required copies must be submitted together in one completely sealed package, box or envelope. It must be clearly marked “Legislative Service Bureau, Legislative Actuary - Actuarial Consulting Services Proposal” on the outside face of the package containing the proposal in order that it can be identified without opening the package. D. Proposals may be mailed either by U.S. mail, express courier, or hand-delivered. The Vendor shall be responsible for actual delivery of the proposal to the proper address before the deadline regardless of the delivery method used. All proposals become the property of LSB. E. In an effort to clarify any issues in this RFP, LSB will respond only to questions that are presented through e-mail in a Microsoft Word document. Questions should be submitted to Dale Wythe at rfp2006-1@lsb.state.ok.us . These questions will be consolidated into a single Q&A document and posted on the LSB website at www.lsb.state.ok.us . All questions must be received by LSB by 4:30 p.m. Central Time on October 11, 2006. The Q&A document will be posted on the LSB website at www.lsb.state.ok.us tentatively on October 18, 2006. This will be the only distribution method for the Q&A document. F. It is the responsibility of the Vendor to ensure compliance with all requirements and deadlines. Proposals which are not in compliance with each and every requirement contained in this RFP may be rejected. G. All costs of preparation and presentation associated with your response to this RFP will be the responsibility of the Vendor. Vendors may be asked to make a presentation before LSB if selected as a finalist. None of the costs associated with this presentation will be reimbursed by LSB. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 4 of 16
  5. 5. H. LSB reserves the right to request additional information from any Vendor and to accept or reject any proposal without specifying the reason for its actions. LSB reserves the right to request additional proposals. Further, LSB specifically reserves the right to renegotiate for lower fees at any time with any Vendor. I. LSB also reserves the right to award all, part, or none of this contract. LSB reserves the right to award contracts to more than one Vendor if deemed appropriate and desirable. J. The Vendor shall be bound by the information and representations contained in any proposal submitted. Said proposal is deemed to be a binding offer on the part of the Vendor. Vendor agrees that Oklahoma law will govern. K. Submission of a proposal in response to this RFP evidences the Vendor’s acceptance of the terms and conditions within the RFP. L. LSB prohibits the payment of a finder’s fee in any form. The Vendor must certify that no finder’s fee or finder’s commission has been paid or shall be paid to any individual or organization from the establishment of this relationship with LSB. M. The Vendor shall respond fully and completely to all requested information contained in this RFP in good faith and to the best of its abilities. N. The Vendor must fully disclose any proposed subcontracting of any of the required services. O. All Vendors must agree that any resulting contract and actuarial services will be subject to and interpreted by Oklahoma law, and agree that this RFP and the Vendor’s response will be incorporated by reference to any resulting actuarial consulting agreement. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 5 of 16
  6. 6. III. BACKGROUND Legal Authorization SB 1894 (2006) was signed into law by the Governor of Oklahoma and became effective July 1, 2006. The Act is referred to as the Oklahoma Pension Legislation Actuarial Analysis Act and consists of all new law. It is codified in Title 62 O.S. 2006, Sections 3101 – 3114 and Title 74 O.S. 2006, Section 452.15. The Act authorizes the Legislative Service Bureau to contract with a person or firm to perform the services of a Legislative Actuary as defined in the Act. The Legislative Actuary shall make certain determinations as detailed in this RFP only for three of the state retirement systems (Oklahoma Public Employees Retirement System, Uniform Retirement System for Justices and Judges; and the Teachers’ Retirement System of Oklahoma). A copy of the Act is attached to this RFP. The contract, if awarded, shall be the controlling document and LSB shall make any interpretations of the Act. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 6 of 16
  7. 7. IV. TIMELINE The following timeline is an estimate and may be adjusted at LSB’s discretion any time during this procurement process. TASK DATE Distribution of RFP 9/29/2006 Deadline for questions submitted in writing 10/11/2006 Tentative date for answers to questions 10/18/2006 Proposals due (no later than 4:30 p.m. Central Time) 10/31/2006 Award business (date contingent upon final negotiations) 11/15/2006 Estimated contract start date 12/1/2006 All proposals submitted in response to this RFP must be delivered to LSB no later than 4:30 p.m. Central Time on October 31, 2006. V. COMMUNICATION WITH LSB In an effort to clarify any issues in this RFP, LSB will respond only to questions that are presented as described in paragraph E of Section II, Mandatory Requirements for Submitting a Proposal. Vendors are responsible for checking the website periodically for updates to the RFP. No verbal communication will override written communications, and only written communications are binding. VI. PROPOSAL PREPARATION AND SUBMISSION REQUIREMENTS Proposals submitted in response to this RFP should be prepared simply and economically, avoiding the use of elaborate promotional materials beyond those sufficient to provide a complete, accurate and reliable presentation. Each page of the proposal should be consecutively numbered. LSB assumes no financial responsibility for any costs incurred in responding to this RFP. All materials submitted in response to this RFP become the property of LSB and are subject to public inspection. A. Proposal Packages In addition to the submission requirements contained in paragraph C of Section II, Mandatory Requirements for Submitting a Proposal, Vendors should properly identify on the exterior of the packages containing their proposals the firm name, street address or P.O. Box, City, State and Zip Code. As indicated above, the RFP title should be visible on the outside face of the package. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 7 of 16
  8. 8. B. Proposal Preparation Proposals should be prepared simply and economically, providing a straightforward, concise description of capabilities to satisfy the requirements of the RFP. Emphasis should be placed on completeness and clarity of content. Proposals should be organized in the order listed in paragraph C below, Proposal Contents. All pages of the proposal should be consecutively numbered. Each paper copy of the proposal should be bound or contained in a single volume where practical. All documentation submitted with the proposal should be contained in that single volume. Ownership of all data, materials and documentation originated and prepared for LSB pursuant to the RFP shall belong exclusively to LSB. C. Proposal Contents Proposals submitted in response to this RFP must include, at a minimum, the information and documents outlined below. 1. Signed Proposal Cover Sheet (see Section I). The original signed and notarized proposal cover sheet must be submitted with the original proposal and original copies of other required documents. The six (6) copies of the proposal cover sheet must be included in each required copy of the proposal. 2. Firm Proposal and Work Plan This section must identify the major tasks outlined in Section VIII, Statement of Needs, to be accomplished within delineated time frames for use as a scheduling and managing tool. Vendors may propose additional tasks or activities if they will substantially improve service delivery. The work plan also must indicate how the firm will organize its staff and the various duties they will perform to carry out the responsibilities defined in Section VIII, Statement of Needs. 3. Actuary Information and Qualifications Vendors should provide detailed information, including biographical information, regarding the professional and experience qualifications of the primary (supervising) and secondary or support actuaries who shall perform work under the resulting contract. 4. Response to RFP Questionnaire Vendors must complete and return the RFP Questionnaire as described within this RFP. It is important that each question be completed as instructed. Any alternative or creative responses may be attached separately, but may not be used in lieu of answering or completing any questions. Failure to complete this questionnaire in the format provided may result in rejection of the proposal. Proposals containing false or misleading information may be rejected. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 8 of 16
  9. 9. 5. Fee Proposal The Vendor’s fee proposal must include an hourly fee structure for the actuarial duties as detailed in Section VIII, Statement of Needs, to be performed during the contract period. Additional reimbursement for travel incidental to the contract will be on an agreed to basis. VII. MINIMUM QUALIFICATIONS OF THE ACTUARIAL PERSON OR FIRM The Vendor must meet all of the following minimum qualifications. Failure to meet the minimum qualifications described in this RFP may result in the rejection of the proposal. The Vendor shall certify that the person or firm, the primary or principal actuary performing the work, and any secondary or supporting actuary who may assist the primary actuary, meet the following minimum qualifications: A. Is a member in good standing and not currently subject to disciplinary action of the American Academy of Actuaries, an Associate or Fellow of the Society of Actuaries or an enrolled actuary; and B. Has substantially provided actuarial services for large, public retirement systems. C. The Vendor must have all necessary permits and licenses. Liability as well as errors and omissions insurance must be in full force at the time the proposal is submitted and must be maintained throughout the term of the contract. D. The Vendor must provide its own work facilities, equipment, supplies, and support staff to perform the required services. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 9 of 16
  10. 10. VIII. STATEMENT OF NEEDS The Vendor shall provide actuarial services to LSB in compliance with the Oklahoma Pension Legislation Actuarial Analysis Act (SB 1894 (2006); 62 O.S. 2006, Sections 3101 – 3114; 74 O.S. 2006, Section 452.15) and per the terms of contract. The Vendor will be required to perform services according to a schedule as required by LSB. Please indicate your ability to meet the requirements specified below and identify any deviations from the specified requirements. LSB may consider deviations from the following requirements but any proposed deviations must be submitted in writing as part of the proposal and must clearly be identified in the appropriate section of the proposal. Services required by the Legislative Actuary shall be as follows: A. To determine if a proposed bill is a retirement bill having a fiscal impact or is a non-fiscal bill as defined in the Act. Such analysis shall be certified in writing by the Legislative Actuary and shall identify the bill by its retirement bill number (RB#). The certification shall be presented to LSB per the contract and prior to the deadlines set by the Rules of the Oklahoma Senate and House of Representatives. B. To determine if committee amendments and floor amendments to retirement bills shall cause a fiscal impact to the affected retirement system. The Legislative Actuary shall certify in writing whether or not the amendment causes a fiscal impact to the affected retirement system. The written certification shall be presented to LSB per the contract and prior to the deadlines set by the Rules of the Oklahoma Senate and House of Representatives. C. If a committee approves to send a fiscal retirement bill to the Legislative Actuary for an actuarial investigation then the Legislative Actuary shall perform such written actuarial investigation which shall include but not be limited to the following factors as are relevant to the retirement bill under consideration: 1. The dollar amount of the unfunded actuarial accrued liability which will result from the bill for the retirement system affected by the bill; 2. The dollar amount of the annual normal cost which will result from the bill for the retirement system affected by the bill; 3. A statement of the employer contribution rate currently in effect for the retirement system affected by the bill; 4. A statement of the employer contribution rate necessary for the retirement system to receive the required annual employer contributions consistent with the most recently available valuation report prepared by the actuary employed by the retirement system affected by the bill; 5. A statement of the dollar amount of the increase in the annual employer contribution, if an existing retirement system is affected by the bill, or a statement of the total annual employer contribution, if a new retirement system is established by the bill, which will be necessary to maintain the retirement system affected or established by the bill in an actuarially sound condition thereby creating no increase in unfunded liability as defined by the most recent actuarial evaluation of an existing system; and 6. A statement of the effect on the funded ratio for the retirement system affected by the bill. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 10 of 16
  11. 11. The actuarial investigation shall also include a written summary of the investigation which shall include the relevant findings of the above listed items, as applicable. The actuarial investigation made from the request of LSB shall be performed and delivered to LSB by not later than November 1 of the year in which it is requested. (See exceptions in paragraphs D & E) D. A fiscal impact retirement bill shall not be amended after the actuarial investigation as provided in paragraph C unless the amendment would be a non-fiscal amendment or if it would cause a reduction in cost to the affected retirement system. The Legislative Actuary upon the request of LSB shall certify if the amendment is a non-fiscal amendment or conduct an actuarial investigation if the amendment would reduce costs to the systems in the manner provided in paragraph C. The deadlines, however, will not be November 1, for such actuarial investigation but shall be as set by the Rules of the Oklahoma Senate and House of Representatives. E. A retirement bill having a fiscal impact may be introduced, considered and enacted in any year of a regular session if it is introduced solely for the purpose of an unforeseen or emergency situation that needs to be addressed immediately. An actuarial investigation shall be conducted during the regular session as requested for such emergency bills and the November 1, deadline shall not apply. The deadlines, however, will not be November 1, for such actuarial investigation but shall be as set by the Rules of the Oklahoma Senate and House of Representatives. Such actuarial investigation shall be made in the manner as provided in paragraph C. F. Only the committee assigned to a retirement bill may convert a fiscal retirement bill to a non- fiscal retirement bill. If such conversion occurs the Legislative Actuary shall determine whether such bill is a non-fiscal retirement bill and certify in writing its determination. Such certification shall occur and be delivered to LSB prior to the deadline set by the Rules of the Oklahoma Senate and House of Representatives. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 11 of 16
  12. 12. G. The Vendor shall make available at least one primary staff contact and one secondary staff contact to which LSB, Senate and House staff may direct questions and seek assistance as needed. The primary and secondary contacts should be readily accessible by telephone or e-mail within one (1) working day. IX. GENERAL TERMS AND CONDITIONS A. Applicable Laws and Courts This solicitation and any resulting contract shall be governed in all respects by the laws of the State of Oklahoma, and any litigation with respect thereto shall be brought in the District Court of Oklahoma County, Oklahoma. The Vendor shall comply with all applicable federal, state and local laws, rules and regulations. B. Ethics in Public Contracting By submitting their bids or proposals, Vendors certify that their bids/proposals are made without collusion or fraud and that they have not offered or received any kickbacks or inducements from any other Vendor, supplier, manufacturer or subcontractor in connection with their bid/proposal, and that they have not conferred on any public employee having official responsibility for this procurement transaction any payment, loan, subscription, advance, deposit of money, services or anything of value, in exchange for procuring this contract. C. Qualifications of Vendors LSB may make such reasonable investigations as deemed proper and necessary to determine the ability of the Vendor to perform the services/furnish the goods, and the Vendor shall furnish to LSB all such information and data for this purpose as may be requested. LSB reserves the right to inspect the Vendor’s physical facilities prior to award to satisfy questions regarding the Vendor’s capabilities. LSB further reserves the right to reject any proposal if the evidence submitted by, or investigations of, such Vendor show that the Vendor is not properly qualified to carry out the obligations of the contract and to provide the services and/or furnish the goods contemplated therein. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 12 of 16
  13. 13. D. Business Continuity The Vendor must indicate any recent or anticipated changes in its corporate structure such as mergers, acquisitions, new venture capital, stock issue, etc. The Vendor agrees to present to LSB a business continuation plan for this program in the event of natural or other disaster. E. Assignment of Contract A contract shall not be assignable by the Vendor in whole or in part without the written consent of LSB. F. Confidentiality The Vendor is expected to comply with provisions of Oklahoma statutes regarding confidentiality of membership data of the affected retirement system, as applicable, and agrees not to disclose confidential membership information to other parties without the retirement system’s prior authorization and approval. G. Period of Contract It is anticipated that the initial contract shall be for a period commencing on December 1, 2006 through June 30, 2007. The contract will automatically be extended for additional terms of twelve (12) months beginning July 1, and ending June 30, of the following year unless terminated per the contract. LSB reserves the right to terminate the contract upon thirty (30) days notice, with or without cause. The process of evaluating the proposals and conducting any subsequent interviews may extend past the proposal deadline, and possibly into the anticipated contract period. All vendors who have submitted a proposal will be notified of LSB’s decision after the final selection has been made. This notice of final selection may be the only communication between LSB and the Vendors. H. Ownership of Data and Work Product There is a presumption that all work product generated for LSB under this contract, as well as all data compiled by the Vendor while performing this contract, shall become the sole property of LSB. LSB must be given reasonable access to all such work product or data compiled by the Vendor in the performance of this contract. I. Limitation of Liability, Hold Harmless Clauses & Indemnity The State of Oklahoma and its agencies are constitutionally barred from limiting the liability of a private vendor. Agencies are similarly prohibited from holding a private entity harmless from liability or providing indemnity to a private entity. The contract between the successful Vendor and LSB will not have any limitation of liability terms. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 13 of 16
  14. 14. X. QUESTIONNAIRE This questionnaire consists of several sections that correspond to the broad criteria that will be used to assess responses. You must reprint the questions along with your answers following each question. Include any assumptions or clarifying information as part of your response. Respond to each question. If the information has been provided elsewhere (i.e., within another response) make a clear reference to the appropriate response and the portion within the response that answers the question. A. Organization, Structure and Personnel 1. Provide the name and address of your company’s primary headquarters and the name and address of the office that will serve this account. 2. Provide the primary RFP contact’s name, address, title, telephone number, fax number and e-mail address. Provide brief biographies including title, function, academic credentials, actuarial credentials, public sector experience and other relevant experience for all primary and back-up personnel proposed for this account. Also, indicate the number of clients assigned to all primary and back-up personnel proposed for this account. 3. Give a brief history of your firm’s involvement in the actuarial consulting business, including the year of organization, current and historical ownership structure, and affiliations. 4. Describe any material changes to the company during the previous five (5) years, including changes in ownership structure, account personnel, business focus or objective, etc. Are ownership changes planned or anticipated at this time? 5. How many years has your firm provided actuarial consulting services to public sector pension plans? 6. What do you consider to be your firm’s consulting specialties, strengths and limitations? 7. Provide details on the financial condition of your firm. If public, provide your most recent audited financial reports. Also provide any additional information necessary to demonstrate the financial stability of your firm. 8. During the past five (5) years, has your organization or any of its affiliates, parent or predecessor organizations or any officer or principal of your organization been involved in any business litigation, regulatory or legal proceedings? If yes, provide a brief explanation and indicate the current status of the proceedings. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 14 of 16
  15. 15. 9. During the past five (5) years, has your organization or any of its affiliates, parent or predecessor organizations or any officer or principal of your organization been the subject of an audit, inquiry, or administrative action by the SEC, IRS, U.S. Justice Department, or state regulatory body? If yes, provide a brief explanation and indicate the current status of the proceedings. 10. Describe your firm’s backup procedures should any key personnel leave the firm? How would these procedures apply to professionals assigned to a potential LSB account? 11. Describe your firm’s level of coverage for errors and omissions insurance and any fiduciary or professional liability insurance carried by your firm. Is the coverage on a per client basis, or is the dollar figure applied to the firm as a whole? 12. Provide an organizational chart of your firm, including a corporate affiliation chart if the firm is owned or controlled by another entity. B. Actuarial Services & Resources 13. What standard services does your firm typically provide to its public pension full service actuarial consulting clients? Include descriptions of any research or other technical resources (including on-line databases and computer-based analytical tools) that you routinely make available to your clients. 14. Describe the services that distinguish your firm from your competitors. Briefly explain why your firm is the most qualified for this engagement. 15. Describe your firm’s philosophy relating to the actuarial consultant’s relationship with clients. 16. Describe your firm’s internal quality control processes for actuarial consultants’ reports and recommendations. How are these services monitored and reviewed? 17. Does your firm use internal or external legal expertise, or both? If external, state its source and nature. 19. How does your firm monitor and measure actuarial client satisfaction? C. References and Client Base 21. 18. How many actuarial services accounts has your firm lost in each of the last five (5) years? List each terminated client and indicate the reason(s) each account was lost. 19. Identify (by name) your firm’s five largest client relationships (based on membership). 20. Would your firm propose to use any subcontracts in the provision of the required LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 15 of 16
  16. 16. services? If yes, describe the specific services that would be subcontracted, the name of the subcontractor, and how you would control the quality of services provided. D. Fees and Fee Structure 21. Provide your hourly fee structure for the services outlined in Section VIII, Statement of Needs, for the period of the contract. 22. Describe any fees that are not included in the hourly fee structure discussed in question 21 above. XI. EVALUATION CRITERIA AND AWARD A. Proposal Evaluation LSB will evaluate proposals based on the following criteria: 1. Qualifications and experience of the firm and key personnel assigned to LSB, with emphasis on documented experience in successfully completing work on contracts of similar size and scope to those required by this RFP. 2. The Vendor’s planned approach for performing services required by Section VIII, Statement of Needs, of this RFP. 3. The overall ability of Vendor to successfully provide the services outlined in this RFP. 4. The Vendor’s cost proposal. 5. Other relevant criteria, as determined by LSB. At any time during the evaluation process, Vendors may be requested to be interviewed or to provide explicit written clarification of any part of their proposal. At its sole discretion, LSB reserves the right to reject any or all proposals and/or to waive any deviation or defect (deemed by LSB to be immaterial) within proposals. LSB’s waiver of any immaterial deviation or defect shall in no way modify the proposal or the RFP documents or excuse the applicant from full compliance with the RFP requirements. B. Selection Criteria On the basis of the evaluation factors included in this RFP, Vendors deemed to be fully qualified and best suited among those submitting proposals may be interviewed by LSB in a process that may include discussion and negotiation of key terms. Contract fees and rates will be considered but need not be the sole determining factor. After interviews have been conducted with each Vendor so selected, LSB will select the Vendor which, in its opinion, made the best proposal, and award the contract to such Vendor. LSB may cancel this Request for Proposals or reject proposals at any time prior to an award. The award document will be a contract incorporating by reference all the requirements, terms and conditions of the solicitation and the Vendor’s proposal as negotiated, as well as other terms and conditions as appropriate. LSB Legislative Actuary – Actuarial Services RFP – 9/29/2006 Page 16 of 16

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