Itb 20251972 Actuarial Services For Pension Plan

The Transit Authority of River City (TARC) is seeking qualified actuarial firms to provide comprehensive actuarial valuation services and prepare formal reports for its closed defined benefit pension plan, which has been inactive to new entrants since September 1, 1991. The primary objective is to ensure accurate assessment of the plan’s financial health, compliance with relevant laws and standards, and support for the Authority’s financial reporting and funding obligations. The contract, anticipated to last five years, will be awarded at the sole discretion of TARC, contingent upon available funding and satisfactory performance by the selected firm. The procurement process involves issuing an Invitation to Bid (ITB), with detailed instructions, scope of work, federal clauses, and submission schedules outlined for prospective bidders. Bidders are required to submit a comprehensive cost proposal using a designated cost form, which includes estimated hourly rates for staff involved in the valuation process and total costs for the five-year term. The contract documentation specifies responsibilities, terms, and conditions, including compensation not to exceed a predetermined amount, service delivery locations, and invoicing procedures. Additionally, the process involves compliance with IRS requirements, such as submitting IRS Form W-9 to certify taxpayer identification information. Overall, the contract aims to secure expert actuarial services to accurately evaluate the pension plan’s financial position, ensure regulatory compliance, and support TARC’s long-term financial planning and reporting needs.