Washington County Ionwave #PUR-1817 Addendum 1

Washington County, MD Actuarial Consulting & Record-Keeping Services for Retirement and OPEB Plans

Washington County, Maryland is seeking a qualified firm to provide record-keeping and actuarial consulting services for its retirement and post-employment benefit programs. - Government Buyer: - Washington County, Maryland (Board of County Commissioners, Department of Health and Human Resources, Retirement Coordinator, Chief Financial Officer) - Programs Covered: - Employees' Retirement Plan (including Deferred Retirement Option Program - DROP) - Volunteer Length of Service Award Program (LOSAP) for emergency services providers - Other Post-Employment Benefits (OPEB) under GASB-74 and GASB-75 - Services Requested: - Actuarial valuations and certification for retirement and OPEB plans - Record-keeping and participant data management - Compliance support for GASB-74/75 and Maryland/federal regulations - Benefit calculations, funding status, risk assessment, and payment projections - Advisory and consulting services, including annual reports and financial disclosures - Support for plan administration and regulatory compliance - Notable Requirements: - Experience with public sector retirement and OPEB plans - Ability to provide both actuarial and record-keeping services - Professional liability insurance and confidentiality compliance - Annual lump sum pricing with hourly rates for extra work - OEMs and Vendors: - No specific OEMs or product manufacturers are named; the focus is on professional actuarial and consulting services - Contract Structure: - Initial one-year term with up to four annual renewal options - Services aligned with the County's fiscal year (July 1 – June 30) - Locations: - Primary place of performance and contracting: 100 West Washington Street, Hagerstown, MD 21740 - Additional relevant office: 1 W. Pennsylvania Avenue, Suite 600, Towson, MD 21204 (consultant location) - Unique Aspects: - Services span multiple benefit programs with distinct actuarial and compliance needs - Deliverables include detailed actuarial reports, risk measures, and benefit payment projections through 2035

Description

Washington County, Maryland is soliciting proposals for record-keeping and actuarial consulting services related to its employee retirement plan, the Volunteer Length of Service Award Program (LOSAP) for emergency services providers, and other post-employment benefits under GASB-75 (OPEB). The contract includes providing actuarial valuations, maintaining compliance with relevant regulations, and supporting the administration of these benefit programs. The solicitation includes a draft contract and detailed attachments such as sample pension statements, actuarial evaluation reports, and program documents. The contract term is one year with options to renew for up to four additional years.

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