My Florida Marketplace #ITN 26-02

Independent actuarial valuations and plan pricing for the Florida Prepaid College Program

Florida’s State Board of Administration is seeking an independent actuarial firm to support the Florida Prepaid College Program’s valuations and plan pricing. - Government buyer: State Board of Administration (SBA), for the Florida Prepaid College Program, administered by the Florida Prepaid College Board; Tallahassee, Leon County, Florida. - Requested services: - Four quarterly valuation letters per year, supported by monthly discounted and undiscounted cash-flow projections. - One annual actuarial valuation and cash-flow report, including experience review, surplus reconciliation, termination-liability calculations, assumption recommendations, and sensitivity analyses. - One annual plan-pricing report with prices by payment option, beneficiary age, and product; test pricing adequacy and disclose break-even investment returns. - Quarterly data review and reconciliation, consultation, Board presentations, supporting electronic reports and files, and additional studies or advisory work as requested. - Notable requirements: Work must follow applicable actuarial standards and documented quality-control practices. The firm must securely handle confidential data, maintain continuity and cross-training, provide reproducible work papers and audit support, and meet specified qualifications for the primary actuary. - Products and quantities: No hardware or part numbers are requested. The recurring report quantities are four quarterly valuation letters, one annual valuation report, and one annual pricing report. - Vendors and references: Milliman, Inc. prepared the attached illustrative quarterly reserve and annual pricing reports. It is identified as the preparer of reference materials, not as the selected provider or awardee. No other prospective bidders or service providers are named. - Contract term: An anticipated five-year initial term with up to five optional renewal years; no annual subscription is specified.

Description

The State Board of Administration seeks qualified firms to provide independent actuarial services for the Stanley G. Tate Florida Prepaid College Program, supporting actuarial soundness evaluations and plan pricing. Work includes quarterly and annual actuarial valuations and cash-flow projections, annual pricing reports, assumption and sensitivity analyses, data review, and consultation with the Board. The scope also includes presentations, supporting files, data security, quality control, recordkeeping, and additional actuarial studies or related services upon request. Services must use data and assumptions supplied or approved by the Board and comply with applicable actuarial standards.

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