Actuarial Valuation & Consulting Services

TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
REQUEST FOR PROPOSALS
RFP 27-01
ACTUARIAL VALUATION & CONSULTING SERVICES
April 8, 2026
The Town of Westerly/Westerly Schools (Town), Westerly, RI, acting through its Purchasing
Agent, is hereby soliciting sealed bids for the above referenced RFP and you are hereby
invited to submit a Proposal for the Scope of Work described in this Request for Proposal,
in strict accordance with the Bid Documents.
TERMS AND CONDITIONS
Bids shall be based on the Terms and Conditions as referenced in this Request for Proposal.
BID DUE DATE/SUBMITTING INSTRUCTIONS
BIDS ARE DUE and MUST BE SUBMITTED on the attached BID FORM, Attachments B, NO LATER THAN
2:00 p.m. EST April 29, 2026. A Bid submitted on other than the attached BID BREAKDOWN FORM
may be rejected. Envelopes containing bids must be sealed and addressed to the undersigned, at
the Purchasing Department, 2nd Floor office, Westerly Town Hall, 45 Broad St., Westerly, RI 02891
and must be clearly marked with the Name and Address of Bidder, Bid Due Date and Time, and RFQ
Number and Title. Bidders must include one original and a Digital (soft) copy for Public Use on a
flash drive of the Bid as defined in the Instruction to Bidders.
BIDDER'S QUESTIONS
Questions regarding this solicitation must be emailed and received by the Purchasing
Agent at ecardillo@westerlyri.gov no later than 12:00 PM on April 21, 2026, in a Microsoft
Word attachment with the corresponding solicitation number. Questions, if any, and
responses will be posted on the Town of Westerly website at www.westerlyri.gov as an
addendum to this solicitation. Bidders are responsible for checking the Town's website
for all addenda distributed in response to questions and requests for additional
information.
SPECIAL INSTRUCTIONS TO BIDDERS
1. Bidder shall base the Proposal on providing all materials and equipment, FOB jobsite.
2. Bidder's prices shall include all Permits/Fees.
3. Quotes must be firm for a minimum of 120 days from date of submission.
4. Bid Completeness - Pricing submitted on this project must be an all-inclusive price.
The intent of an all-inclusive Price is such that no Adds or Change Orders will be
necessary.
5. If the Bidder submits a supporting/additional document with their bid, that document
must include page numbers.
6. This project is Tax exempt for Rhode Island Sales Tax and Federal Excise Taxes.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
7. SELECTION CRITERIA - The evaluation will be completed by the Selection Team. The
members of the Team will, individually and collectively, evaluate each properly
submitted proposal, and may, select a group of finalists. Each finalist may be
interviewed by the Team to determine, all factors considered, the most qualified and
capable Bidder with which to contract. While the fee schedules will be discussed and
considered during these interviews, fees alone will not drive the committee's decision.
RFQ BID DOCUMENTS
Attachment A - Scope of Work/ Project Schedule, Pages 3-6
Attachment B - Bid Form Pages, 7-9
Attachment C - Instruction to Bidders, Pages 10-15
APPENDIX A - Bidder Certification, Pages 16-20
Agreement - Westerly Standard Professional Agreement, Pages 21-29
BIDDER CERTIFICATION and DISCLOSURE FORM: Bidders must include,
complete, sign and submit a Bidder Certification Form with each bid proposal. See
APPENDIX A.
This solicitation is available at www.westerlyri.gov.
The Town of Westerly/Westerly Schools reserves the right to reject any/all bids, waive any
informality in the bids received and to accept and award the bid to the lowest evaluated bid deemed
most favorable to the interest of the Town/School.
The Town/School does not discriminate based on age, color, gender, national origin, race, religion,
sexual orientation, or disability in accordance with applicable laws and regulations
Regards,
Eileen Cardillo
Purchasing/Risk Manager
Town of Westerly/ Westerly Public Schools
45 Broad Street
Westerly, RI 02891
Tel: (401) 348-2599
Email: ecardillo@westerlyri.gov
www.WesterlyRI.gov
CC: SH
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
ATTACHMENT "A"
SCOPE OF WORK
(And Project Schedule)
ACTUARIAL VALUATION & CONSULTING SERVICES
RFP 27-01
SCOPE OF WORK
1. Description of Scope
The Successful Bidder will be responsible for the completion of the following work scope items:
INTRODUCTION
The Town of Westerly (Town) is requesting proposals to conduct independent actuarial valuations
for our Police Pension Funds and Other Post-Employment Benefits. There is a separate scope of
work for each of these projects. It is our intent to retain a Rhode Island Certified Actuary firm for a
three-year contract with option to extend for additional two (2) 1-year terms for a total of five years
at the Town's discretion using complete valuations every year for the Police and Firefighters'
Funds and every other year of the Other Postemployment Benefits.
This proposal will cover the fiscal periods beginning on July 1, 2026 ending June 30, 2029, with
the option to renew for two twelve-month extensions for a total of five (5) years at the Town's
discretion.
The Town's annual CAFR and prior year actuarial reports can be found at
www.westerlyri.gov; under the Finance Department.
SCOPE OF WORK TO BE PERFORMED - ACTUARIAL PENSION AND POST EMPLOYMENT
BENEFIT PLAN SERVICES
ANNUALLY:
* Annual Police Pension GASB 67 and 68 reports under the terms of Governmental
Accounting Standards Board # 67/68.
* Annual post-employment benefits (OPEB) report in accordance with the terms of
Governmental Accounting Standards Board Statement # 74/75.
BI-ANNUALLY:
* Valuation Reports as required by RI legislation
* Interim Valuation Reports for both plans every other plan year.
ADDITIONAL SERVICES
* Attendance at one meeting per year including travel
* Management summary report highlight key results from the valuation and trends and
market changes that impact valuations
* Consulting on phone calls regarding valuation and other recurring issues
* Periodical retirement calculations as needed to plan for employee retirements.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
REPORT REQUIREMENTS
Annual GASB 67/68 Report: Pension Fund
1. Actuarial Certification
2. Statement of Fiduciary Net Position and Changes to the Fiduciary Net Position
3. Schedule of Changes in the Net Pension Liability and Related Ratios
4. Pension Expenses
5. Deferred Outflows of Resources and Deferred Inflows of Resources Relation to Pensions
6. Rate of Return
7. Discount Rate and Net Pension Liability
8. Schedule of Contributions
9. Actuarial Assumptions
10. Plan Provisions
Annual GASB 74/75 Report
1. Actuarial Certification
2. Schedule of Changes in the Net OPEB Liability and Related Ratios
3. OPEB Expenses
4. Deferred Outflows of Resources and Deferred Inflows of Resources
5. Asset Information
6. Actuarially Determined Contributions
7. Discount Rate and Cash Flow Projections
8. Schedule of Contributions and Participations
9. Actuarial Assumptions
10. Plan Provisions
11. Demographic Information
Biannual Valuation Reports
1. Summary Results and Changes since prior valuations
2. Valuation Summary
3. Risks and Plan measures
4. Present Value of Future Benefits
5. Entry Age accrued Liability
6. Asset Information and reconciliation of gain or loss
7. Demographics
8. Participants
9. Plans Provisions
10. Actuarial Assumptions
Interim Valuation Reports
1. Changes in OPEB or Pension Liability and related ratios
2. Employer Contributions
3. OPEB Expense
4. Deferred Outflows/Inflows of Resources
5. Asset Information
6. Actuarially Determined Contribution
7. Discounts Rate
8. Key Actuarial Assumptions
CHANGES TO REPORTING REQUIREMENTS
It is expected that, should reporting requirements change RI regulations or by Governmental Auditing
Standards Board that the Actuarial Firm will adjust to the changes to ensure compliant reporting.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
You may indicate your interest by submitting an electronic copy and one (1) paper copy of your
proposal, including the following items:
* Your understanding of the services to be provided.
* Overview of the history of your firm to include principals, qualifications of staff, certifications, years in
business, etc.
* Complete listing of Rhode Island municipalities, preferably of comparable size to Westerly, which
we may contact for references. Include contact name, Town, Address, phone number and e-mail
address (Five (5) maximum.
* Pricing on a five-year basis, provided by year, submitted on Attachment B.
* Your firm's EEOC policy statement.
* A statement that the proposal is a firm and irrevocable offer for (120) one hundred twenty days.
SELECTION CRITERIA
Proposals will be evaluated on the basis of experience, qualifications, capability, Project Approach,
references and the cost. The recommended award will be based upon the Town's determination of
which firm can best meet the needs of the Town.
DISCRETION AND LIABILITY WAIVER
The Town reserves the right to exercise discretion and apply its judgment with respect to all
proposals submitted. The Town reserves the right to reject all proposals, either in part or in its
entirety, or to request and obtain, from one or more of the consulting firms submitting proposals,
supplementary information as may be necessary for Town staff to analyze the proposals.
The consultant, by submitting a response to this RFP, waives all right to protest or seek any legal
remedies whatsoever regarding any aspect of this RFP. The Town reserves the right to accept or
reject any or all proposals, to waive any irregularity in a proposal, and to make an award as may
best serve the interests of the Town.
This RFP does not commit the Town to award a contract, to defray any costs incurred in this
preparation of a proposal pursuant to this RFP or to procure or contract for work.
All proposals submitted in response to this RFP become the property of the Town and Public
records and, as such, may be subject to public review.
The Town reserves the right to cancel, in part or in its entirety, this RFP including, but not limited
to: selection procedures, submittal date, and submittal requirements. If the Town cancels or
revises the RFP, all interested firms will be notified using e-mail.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
MILESTONE SCHEDULE DATES
The Successful Bidder agrees to perform the described Work in accordance with the
following schedule:
Approximate Work Start Date: July 27, 2026.
Approximate Work Completion Date: Reports are due to
Town by October 15th of each year.
These are approximate milestone dates and may be adjusted by the Town/Schools to meet the
overall project requirements. Additional charges from the successful bidder, for any adjustments,
prior to completion of the work, will not be allowed.
The Bidders shall be aware that meeting the above completion date milestones may require
extended workdays, Saturday work, and multiple staff and expedited materials. All of these work
requirements shall be considered within the base bid price.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
ATTACHMENT "B"
Bid Form
"THIS FORM MUST BE COMPLETED AND SUBMITTED WITH BID"
RFP NUMBER: 27-01
RFP NAME: ACTUARIAL VALUATION & CONSULTING SERVICES
The Bidder stated below agrees to provide all labor, materials, equipment,
supervision and all activities required to provide a complete scope of work as
defined in the above referenced Request for Proposal, for the first year Lump Sum
amount of
($ )
For the Town/Schools to properly evaluate the Proposals, please supply the following
information.
Cost Cost Cost Cost Cost
2026- 2027- 2028- 2029- 2030-
2027 2028 2029 2030 2031
GASB 74/75 Report
Fee
GASB 67/68 Report
Pension Biannual
Valuation Report
OPEB Biannual
Valuation Report
Pension Interim
Biannual Valuation
Report
OPePnEsBio Bni aInntneuriaml
VBaialunantuioanl V Raelupaotrito n
Report
TOTALS ________ ________ ________ _______ ________
OPEB Biannual
Valuation Report
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
1. Did you completed and submit Appendix A: YES NO ?
2. Start: calendar days after receipt of order.
3. Number of years in business:
4. Number of Employees:
5. Number of Office locations:
6. Has the company provided similar services to other municipalities in Rhode Island?
HOURLY RATES
Hourly Rate must include all costs, including but not limited to labor, office equipment, materials,
services, regulatory compliance, insurance, TRAVEL, overhead, and profit. If a specific item or task is
not noted in the description, the cost of that item must be included in an item listed.
HOURLY RATES BY COST COST COST COST COST
CLASSIFICATION 2026-2027 2027-2028 2028-2029 2029-2030 2030-2031
The below stated Bidder agrees to provide all labor, materials, equipment, supervision and all
activities required to provide a complete scope of work as defined in this Request for Proposal,
including, but not limited to, agree to all terms and conditions, all as shown or by reference, unless
as excluded below:
EXCLUSIONS:
The above price includes all stipulations and requirements of Addendum No. ,
which have been received and accepted by the undersigned.
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
This Request for Proposal, together with all documents and attachments/Addendums, are included
and constitute the entire proposal from the bidder. There are no terms, conditions, or provisions, either
oral or written, between the parties hereto, other than those contained herein. The Request for
Proposal supersedes all written representation, inducements, or understandings of any kind or nature
between the parties hereto, relating to the project involved herein. Payment Terms are net 30 days, for
this scope of work.
The lump sum bid price above, excludes applicable sales and or use taxes; includes all insurance
premiums; and includes all transportation costs, if applicable.
The submitted pricing for this scope of work shall remain firm for 120 days from date of submission.
Company Representative
Print Name:
Authorized Signature:
Telephone Street City State Zip
email:
Date:
Company Name:
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TOWN OF WESTERLY / WESTERLY PUBLIC SCHOOLS
ATTACHMENT "C"
INSTRUCTIONS TO BIDDERS
PURCHASING DEPARTMENT
1. Submission of Bids
a. Envelopes containing bids must be sealed and addressed as indicated on the Invitation to Bid and
must be marked with the name and address of bidder, date and bid due time, and name of bid, along with
RFQ number.
b. The Purchasing Agent will decide when and if the specified time has arrived to open bids, and no bid
received thereafter will be considered. The Purchasing Agent reserves the right to waive any informality
in the bidding process.
c. Any bidder may withdraw his/her bid by written request at any time prior to the advertised time for
opening. Telephonic bids, amendments, or withdrawals will not be accepted.
d. Negligence on the part of the bidder in preparing the bid confers no rights for the withdrawal of the bid
after it has been opened.
e. Proposals received prior to the time of opening will be securely kept unopened. No responsibility will
attach to an officer or person for the premature opening of a proposal not properly addressed and
identified.
f. Any deviation from the Specifications must be noted in writing and attached as part of the bid proposal.
The Bidder shall indicate the item or part with the deviation and indicate how the bid will deviate from
Specifications.
g. Proposals that are renumbered or re-sequenced may be cause for rejection if all information cannot
be easily found and identified. Bidders wishing to reword or re-format the enclosed documents should do
so in an addendum identifying the pages or sections to be changed.
2. Prices
Bidders shall state the proposed price in the manner as designated in the Bid Proposal Form. If there is
a discrepancy between the unit prices and the extended totals, the unit prices shall govern. In the event,
there is a discrepancy between the price written in words and written in figures, the prices written in words
shall govern.
3. Terms
Cash discounts offered will be considered in determining awards. The discount period shall be computed
from the date of delivery or from the correct invoice as received by Town Treasurer, whichever date is
later. The date of delivery shall be construed to mean the date on which bid item is determined to meet
the specifications and is therefore acceptable. Discounts for a period less than thirty (30) days may not
be considered. Payment terms are net 30.
4. Qualification of Bidders
The Town/School's may make such investigations as it deems necessary to determine the ability of the
bidder to perform the work. The bidder shall furnish the town with all such information and data for the
purpose as may be requested.
5. Addenda and Interpretations
No interpretation on the meaning of the Plans, Specifications or any other Contract Document will be
made to any bidder orally. Every request for such interpretations must be in writing.
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