Actuarial Valuation Services

The Wellesley Contributory Retirement Board (WCRB), trustees of the Town’s defined benefit pension

plan, and the Town of Wellesley invite qualified actuaries to submit written proposals for actuarial

valuation services. The WCRB anticipates that it will require a funding valuation biennially beginning

January 1, 2025. The Town of Wellesley is soliciting proposals from qualified Firms for an actuarial

valuation of the Town’s Other Post Employment Benefits (OPEB) liability, as well as annual GASB

reporting, for the next six fiscal years.

Responsive proposals shall provide for a fixed annual fee for completion and presentation of the draft

plan valuation and funding schedule/appropriation report for each of the biennial reports, and a schedule

of rates for any additional special studies that may be authorized by a majority vote of the Wellesley

Contributory Retirement Board (WCRB). It is expected that the actuary will provide on-going actuarial

advice and counsel to the WCRB, as necessary, as part of the fixed annual fee and that hourly charges will

only be applicable to formal special studies, authorized by vote of the WCRB, to determine the costs

associated with plan design changes.

The Board reserves the right to reject any and all proposals that are not deemed to be in the best interests

of the Wellesley Contributory Retirement System (WCRS). The selected vendor must have demonstrated

familiarity with, and agree to comply with Massachusetts General Laws Chapter 32 and all applicable

regulations, policies, and guidelines promulgated by the Massachusetts Public Employee Retirement

Administration Commission (PERAC), and accounting and financial reporting requirements for state and

local retirement systems, promulgated by the Government Accounting Standards Board (GASB).