Full RFP for Actuarial Services

Agency:	Town of Shrewsbury
State:	Massachusetts
Type of Government:	State & Local
NAICS Category:	541612 - Human Resources Consulting Services
Posted Date:	Feb 25, 2026
Due Date:	Mar 20, 2026
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I. Introduction

SHREWSBURY CONTRIBUTORY RETIREMENT SYSTEM

REQUEST FOR PROPOSAL

ACTUARIAL CONSULTING SERVICES

The Shrewsbury Retirement Board (SRB) under the rules and regulations of Chapter 32 of the General Laws of

Massachusetts (MGL Chapter 32), is seeking proposals from qualified individuals or firms to perform actuarial

services on behalf of the Shrewsbury Contributory Retirement System (SCRS) relating to System funding

requirements and outstanding pension liability for each of the next seven fiscal years; and for such special

actuarial studies as may be needed by the SRB as defined in MGL Chapter 32. The successful respondent will

also work with the SRB to develop a funding schedule in conformance with MGL Chapter 32 and

Commonwealth of Massachusetts Regulations 840 (840 CMR) – Public Employees Retirement Administration

Commission (PERAC). The SRB anticipates it will require a study annually beginning January 01, 2026, and is

seeking proposals for the next seven fiscal years. Whereas the SRB is only required to perform such a study

biennially, the SRB may choose to exercise the option to procure the full study every other year, however it is

requested that the cost be supplied in the event the SRB wishes to perform a full study for each year indicated.

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

valuation and funding schedule/appropriation report for each of the next seven fiscal years, and an hourly rate

for any additional special studies that may be authorized by the SRB. It is expected that the actuary will provide

on-going actuarial advice and counsel to the SRB, as necessary as part of the fixed annual fee and that hourly

charges will only be applicable to formal special studies authorized by the SRB to determine the costs associated

with plan design changes.

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

SCRS. The selected vendor must have demonstrated familiarity with, and agree to comply with MGL Chapter

32 and all applicable regulations, policies, and guidelines promulgated by PERAC, and accounting and financial

reporting requirements for state and local retirement systems, promulgated by the Government Accounting

Standards Board (GASB).

II. General Information and Bid Submission Requirements

TO REQUEST A COPY OF THE REQUEST FOR PROPOSAL (RFP):

Please contact Gregory R. Gatsogiannis, Executive Director of the Shrewsbury Contributory Retirement System,

Shrewsbury Municipal Building, 100 Maple Avenue, Shrewsbury, MA 01545 or (508) 841-8510 or

ggatsogiannis@Shrewsburyma.gov no later than Friday, March 20, 2026 for a copy of the request for proposal

documents.

The deadline for receiving sealed written proposals is Friday, March 20, 2026 at 12:00 PM, Eastern Standard

Time. All proposals shall be delivered to the Shrewsbury Retirement Board, Shrewsbury Municipal Building

100 Maple Avenue, Shrewsbury, MA 01545, Attention Gregory R. Gatsogiannis, Executive Director and shall

be clearly marked Proposal for Actuarial Consulting Service. All proposals shall be deemed public records

after the award process is complete.

Qualified and Selected candidates may be interviewed in March and/or April 2026.

The Board anticipates awarding a contract by April 24, 2026. The Board may cancel this RFP, or reject in whole

or in part any and all submissions, if the Board determines that cancellation or rejection serves the best interest

of the SCRS. The Board reserves its right to terminate the contract for any reason on thirty (30) days written

notice.

If any changes are made to this RFP, an addendum will be issued. Addenda will be mailed or faxed to all

individuals or firms on record as having responded to this RFP.

Questions concerning this RFP must be submitted in writing to: Gregory R. Gatsogiannis, Executive Director,

Shrewsbury Retirement Board, Shrewsbury Municipal Building, 100 Maple Avenue, Shrewsbury, MA 01545

before March 20, 2026. Questions may be hand-delivered, mailed, emailed, or faxed. Written responses will

be mailed, emailed, or faxed to all individuals or firms on record.

An individual or firm may correct, modify, or withdraw a bid by written notice received by the SRB prior to the

Submission Deadline. Modifications must be submitted in a sealed envelope clearly labeled “Modification

No.__.” Each modification must be numbered in sequence, and must reference the original submission.

After the Submission Deadline, provisions of the bids may not be changed in a manner prejudicial to the

interests of the SCRS or fair competition. The submission price proposal must remain firm until April 24, 2026.

Envelopes containing sealed proposals will be accepted at the Retirement Office, Shrewsbury Municipal

Building, 100 Maple Avenue, Shrewsbury, MA 01545 until the time indicated on the advertisement. Please

provide a package containing 6 (six) copies of the technical proposal marked “Technical Proposal” and, in a

separate sealed envelope, 6 (six) copies of the fee proposal marked “Fee Proposal”. Please also submit one

complete electronic file in PDF format.

All necessary PERAC forms must be submitted with all proposals, including Vendor Contact Information,

Vendor Certification and Vendor Disclosures Forms. The forms are available on PERAC’s Website

(www.mass.gov/lists/perac-compliance-investments-forms)

Proposals shall be opened in the presence of one (1) or more witnesses after March 20, 2026 at 12:00 PM EST.

III. Required Information

1. A cover letter that is signed by an official with the authority to bind the proposal and a statement that the

proposal is valid through April 24, 2026.

2. List the name of your firm, address and telephone number of the home office, and address of the office(s)

providing services under the contract.

3. Provide a general description of the firm including size, number of employees, primary business, other

businesses or services, and type of organization (franchise, partnership, corporation, etc.)

4. Identify the staff actuaries who will render services under the contract, including a summary of their

professional qualifications and experiences, and any specific experience performing actuarial valuations for

and/or providing actuarial services to public pension systems created by MGL Chapter 32.

5. Identify the actuary(ies) who would have direct contact with the SRB.

6. Identify non-actuarial professional personnel who would perform work under the contract, including a

summary of their professional qualifications and experiences.

7. Identify the MGL Chapter 32 public pension plans for which the actuary(ies) identified in items 4 and 5 above

who have provided actuarial services within the last three (3) years. Provide the name, title, address and

telephone number of the person responsible for the administration of each plan.

8. List any formal complaints, claims, legal actions or other proceedings filed with the regulatory agencies,

administrative agencies, arbitrators or courts against individual or entity as a result of actuarial services provided

by the firm and/or its actuary(ies) within the last five (5) years.

9. Provide a detailed description of the proposed method to be followed with emphasis to the implementation of

GASB financial reporting requirements (Statements 67 and 68) and procedures that will be used to verify the

accuracy of the data submitted by the SRB.

10. Provide a description of the format that you will expect the SRB to provide you with membership and plan

data for the annual plan valuation.

11. Provide a detailed description of the methods and procedures to be used in editing and “cleaning” the

member data that will be provided by the SRB. Be sure to describe in detail your proposed method of

accounting for missing data elements such as age or service.

12. Describe the format in which the results of the valuation will be presented. Please submit an example of a

valuation report.

13. Propose a time schedule for the completion of the valuation and the associated forecast schedules. Indicate

that the time schedule will be binding. Completion dates shall be proposed in terms of a specified period of

time after receipt of all member data that the SRB maintains in machine-readable form and receipt of relevant

asset data from the SRB. Bidders are advised that time is of the essence for this project.

14. A summary of the annual fixed fee and hourly rate charges for specific studies.

15. All appendices in this RFP shall be fully executed.

IV. Purchase Description/Scope of Services

The SCRS is a Massachusetts Retirement System created pursuant to MGL Chapter 32, §§ 1-28 inclusive, and

governed by the rules and regulations promulgated by PERAC. The SCRS has a total membership of 919 as of

12/31/2024 including 449 active members, 127 inactive members, and 343 retirees or survivors. The System is

directed by 5 board members and employs 2 full time employees.

The Governmental Accounting Standards Board requires a valuation be performed at least every two years for

financial reporting purposes and PERAC recognizes a private valuation as meeting the requirements in MGL

Chapter 32 § 21(3), provided that PERAC staff has the opportunity to work with the private consultant.

The scope of services shall include but are not limited to, preparing an actuarial valuation of the system on a

two-year schedule(or annually at the Board’s request) beginning with system data as of January 1, 2026, and will

include:

• Establishment of reasonable actuarial assumptions,

• Assistance with the preparation of membership data for the evaluation,

• Analysis of membership data,

• Determination of the funded position of the system with costs and liabilities separated by department or entity,

• Assessment of the need for refinements to the funding program,

• Preparation of reporting and disclosure information as required by the Governmental Accounting Standards

Board for audited financial statements, governmental agencies and other interested parties,

• Preparation of a written actuarial report with a recommended funding schedule(s) in accordance with Sections

22D and 102 of MGL Chapter 32,

• Discussion of the funding schedule with PERAC,

• Preparation of a written Supplemental Report incorporating an alternative salary increase assumption,

investment return assumption, and special funding schedules, and,

• Preparation of a written Side Letter analyzing the impact of Section 19 of Chapter 188 of the Acts of 2010

(COLA) on the System’s funding schedule.

It is the policy of the SRB to arrange for an annual valuation of plan assets and liabilities and an updated funding

schedule for use in the development of the following fiscal year budget. The most recent report was completed

as of January 1, 2025 by Sherman Actuarial Services

The annual plan valuation must meet all requirements of PERAC; must provide all actuarial information needed

for the Town and other Units SRB to comply with the financial reporting requirements of the Governmental

Accounting Standards Board; and must provide the annual funding schedule appropriation detail at a level not

less than what is included in the current annual valuation report. A complete copy of the SCRS’s most recent

actuarial valuation will be provided upon request.

In addition to providing the required annual report, the vendor will be expected to provide the SRB with

recommendations for changes in valuation assumptions that, in the professional opinion of the actuary, will

result in a more accurate valuation of plan assets and liabilities. The actuary will also be expected to provide

the SRB with the information on the financial impact of any changes in valuation assumptions that may be

recommended for consideration by the actuary or by the SRB.

Not later than April 30th (year 1 non withstanding) of each year, the SRB will submit to the actuary membership

and asset data necessary to complete the required valuation of plan assets and liabilities as of the prior January

01, and for the completion of an updated funding schedule and appropriation forecast for the next fiscal year and

the ensuing 30-year time period.

It is preferred that within 2 weeks of the SRB’s submission of annual membership and asset data, the actuary

will be expected to review the data submission and report any data irregularities or questions to the SRB

Retirement Administrator for further review and/or correction.

It is preferred that the actuary will be expected to deliver a printed draft report to the SRB within 4 weeks of the

submission of final membership and asset data, and to meet and discuss the findings of the draft report along

with any recommended actuarial valuation assumption changes at a public meeting of the SRB.

It is preferred that not later than 2 weeks from the SRB’s vote to accept draft recommendations of the actuary,

the actuary shall provide the SRB with alternative funding schedules, in electronic form, if requested by the

SRB.

This page summarizes the opportunity, including an overview and a preview of the attached documents.

Full RFP for Actuarial Services

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See Also

Bid Title:	Full RFP for Actuarial Services
Category:	Retirement Board
Status:	Open