RFP: ACTUARY SERVICES

City of Minot
North Dakota
10 3rd Ave SE
Minot, ND 58701
www.Minotnd.gov
Request for Proposals (RFP)
Professional Actuarial Services
Submission Deadline:
4:00 PM CST May 29,
2026
RFP Contact:
Melody Shelkey, City
Treasurer
melody.shelkey@minotnd.gov
701-857-4771 (direct)

CITY OF MINOT
REQUEST FOR
PROPOSALS
Table of Contents
I. Introduction.......................................................................................
General Information........................................................................................ 3
Term of Engagement...................................................................................... 4
II. Nature of Services Required...............................................................
Scope of Work to be Performed........................................................................ 4
Standards to be Followed................................................................................ 5
Reports to be Issued....................................................................................... 5
III. Description of the City of Minot Plans.................................................
IV. Time Requirements............................................................................
Anticipated Proposal Calendar........................................................................ 6
Notification.................................................................................................. 6
Schedule for Completion................................................................................ 6
V. Proposal Requirements.......................................................................
General Requirements................................................................................... 7
Actuary Proposal.......................................................................................... 8
Dollar Cost Proposal...................................................................................... 9
VI. Evaluation Procedures........................................................................
Selection Committee..................................................................................... 9
Evaluation Criteria...................................................................................... 10
Oral Presentations....................................................................................... 11
Final Selection............................................................................................ 11
Right to Reject Proposals............................................................................. 11
VII. Appendices.........................................................................................
Proposers Guarantees and Warranties............................................................ 12
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CITY OF MINOT REQUEST FOR PROPOSALS
I. INTRODUCTION
A. General Information
The City of Minot (City) is requesting proposals from qualified vendors for
pension actuarial and other post-employment benefits (OPEB) reporting
services for the City's pension and OPEB plans for the fiscal years ending
December 31, 2026, and 2027, with three one-year renewal options upon
mutual agreement. The vendor will need to provide all information necessary
for the City to maintain compliance with Governmental Accounting Standards
Board (GASB) Statement Numbers 67, 68, 74 & 75. An experience study is
required every five years to analyze the demographic and economic experience
of the pension plan. Additionally, one will need to be completed for the City
upon the contract inception.
There is no expressed or implied obligation for the City to reimburse responding
vendors for any expenses incurred in preparing proposals in response to this
request. The City of Minot shall not be liable for any expenses incurred by the
applicant including but not limited to expenses associated with the preparation
of the proposal, attendance at the interviews, preparation of a compensation
(fees) schedule, or final contract negotiations.
To be considered, the City of Minot requires five (5) bound copies of the
proposal, along with an emailed proposal to:
City of Minot
Attn: Melody Shelkey, City Treasurer
10 3rd Ave SE
Minot, ND 58701
701-857-4771 (direct)
Melody.shelkey@minotnd.gov
The proposal must be received no later than 4:00 PM on Friday May 29,
2026. All bound copies and the emailed proposal must be received prior
to deadline to be included as a prospective vendor.
The City reserves the right without prejudice to reject any or all proposals
submitted.
During the evaluation process, the City reserves the right, where it may serve
the City's best interest, to request additional information or clarifications from
proposers, or to allow corrections of errors or omissions. Vendors may be
requested to make oral presentations to the Selection Committee as part of
the final evaluation process.
The City reserves the right to retain all proposals submitted and to use any
ideas in a proposal regardless of whether that proposal is selected. Submission
of a proposal indicates acceptance by the vendor of the conditions contained in
this request for proposals, unless clearly and specifically noted in the proposal
submitted and confirmed in the contract between the City and the vendor
selected. It is anticipated the selection of a vendor will be completed by June
12, 2026. Following the notification of the selected vendor, it is expected a
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contract will be executed between both parties following the approval of City
Council at the July 6, 2026, meeting.
B. Term of Engagement
A two-year contract is proposed with three one-year renewal options upon
mutual agreement. The contract is subject to an annual review by the City. It
is anticipated that the City will request proposals every five years. In the event
of unsatisfactory performance, or when in the best interest of the City, proposals
may be solicited before the end of the five-year period.
II. NATURE OF SERVICES REQUIRED
A. Scope of Work to be Performed
The City administers a multi-employer defined benefit pension plan - City
Employee Pension Plan (CEPP). The CEPP includes all the City of Minot
(excluding non-civil service employees) and Minot Park District employees with
a hire date on or before December 31, 2013. Annual disclosure reports are
needed to reflect the discount rate, contributions, payroll, and funding levels as
of the measurement period. These annual disclosure reports will be needed to
comply with the requirements, under GASB 67/68, for fiscal year-end reporting
in the City's notes to financial statements. Further, an experience study is
required every five years to analyze the demographic and economic experience
of the pension plans.
The scope of services shall include but are not limited to:
Annual GASB 67/68 pension reporting and disclosures for years ended
December 31 including net pension liability, target asset allocation,
sensitivity of the net pension liability to changes in the discount rate, and
schedule of changes in net pension liability.
The report must include all items required by the Government Finance
Officers Association (GFOA) for inclusion in the Annual Comprehensive
Financial Report (ACFR)
Annual funding report for pension plan
Participant listings
Engagement with contracted auditor and completing auditor requests for
both the plan and financial statements
Attendance at one client meeting, annually, to present valuation results,
analysis, and updates on pension legislation, trends, and current
industry developments
Benefit calculations upon request
Experience study completed every five years (first one performed in year
one of contract)
The City administers an OPEB plan, it is a single-employer plan which provides
employees of the City of Minot (excluding Minot Park District and non-civil
service City employees) that participated in the City's group health insurance
plan upon retirement to continue to participate in the City's group health
insurance plan after retirement. These annual disclosure reports will be needed
to comply with the requirements, under GASB 74/75, for fiscal year-end
reporting in the City's notes to financial statements. They are eligible to
continue coverage until they attain age 65. The scope of services shall include
but are not limited to:
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Annual GASB 74/75 OPEB reporting for years ending December 31
including net OPEB liability/asset, target asset allocation, sensitivity of
the net OPEB liability/asset to changes in the discount rate, and
schedule of changes in net OPEB liability/asset.
Engagement with contracted auditor and completing auditor requests for
both the plan and financial statements
The report must include all items required by the Government Finance
Officers Association (GFOA) for inclusion in the Annual Comprehensive
Financial Report (ACFR)
Responsible for ensuring compliance with relevant federal, state, and local
requirements and assist with required disclosures for the City's ACFR, a copy
of the City's most current ACFR is available on the City's website at
https://www.minotnd.gov/Archive.aspx?AMID=40
B. Standards to be Followed
To meet the requirements of this request for proposals, actuarial services shall
be performed in accordance with generally accepted industry standards and
with the care, skill, prudence, and diligence that a prudent benefits consultant
or actuary acting in a like capacity and familiar with such matters would use.
C. Reports to be Issued
The vendor shall prepare the following reports:
Annual actuarial valuations of the City's pension plan
Annual actuarial valuations of the City's OPEB plan
Disclosure Report for the City of Minot
Disclosure Report for the Minot Parks and Recreation District
Experience study performed every five years
All applicable reports required for compliance with GFOA'S GASB
pronouncements for pension and OPEB plans.
III. DESCRIPTION OF THE CITY OF MINOT PLANS
The City is a majority member of the City of Minot Employees' Pension Plan.
The City Employees' Pension Plan (CEPP) is a multiple employer cost-sharing
defined benefit pension plan that provides benefits to employees of the City
of Minot and the Minot Park District. The City is required to report a
proportionate share of the net pension liability (asset), deferred outflows and
inflows of resources, and pension expense using the economic resources
measurement focus and accrual basis of accounting.
North Dakota Century Code 40-46 grants the City Council the authority to
establish and amend the benefit terms of the plans. Management of the CEPP
and OPEB is vested in the CEPP Board, which consists of 10 members; the
Mayor, Finance Director, Human Resource Director, Police Chief, 2 members
of the police department elected by police plan members, 2 at large members
elected by all plan members except police department members, and 2 City
Council members appointed by the Mayor.
The CEPP includes all City of Minot (excluding non-civil service employees)
and Minot Park District employees with a hire date on or before December 31,
2013. The plan was closed to all new participants effective January 1, 2014.
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Following is information on the CEPP as of December 31, 2025:
The OPEB plan includes City of Minot employees (excluding Minot Park District
and non-civil service employees) who participated in the City's group health
insurance plan and retire under the CEPP. Employees hired before July 7, 2010
are eligible at age 60 with 5 years of service, or Rule of 85 with 5 years of
service. Employees hired after July 6, 2010 are eligible at age 60 with 10
years of service, or Rule of 90 with a minimum age of 55. The City provides
a healthcare supplement equal to $7.50 for each year of service, but it only
applies to employees hired before July 7, 2010. The supplements are not
accounted for in the OPEB valuation but are considered retirement income
and valued under GASB 67/68.
More detailed information can be found in the City's most recent ACFR report,
https://www.minotnd.gov/Archive.aspx?AMID=40
IV. TIME REQUIREMENTS
A. Anticipated Proposal Calendar
The following is a list of anticipated dates regarding the selection process:
Description Date
RFP available for distribution May 11, 2026
Deadline for receipt of questions May 20, 2026
Deadline for submittal of proposal May 29, 2026
Conduct interviews (if necessary) Week of June 1, 2026
Complete evaluation and preliminary selection June 12, 2026
City Council contract consideration July 6, 2026
B. Notification
It is anticipated that the staff recommended vendor will be notified prior to June
15, 2026.
C. Schedule for Completion of Deliverables
Preparation & Deliverable Due Dates -
January 31st - The City provides participant data each year to the
actuary. The vendor shall provide the City with a list of participant data
needed and any additional schedules to be prepared by the City.
March 15th - GASB 67/68 and GASB 74/75 valuation and funding reports
complete for both pension and OPEB plans
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August/September - Presentation to the CEPP Board, this will need to
include a written report to be presented as well.
As needed - Assistance with audit requests
Experience Study - Every five years - This will be completed in year 1
of the contract and every five years thereafter. The experience study
will be completed by October 31, 2026, or shortly thereafter.
V. PROPOSAL REQUIREMENTS
A. General Requirements
1. Inquiries
Inquiries concerning the request for proposals and the subject of the request
for proposals must be addressed in writing to:
Melody Shelkey
City Treasurer - City of Minot
melody.shelkey@minotnd.gov
10 3rd Ave SE
Minot, ND 58701
All responses, questions, and correspondence should be directed to Melody
Shelkey. In the interest of fairness to all respondents, do not contact other
staff or elected or appointed officials.
The City of Minot will use its best efforts to make prior actuarial reports
and supporting documentation available to proposers to aid their response
to this request for proposal. If desired, please request this information via
email as part of the question period.
Written questions on the RFP will be accepted until Wednesday May 20,
2026, at 4:00 PM to allow time for staff to respond in writing to all holders
of this RFP. Written questions submitted after Wednesday, May 20, 2026,
at 4:00 PM may go unanswered.
2. Submission of Proposals
The following materials are required to be received by Friday, May 29, 2026,
at 4:00PM for a proposing vendor to be considered:
i. Transmittal Letter
A signed letter of transmittal briefly stating the proposer's
understanding of the work to be completed, the commitment to
perform the work within the time period stated, a statement
why the vendor believes itself to be the best qualified to perform
the engagement, and a statement that the proposal is a firm
and irrevocable offer for the five-year period.
ii. Detailed Proposal
The detailed proposal should follow the order set forth in Section
VI.B. of this request for proposals and should include an executed
copy of the Proposer Guarantees and Warranties attached to this
request for proposal (Appendix A).
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B. Actuary Proposal
1. General Requirements
The purpose of the proposal is to demonstrate the qualifications,
competence, and capacity of the vendors seeking to undertake actuarial
services for the City in conformity with the requirements of this request
for proposals. As such, the substance of proposals will carry more weight
than their form or manner of presentation. The proposal should
demonstrate the qualifications of the vendor and of the staff to be assigned
to the engagement. It should also specify an actuarial approach that will
meet the request for proposals requirement.
The proposal should address all the points outlined in the request for
proposal. The proposal should be prepared simply and economically,
providing a straightforward, concise description of the proposer's
capabilities to satisfy the requirements of the request for proposal. While
additional data may be presented, the following subjects, items 2 through 7,
must be included. They represent the criteria upon which the proposal will
be evaluated.
2. Vendor Qualifications and Experience
The proposal should state the size of the vendor, the size of the vendor's
staff, the location of the office from which the work on this engagement is
to be performed, and the number and nature of the professional staff to
be employed in this engagement on a full-time basis and on a part-time
basis.
3. Description of Personnel
Please list the personnel who would be assigned to the City of Minot
pension plans by name and provide their contact information, professional
biography, role, title, and years of experience. Describe your backup
procedure should any key personnel leave the firm.
4. Similar Engagements with Other Government Entities
Give a brief history of your firm's involvement in actuarial consulting
business including the number of years in business, how many years your
firm has provided actuarial consulting services for public sector pension
plans, and number of public sector clients with a similar size and scope of
the City of Minot.
5. Specific Approach
The proposal should set forth a work plan. Vendors should provide the
following information on their actuarial approach:
a. Proposed timing and segmentation of the engagement
b. Level of staff and number of hours to be assigned to each proposed
segment of the engagement
c. Describe your internal quality control process for actuarial
consultant reports and recommendations
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d. Describe the training and education your firm would provide to City
of Minot staff and the CEPP Board
6. Identification of Anticipated Potential Problems
The proposal should identify and describe any anticipated potential
problems, the vendor's approach to resolving these problems, and any
special assistance that will be requested from the City.
7. Timeline
The proposal should include acknowledgement of the required timeline for
completion and a statement as to the vendor's ability to meet that timeline.
C. Dollar Cost Proposal
1. Price and Cost
The City will not be responsible for expenses incurred in preparing and
submitting the proposal. Such costs should not be included in the proposal.
The dollar cost proposal should specify all pricing information relative to
performing the engagement as described in this request for proposal. The
price is to include all direct and indirect costs, including all out-of-pocket
expenses for each of the year of the engagement.
2. Rates for Additional Professional Services
If it should become necessary for the City to request the actuary to render
any additional services to either supplement the services requested in this
RFP or to perform additional work as a result of the specific
recommendations included in any report issued on this engagement, then
such additional work shall be performed only if set forth in an addendum
to the contract between the City and the vendor.
3. Manner of Payment
Compensation for actuarial consulting services listed in the proposal shall
be paid on a fixed schedule not to exceed cost after the services have been
completed. Compensation for any other services performed for the City
will be paid within 30 days of receipt of an invoice.
VI. EVALUATION PROCEDURES
A. Selection Committee
Proposals submitted will be evaluated by a five-member Selection Committee
consisting of the following:
Finance Director
City Council Member
HR personnel
City Treasurer
Park District Finance Director
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B. Evaluation Criteria
Proposals will be evaluated using three sets of criteria. Vendors meeting the
mandatory criteria will have their proposals evaluated and scored for both
technical qualifications and price. The following represent the principal
selection criteria that will be considered during the evaluation process as well
as the percentage points applicable to those criteria:
1. Mandatory Elements - 20%
a. The vendor has no conflict of interest regarding any other work
performed by the vendor for the City.
b. The vendor adheres to the instructions in this request for proposal
on preparing and submitting the proposal.
2. Technical Qualifications - 45%
a. Expertise and Experience
i. The vendor exhibits expertise based on experience and
performance on comparable government engagements.
ii. The quality of the vendor's professional personnel to be
assigned to the engagement and the quality of the vendor's
management support personnel to be available for technical
consultation.
iii. The availability/responsiveness of staff, as derived from the
written proposal.
b. Specific Approach
i. Adequacy of proposed staffing plan for various segments of the
engagement
ii. Adequacy of internal quality control to ensure accuracy of reports
iii. Ability to meet desired timing of engagement and scheduled
deadlines
3. Price Consideration - 35%
a. The cost of the actuarial services for the years 2026-2030 must be
provided. Cost will not be the only factor the review committee will
use to evaluate proposing vendors. The table below can be used as
an example.
Annual fee for all
Contract Year services (excluding
Experience Study)
2026 $
2027 $
2028 $
2029 $
2030 $
b. List the fee for the Experience Study separately (completed once every
five years).
c. List any other anticipated costs that will be associated with this
service.
d. List the hourly rates for other services may fall outside the scope of
the proposal.
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