City of Bellevue

The buyer requires actuarial services for its Firefighters' Pension Fund. The study must comply with GASB 68 and state law requirements. Services include biennial full actuarial valuations, alternate year updates, and annual reviews of pension calculations. The contract term is 4 years. The study will determine future benefit values, provide projections, and assess the fund's financial condition.

• 9/25/2024 - RFP Release
• 10/2/2024 - Vendor Questions Due
• 10/8/2024 - Responses to Vendor Questions
• 10/18/2024 - Proposal Due Date
• 1/1/2025 - New Contract in Place

• Experience valuing excess pension benefits
• Knowledge of Revised Code of Washington related to public employee pension
• Knowledge of General Accounting Standard Board pronouncements

• Perform full pension actuarial valuation every two years
• Provide minimal data update in alternate years for ACFR
• Determine actuarial present value of all future benefits payable
• Provide 10-year projection of expected future benefits payable
• Describe benefit provisions under applicable laws
• Project annual contributions, benefits paid, investment income, and year-end reserve
• List all assumptions used in actuarial valuation
• Provide conclusion on financial condition and unfunded liability
• Submit standard actuarial report with all assumptions and disclosures
• Perform five reviews annually on Firefighters' Pension calculations