State Universities Retirement System Request for Proposal. Actuarial Consulting Services

Transcription

1 State Universities Retirement System Request for Proposal Actuarial Consulting Services September 2013

2 Table of Contents I. Request For Proposal Summary Statement 3 II. Background Information 3 III. Specific Services Requested from the Actuarial Consultant 4 IV. Minimum Qualifications 7 V. RFP Specifications 8 VI. Projected Schedule of Events 10 VII. Selection Criteria 11 VIII. Actuarial Consultant Questionnaire 12 IX. Fee Proposal 15 X. Appendix A 16 XI. Appendix B 17 XII. Appendix C 17 XIII. Appendix D 17 XIV. Appendix E 17 2

3 State Universities Retirement System (SURS) Request for Proposal (RFP) September 2013 Actuarial Consulting Services I. RFP Summary Statement The State Universities Retirement System ( SURS or the System ) is requesting proposals from qualified actuarial consulting firms to provide a range of actuarial services and actuarial advice to the Board of Trustees and SURS staff. This search was authorized by the Board of Trustees and seeks to identify potential full-service actuarial services. The consultant(s) will report to the Board of Trustees and will also be required to work with and provide assistance to the SURS staff. It is anticipated that SURS will enter into a five (5) year contract with the consultant. II. Background Information Agency Description SURS is the administrator of a cost-sharing, multiple employer public employee retirement system. SURS membership includes employees of the Illinois public universities, community colleges and other affiliated organizations. Currently, SURS membership totals more than 200,000 active, inactive and retired participants. SURS maintains both a defined benefit and defined contribution plan. As of June 30, 2012, the date of the most recent actuarial valuation report, the funded status of the defined benefit plan was 42.1% based on the actuarial value of assets and 41.3% on a market value of assets basis. For more information, please refer to the 2012 SURS Actuarial Valuation report. Defined Benefit Plan Investment Program SURS investment program, as of June 30, 2013, totaled $14.8 billion. The actual and target asset allocations as of June 30, 2013, are as follows: Actual Target U.S. Equities 33.3% 32.0% Non-U.S. Equities 20.4% 21.0% Global Equities 8.3% 8.0% Private Equity 7.2% 6.0% Fixed Income 20.1% 21.0% Real Estate 6.5% 7.0% TIPS 3.8% 4.0% Opportunity Fund 0.5% 1.0% 3

4 Defined Contribution Plan Investment Program As of June 30, 2013, the defined contribution plan assets totaled approximately $1.3 billion. Additional information regarding the System s investment program can be found in the Investment Section of the System s Fiscal Year 2012 Comprehensive Annual Financial Report (CAFR). State Ethics Laws On April 3, 2009, Illinois Governor Pat Quinn signed Public Act into law. Public Act amends the Illinois Governmental Ethics Act and provides guidelines for ethical practices concerning state pension plans. Actuarial consultants seeking to be considered for this mandate should be familiar with and must comply with the provisions of this Act. Public Act encourages the Board to increase the racial, ethnic, and gender diversity of its fiduciaries, to the greatest extent feasible within the bounds of financial and fiduciary prudence. In furtherance of this Act, it is the goal of the Board to use its best efforts to increase the racial, ethnic, and gender diversity of its fiduciaries, including its actuarial consultants. The Board encourages minority-, female- and persons with a disability-owned actuarial consultants to submit proposals to this RFP. III. Specific Services Requested from the Actuarial Consultant Enumerated below are the specific services requested from the Actuarial Consultant: A. General Duties (i) Receive and reconcile all the data in the SURS database. The primary computer system supporting SURS business applications is an IBM I-Series mid-range computer. SURS will furnish the consulting actuary with all data and statistical information deemed necessary to perform specified contract services, provided the data is available in the records and files of the system. This data will be reported to the actuary via file transfer protocol. (ii) Treat all member information as confidential. (iii) Seek written consent prior to public release of information resulting from the engagement. With respect to any publicity given to the actuarial services provided under terms of the resulting contract, the consulting actuary shall identify SURS as the sponsoring agency and shall not release any information without prior approval of the Executive Director of the system or appointed designee. This information includes, but is not limited to, press releases, research, and reports. (iv) SURS expects the consulting actuary to route all requests, reports and other communication in connection with this contract through the Executive Director of the system or appointed designee. (v) All work product to be signed by consulting actuary. 4

5 (vi) Perform all services within the scope of the contract under the direct supervision of a qualified actuary. An approved actuary must be regularly engaged in the business of providing actuarial services and have at least 10 years experience with major public employee retirement systems and designation as a Fellow in the Society of Actuaries. SURS reserves the right to reject the firm s choice of a consulting actuary and may terminate the contract if a consulting actuary acceptable to the SURS Board of Trustees cannot be made available by the firm. B. Consultation and Advisory Services (i) Provide actuarial consultation and advisory services. These services may be delivered in meetings or by telephone calls and written correspondence, as requested by SURS. SURS expects these services may include public testimony to committees, boards, commissions, and legislators on any technical, policy, legal or administrative problems arising during the course of operation of the system. The consulting actuary should be readily accessible to SURS Executive Director, Chief Investment Officer or Chief Financial Officer in some form of communication within one working day and be available for meetings within five working days of a request. SURS expects the consulting actuary to attend a minimum of three Board of Trustees meetings per contract year in Chicago or Champaign, Illinois, including two meetings to review the annual actuarial valuation and State Actuary report. SURS also expects the consulting actuary to be available for educational discussions with the Board of Trustees and/or SURS employees. The consulting actuary must have the ability to discuss actuarial theory and other matters in plain English. (ii) Prepare various actuarial operating tables and factors. From time to time, these tables and factors may be required for operation of the system. These tools include, but are not limited to, mortality tables, option tables for annuitants, present value factors, and survivor benefit factors. (iii) Prepare actuarial Self-Managed Plan (SMP) disability study periodically. (iv) Support preparation of Commission on Government Forecasting and Accountability (COGFA) data requests and the Illinois Other Post Employment Benefit (OPEB) valuation. (v) Prepare actuarial cost estimates of proposed legislation. The consulting actuary shall provide timely financial impact estimates of planned statutory amendments as requested by SURS Executive Director. SURS expects the consulting actuary to prepare an average of six estimates per contract year (fee for analyses in excess of six will be negotiated separately). The majority of these pricing requests will occur during the legislative audit session and will require the actuary s response within three working days or sooner. 5

6 (vi) Recommend possible improvements in SURS financing and benefit structure. Provide advice with respect to the actuarial funding methods, assumptions and techniques. Throughout the duration of the contract, the consulting actuary will inform SURS of any new developments in the retirement industry and their effect on the financing and benefit structure of a retirement system. The consulting actuary should keep the Board of Trustees and the Executive Director of the System apprised of current trends and advancements within the actuarial profession. (vii) Prepare explanatory text describing key actuarial assumptions, methodology and conclusions sufficient to provide a reasonable understanding to individuals with fiduciary responsibility for the System. (viii) Work with staff and auditor to ensure compliance with Governmental Accounting Standards Board (GASB) reporting and disclosure requirements. (ix) Assist SURS staff in review of valuations and drafting new legislation or proposed changes to existing retirement laws which govern the system. Furthermore, the consulting actuary should assist SURS in developing strategies for resolving any policy or administrative problems associated with implementing new legislation. (x) Keep SURS informed of any new developments or changes in federal legislation and/or tax regulations regarding financing, benefits, vesting, fiduciary responsibility or disclosure. SURS also expects the consulting actuary to assist SURS in implementing federal law appropriately. C. Valuation Services (i) Perform annual actuarial valuation for the system. The resulting valuation reports must contain a) a detailed explanation of any significant changes in actuarial losses or gains because of deviations from expected experience; and b) projections for required contributions, assets and liabilities for a period of thirty years into the future. Should there be a change in actuarial consultants, the successful firm shall conduct a parallel valuation of SURS June 30, 2013 valuation. (ii) Complete, by mid-october each year, the defined benefit plan actuarial valuation for the fiscal year ended June 30 so the Board of Trustees may certify the actuarially determined employer contribution rate for the upcoming fiscal year. (iii) Preparation of experience studies (at a minimum every 5 years). (iv) Preparation of actuarial statistical tables, actuarial summary statements and other actuarial data for the comprehensive annual financial report (CAFR) based on Governmental Accounting Standards Board (GASB) Statements 67 and 68. (v) Preparation of Self-Managed Plan disability study (at a minimum every 4 years). 6

7 (vi) Provide support to state actuary. (vii) Provide asset/liability modeling. (viii) Provide sensitivity analysis regarding actuarial assumption factors. (ix) Provide any special actuarial studies requested by SURS (the fee for which shall be separately negotiated). *Please note: Potential pension reform legislation is currently being explored. Should reform occur, the submitted annual actuarial valuation proposal would be refreshed to address employer cost sharing requirements for the 65 individual SURS employers. D. Fiduciary Education (i) Educate Board of Trustees and Staff regarding significant trends in the defined benefit and defined contribution marketplace. (ii) Provide access to all research for Staff and the Board of Trustees as necessary. E. Meeting Attendance and Other (i) Attend three Investment Committee meetings, Trustee Educational Forums, and, as requested, at Quarterly SURS Board meetings. The majority of the investment committee meetings currently are held in Chicago, Illinois. (ii) Meet with Staff to assist in strategic planning and development of actuarial agendas. (iii) Conduct such other services under the contract as may be reasonably asked of an actuarial consultant by a public pension plan. (iv) Availability by phone, or in-person meetings when appropriate to Staff for further discussion or questions. IV. Minimum Qualifications: The actuarial consulting firm must be regularly established in the industry of providing actuarial consulting services, financially responsible and have experienced personnel able to provide the required services. SURS may request information substantiating the above requirements. Failure to provide this information may result in a responder s proposal being declared non-responsive. The individual(s) assigned to SURS as lead consultant(s) must have a minimum of five years professional experience in the actuarial consulting field. All actuaries shall be enrolled 7

8 actuaries and shall be members of the American Academy of Actuaries or the Society of Actuaries. The actuarial consulting firm must have been in business for a minimum of five years. The firm must have provided actuarial services to other public retirement systems or corporate pension plans which are approximately the size or complexity of SURS. The firm must be able to maintain a data processing interface with the retirement system s custodian by tape, disk, on-line connection or by other electronic means. The firm must not seek to unreasonably limit their liability for negligence or breach of fiduciary duty. SURS retains the sole right to decide whether any Proposer is qualified to bid, including determining whether any Proposer s qualifications are sufficiently comparable to satisfy all of the above minimum qualifications. V. RFP Specifications: If, in response to this RFP, trade secrets or commercial or financial information are furnished under a claim that they are proprietary, privileged or confidential and that disclosure of the trade secrets or commercial or financial information would cause competitive harm to the person or business, such claim must be clearly made and such information must be clearly identified. The information must be identified in the RFP response and provided separately from the remainder of the RFP response. Such a claim is not definitive. SURS has the right and obligation to determine whether such information is exempt from disclosure under the Illinois Freedom of Information Act (5 ILCS 140/7.5). However, no information will be determined to be proprietary, privileged or confidential unless it is identified and separated as indicated herein. Specific Items Requested from Respondent Firms: Enumerated below are the specific items requested from respondent firms. 1. Letter of Transmittal. A letter of transmittal must be submitted on the Proposer s official letterhead. The letter must identify all documents provided collectively as a response to the RFP, and must be signed by an individual authorized to bind the Proposer contractually. An unsigned proposal will be rejected. The letter must also contain the following: a. Statement that the proposal is being made without fraud or collusion; that the Proposer has not offered or received any finder s fees, inducements or any other form of remuneration, monetary or non-monetary, from any individual or entity relating to the RFP, the proposal or the Board s Consultant selection. b. Statement that discloses any current business relationship or any current negotiations for prospective business with the Board or any SURS Board Members or SURS Staff. 2. Minimum Qualification Certification. The Proposer must complete the certification in Appendix A and provide all supporting documentation. 8

9 3. Questionnaire. The Proposer must address the questionnaire items in the RFP in the order in which they appear in the RFP. Further, each question number and question in the RFP shall be repeated in its entirety before stating the answer. Certain questions require supporting documentation, which should be submitted as attachments to the questionnaire. 4. Fee proposal. Respondent firms must submit their fee proposal in the format prescribed. The fee proposal shall include all costs and expenses for providing the services to SURS as described in this RFP and shall be guaranteed for the term of the contract. Submission Deadline: The completed RFP must be delivered by 4:30 pm CDT Monday, October 14, Advance delivery of responses are welcome. Any RFP delivered after the deadline will not be considered. Please send an electronic copy, as well as one complete hard copy, to the following: Ms. Phyllis L. Walker Chief Financial Officer State Universities Retirement System 1901 Fox Drive Champaign, IL Submission of Questions: In order to clarify any issues in this Request for Proposals, the System will respond only to questions that are presented in writing via to Ms. Phyllis L. Walker at All questions should be submitted to SURS by 4:30 p.m. CST Friday, September 20, These questions will be consolidated into a single Q&A document and responded to by the System on, or about, Monday, September 30, The Q&A document will be posted on the SURS web site at without divulging the source of the query. Contract Terms: The contract term shall be five (5) years. SURS Quiet Period Policy: Please note the Quiet Period Policy that establishes guidelines by which the Board of Trustees and staff will communicate with prospective service providers during a search process. The Policy is available at Please review Section VII of the Investment Policy and be familiar with Quiet Period guidelines. Rights Reserved: SURS reserves the right to amend any segment of the RFP prior to the announcement of a successful contractor. In such an event, all responders will be afforded the opportunity to revise their proposal to accommodate the RFP amendment. 9

10 SURS reserves the right without prejudice to reject any or all proposals submitted. There is no express or implied obligation for SURS to reimburse for any expenses incurred in preparing proposals in response to this RFP. Ex-parte Communications: The State Officials and Employees Ethics Act (5 ILCS 430/5-50) provides that all ex parte communications concerning investment, rulemaking or quasi-adjudicatory matters pending before a State agency must be documented and some must be reported. An ex parte communication is any written or oral communication by any person that imparts or requests material information or makes a material argument regarding potential action concerning an investment, a rulemaking process, or a quasi-adjudicatory matter. An ex parte communication does not include statements publicly made in a public forum or communications among employees of the State agency. An ex parte communication from an interested party or his or her official representative or attorney to an employee or the agency must be memorialized and made a part of the record. An interested party is a person or entity whose rights, privileges, or interests are the subject of or are directly affected by an investment, regulatory or quasiadjudicatory matter. An ex parte communication other than that described above must be reported by the staff member or Board Trustee immediately to the agency s Ethics Officer. The communication must be memorialized and made a part of the record. The communication must be filed with the Executive Ethics Commission, accompanied by a memorandum from the Ethics Officer. Freedom of Information Act: The information submitted in response to this RFP will be subject to public disclosure pursuant to the State of Illinois Freedom of Information Act. The Act provides generally that all records relating to a public agency s business are open to public inspection and copying, unless specifically exempted under one of the several exemptions set forth in the Act. VI. Projected Schedule of Events: September 3, 2013 September 20, 2013 September 30, 2013 October 14, 2013 November 2013 December 12, 2013 Dissemination of RFP Deadline for questions to SURS Responses to questions submitted to SURS RFP responses due by 4:30 pm CST Identify firms for further consideration Finalists presentation to SURS Board of Trustees 10

11 VII. Selection Criteria: The selection process under this RFP will be as follows: A. Non-Qualifying Proposals The Evaluation Team (the Executive Director, Chief Investment Officer, Deputy Chief Investment Officer, Chief Financial Officer, Internal Auditor and Legislative Specialist) will evaluate each Proposal to determine if it was submitted in accordance with the requirements set forth in this RFP. All non-qualifying proposals will be rejected at this time and the rejected proposing firms so notified. B. Selection of Finalists The remaining Proposals will be evaluated by the Evaluation Team. The criteria used in evaluating the proposals will include, but is not limited to, the following: (i) Quality, conciseness, clarity and completeness of the proposal, including a demonstrated understanding of SURS needs relative to the actuarial services referred to in this RFP. (ii) Relevant experience of the team identified and the firm as it relates primarily to actuarial services for pension funds. (iii) Suitability, appropriateness and specificity of the proposal s description of the services to be provided. (iv) (v) (vi) (vii) Willingness to assume a fiduciary role. Commitment and dedication of necessary resources to support the SURS Board and Staff. Independence of the firm. Willingness to listen and acceptance of being challenged. (viii) Recommendations regarding actuarial assumptions and methodology (ix) (x) (xi) (xii) Awareness of the Illinois legislative climate. Insight of the latest trends, topical issues and access to best thinking. Diversity of the organization (including the SURS account service team). Ability to provide Trustee and Staff education and training. 11

12 (xiii) Willingness and courage to provide recommendations outside of the norm. (xiv) Fee proposals. VIII. Actuarial Consulting Services Questionnaire: Firm Name: Contact Person: Address: Telephone: Date Completed: Unless otherwise noted, candidates should respond to all of the following questions. 1. General Information: a. Identify the location of the main office, and, if different, the office from which services would be provided to SURS. Does your firm have an office located in Illinois? b. State the firm s mission statement. c. Provide a brief history of your firm and its operations. Include the year formed, ownership structure, and any ownership, restructuring or personnel changes that occurred during the past five years. Describe anticipated future significant changes in your organization in the next five years. d. Describe the services your firm provides and give the percentage of revenue derived from actuarial services. e. Identify any actuarial services you are unable to perform. f. How many actuarial consultants does your firm have? g. Discuss the ways you manage growth, including any limits to the client/consultant ratio. h. How are consultant s recommendations to clients reviewed and monitored by your organization? i. Are you willing to assume a fiduciary role in your services as actuarial consultant to SURS? Do you consider yourself a fiduciary under Illinois Pension Code with respect to the recommendations you provide to clients? j. Please provide details on the financial condition of your firm. The most recent annual report is acceptable, but any recent material changes should be included. k. Does your firm have a business continuation and disaster recovery plan? Please describe the key features of the plan. 12

13 l. Do you have any policies or procedures to address conflicts of interest or to prevent payments or relationships from being considered when you provide advice to clients? m. What is the turnover of professional staff (senior management and consulting personnel) over the last five (5) years? Please list staff positions hired, resigned and terminated within the last five (5) years, including a description of each position and the reason for the hire, resignation and/or termination. n. Describe your firm s efforts in diversity as they relate to staff. Please complete the table below, with data as of June 30, Senior Management Professional/Technical Clerical % Minorities % Women Population Size o. Does your firm have experience with plans with serious funding challenges? Does your advice to these plans differ from advice provided to well funded plans? If so, how? p. Provide a listing of full-retainer clients lost or gained during the past three (3) years. Indicate if the primary and backup consultant identified in 1.n. (above) was the primary consultant for either the clients gained or lost. q. Provide a listing of all public fund clients. Include the size of the fund and the length of service to them. r. Describe your firm s commitment to research and system enhancements. s. How does your firm evaluate the quality of its consulting services? Describe any benchmarks the firm has developed to evaluate its performance and the performance of its primary/lead consultants. t. Describe the levels of coverage for errors and omissions insurance and any other fiduciary or professional liability insurance the firm carries. List the insurance carriers supplying the coverage and supply certificates evidencing the coverage. u. Has there been any litigation against the firm or its principals/owners/officers within the past three (3) years? v. Has your firm been charged with or been sued for fraud, ERISA violations, Department of Labor violations, state law violations, or sustained a fidelity bond loss? If yes, provide details. w. Does your firm anticipate using the services of a subcontractor in fulfilling this contract? 2. Consulting Team: a. Please provide the contact information for each consultant that will be assigned to the SURS account. b. Please describe the role of each consultant for this assignment. c. Please describe your team s experience with similar work performed by other public retirement systems. d. State whether the individuals assigned to the work have any responsibilities other than providing actuarial services, and if so, specify such responsibilities. e. Describe your firm s backup procedures in the event that key personnel in this assignment should leave the firm. f. Describe how your firm controls the cost of services rendered for a client. 13

14 3. Actuarial Valuations: a. Describe the approach you would follow to conduct an actuarial valuation of the SURS pension plan. Give a brief overview of the computer hardware and software systems and other tools used in the production of the actuarial valuation. b. Provide a timeline of the period of time required to prepare reports after fiscal year end (June 30). c. Describe your approach to measuring funding status and funding progress in order to facilitate the assessment of trends over several actuarial valuations with respect to the overall solvency of SURS. d. Discuss the theory and methodology for the actuarial assumptions your firm employs. e. Describe your firm s approach to providing recommendations regarding the amortization of unfunded liabilities. f. Describe your approach to analysis of applicable legal parameters/restrictions under which SURS must operate. g. Describe your process for maintaining a continuous review of actuarial policies. h. Describe the tools, resources, and training you can make available to the SURS staff to assist in modeling actuarial scenarios. i. Disclose any relationship you have or have had with any SURS Board member, consultant, or employee. If there are no conflicts of interest, please state, There are no conflicts of interest to report. Briefly describe your philosophy relating to the consultant s relationship with Board member, and staff. j. Please provide a sample contract for Actuarial Consulting Services. 4. Other Issues: a. Describe your firm s capabilities in providing educational opportunities for trustees and staff. b. Describe how your actuarial consulting work is distinguished from that of your competitors. c. Disclose any relationship you have or have had with any SURS Board member, consultant, or employee. If there are no conflicts of interest, please state, There are no conflicts of interest to report. Briefly describe your philosophy relating to the consultant s relationship with Board member, and staff. d. Describe how clients are informed of new developments in pension benefits. 5. References: a. Provide a list of the five (5) largest public fund clients to which you provide full-retainer actuarial consulting services including name, contact, telephone number, asset values, number of years the client has retained your firm and the product(s) or service(s) the client uses. SURS may contact any of these clients for reference purposes. b. Provide a list of public sector clients who have terminated your actuarial relationship during the past three (3) years and their reasons for doing so. Please include their names, titles and telephone numbers. 14

15 Fee Proposal SURS will be evaluating fee proposals for full retainer services as well as project-based services. SURS preference is to pay for recurring services on a fixed fee basis, well-defined projects on a separate fixed fee basis, and non-recurring ad hoc projects on an hourly rate basis. The retainer fees quoted in this proposal must be in force for the entire five-year contract period. Additionally, the hourly-based rates shall be based upon a defined set of positions (i.e., senior consultant, consultant, data analyst, etc.) and must remain in effect for the duration of the contract period. Please refer to the list of services required on page four of the RFP. Items d through h should be included in the annual retainer amount. Year 1 Year 2 Year 3 Year 4 Year 5 Total for Contract Period 1. Annual retainer for consulting relationship (Includes one asset / liability study in contract period and travel to attend all required meetings) $ $ $ $ $ $ 2. Project based services a. Annual Actuarial Valuation $ $ $ $ $ b. Experience Study $ $ $ $ $ c. Economic Study $ $ $ $ $ d. CAFR actuarial report and tables $ $ $ $ $ e. COGFA data $ $ $ $ $ f. 415 Limit Tables $ $ $ $ $ g. IL OPEB valuation $ $ $ $ $ h. State Actuary response $ Total $ $ $ $ $ Please give hourly rates of compensation and estimated hours for each anticipated project or task for the purpose of illustrating how the annual fee was determined. Include a listing of hourly rates for members of the firm that would be effective July 1, 2014, and be valid for each of the five years in the contract period. There will be no additional reimbursement for travel, communicating costs, computer charges, and other expenses incidental to the contract. The total fee must be all-inclusive, no additional amounts will be allowed. 15

16 Appendix A MINIMUM QUALIFICATION REQUIREMENTS AND CERTIFICATION. Proposers must satisfy each of the following minimum qualifications for this RFP, in order to be given further consideration by the Board of Trustees. Failure to satisfy each of the requirements will result in the immediate rejection of the proposal. Failure to provide complete information will result in the rejection of the proposal. Please circle YES or NO where indicated. If evidence is requested, please provide complete documentation. 1. Proposer is an actuarial service registered with the Society of Actuaries. (Yes/No): 2. Proposer and its proposed team have all authorizations, permits, licenses and certifications required by federal and state laws and regulations to perform the services specified in this RFP at the time Proposer submits a response to the RFP. (Yes/No): 3. If retained for consulting services, Proposer agrees to serve as a fiduciary as defined by the Illinois Pension Code. (Yes/No): 4. Proposer agrees to provide the services as detailed in the Specific Services Requested from the Actuarial Consultant section of this RFP and any other requirements as stated in this RFP. (Yes/No): 5. As of June 30, 2013, and for at least five (5) most recent continuous years, the Proposer must have a verifiable operating history with at least three (3) institutional fund clients with similar size, complexity and asset mix to SURS. (Yes/No): 6. As of June 30, 2013, the primary contact dedicated to the SURS contract must have at least ten (10) years experience in providing consulting services to institutional fund clients. (Yes/No): If yes, please provide evidence. IF PROPOSER PROVIDED A NO RESPONSE TO ANY OF THE MINIMUM QUALIFICATION REQUIREMENTS ABOVE, PROPOSER SHOULD NOT SUBMIT A PROPOSAL TO SURS. PLEASE CERTIFY THE PROPOSER S SATISFACTION OF THE MINIMUM QUALIFICATIONS BY PROVIDING THE PROPOSER S AUTHORIZED SIGNATURE BELOW. Authorized Signer Name: Title: Respondent Firm: Signature: Date: 16

17 Appendix B. Biographies Please include biographies for all consultants listed in your proposal. Indicate what year each consultant joined your firm and describe his or her position, current responsibilities, areas of expertise, experience, education, professional designations and memberships, and relevant publications and presentations. Appendix C. Annual Financial Report Please attach your firm s current Annual Financial Report. Appendix D. Sample Contract or Agreement Please attach a sample contract or agreement your firm uses for actuarial services. Appendix E. Other Information (2 page maximum) Please provide a sample actuarial valuation report. Please describe areas or processes, not included in the scope of this engagement that your firm may examine in order to provide more complete and thorough services. Provide any additional information that you believe to be relevant to the RFP and your capability to provide the services requested. 17