Budget & Treasury Office PO Box 13 Tel: (051) Burgersdorp Fax: (051) lucky@gariep.gov.za
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1 Budget & Treasury Office PO Box 13 Tel: (051) Burgersdorp Fax: (051) REQUEST FOR A FORMAL WRITTEN QUOTATION NOTICE NO: 28/2013 LONG TERM DEFINED BENEFIT OBLIGATION OF GARIEP MUNICIPALITY AS AT 30 JUNE 2013 (ACCOUNTING STATEMENT - GRAP 25 & IAS 19) IN RESPECT OF POST RETIREMENT MEDICAL AID BENEIFIT. Gariep Local Municipality requires the services of a suitably qualified Actuary to perform an actuarial valuation of its long-term defined benefit obligation as at 30 June 2013 in accordance with accounting statement IAS 19. This information is required for inclusion in the annual financial statements as at 30 June SCOPE OF WORK: The Service provider will be required to ensure that Gariep Municipality fully complies with the accounting statement IAS 19 inclusive of the following milestones: Identification of post employment benefits such as pensions and post employment health care and determining the actuarial valuation of the obligation as at 30 June Identification of other long term employee benefits such as long service leave and long term disability benefits and determining the actuarial valuation of the obligation as at 30 June 2013 Actuarial valuation of the defined benefit/contribution plans as at 30 June Calculation of the current year s service cost which is to be disclosed in the statement of financial performance. Calculation of the interest cost arising from the discounting of the liability. In lieu of the foregoing, the following information should be clearly indicated as it would be required for disclosure and recognition purposes: - Current service costs (the actuarial estimate of benefits earned by employees for services rendered during the current year)
2 - Interest costs, if any (the increase during the period in the present value of a defined benefit obligation which arises because the benefits are one period closer to settlement) - Present value of plan assets, if any (asset held by a long term employee benefit fund and qualifying insurance policy) - Expected return on plan assets - Past service costs, if any (change in the present value of the defined benefit obligation for employee services rendered in the past, resulting in the current period from the introduction of or changes to post employment benefits. - Acturial gains and losses, if applicable (comprising (i) experience adjustments - effect of the differences between the previous actuarial assumptions and what has actually occurred and (ii) the effect of changes in actuarial assumptions. - Present value of obligation and/or Fair value of plan assets as at 30 June Valuation Techniques used e.g. Projected Unit Credit Method - Acturial Assumptions used: (a) Demographic variables (e.g. employee turnover, employees likely to reach retirement age whilst employed by the municipality and mortality rates during and after employment) (b) Financial variables (e.g. future increases in salaries, discount rates and medical costs) (c) Any other material assumptions used - The effect of an increase of one percentage point and the effect of a decrease of one percentage point in the assumed medical costs trend rates on: (a) The aggregate of the current service costs and interest cost components of net periodic post-employment medical costs, and (b) The accumulated post-employment benefit obligation for medical costs. (for this disclosure IAS 19 requires that all other assumptions be held constant) NB: PLEASE NOTE THAT THIS IS NOT THE FIRST TIME THE VALUATION IS BEING DONE. IT WAS FIRST DONE DURING THE 2010 FINANCIAL YEAR, WITH COMPARATIVE INFORMATION. THUS, WE ONLY NEED INFORMATION FOR THE YEAR ENDED 30 JUNE 2013 AND THE PROJECTED AMOUNTS FOR 30 JUNE 2014 (FOR BUDGETING PURPOSES) STAFF LEVEL: Permanent staff Retired members
3 (a) LONG SERVICE AWARD OBLIGATION OF GARIEP MUNICIPALITY AS AT 30 JUNE 2013 IN TERMS OF THE COLLECTIVE AGREEMENT ON CONDITIONS OF SERVICE FOR THE NORTH WEST DIVISION. OBJECTIVE: In terms of paragraph 11.2 of the Collective Agreement on Conditions of Service for the North West Division signed on 8 October 2010 covering the period 1 January 2010 to 30 September 2012, which was extended to 30 June 2013 as per the attached Extension Letter dated 1 February 2013 (municipal employees are entitled to additional leave (in addition to normal leave) as recognition for service at the same employer. The additional leave (long service award) shall be paid out when the employee has reached the required continued period of service. The municipality requires the services of a suitably qualified Actuary to perform an actuarial valuation of the long service award as at 30 June 2013 in accordance with the said agreement. This information is required for inclusion in the annual financial statements as at 30 June SCOPE OF WORK: The Service provider will be required to ensure that Gariep Municipality fully complies with paragraph 11.2 of the Collective Agreement on Conditions of Service for the North West Division. (i) The agreement prescribes the following leave days for each milestone: After 10 years service - 10 working days After 15 years service - 20 working days After 20 years service - 30 working days After 25 years service - 30 working days After 30 years service - 30 working days After 35 years service - 30 working days After 40 years service - 30 working days After 45 years service - 30 working days (ii) (iii) In lieu of the foregoing, the service provider is expected to estimate the provision for Long service award to be paid by the municipality at 30 June The service provider is expected to provide detailed, inter alia, the following: (a) Detailed provision schedules for each financial period (clearly showing the breakdown per milestone);
4 (b) Methodology and/or assumptions used; (c) Data limitations, if any; (d) Inflation rates used to determine future salary increases; (e) Discount rates used to discount the future salaries to the present values; (f) Any other relevant information. (iv) Please note that the provision computation should include even employees that have already reached certain milestones, as we would deduct the respective payments internally i.e. adjusting the provision by payments made to date. (v) A copy of the Extension to the Collective Agreement has been attached for more information. (vi) The Long Service Awards provision excludes the Municipal Manager and all Senior Managers, who are 6 in total. The indicated Staff Levels exclude these members of staff. NB: PLEASE NOTE THAT THIS IS NOT THE FIRST TIME THE VALUATION IS BEING DONE. IT WAS FIRST DONE DURING THE 2010 FINANCIAL YEAR, WITH COMPARATIVE INFORMATION. THUS, WE ONLY NEED INFORMATION FOR THE YEAR ENDED 30 JUNE 2013 AND THE PROJECTED AMOUNTS FOR 30 JUNE 2014 (FOR BUDGETING PURPOSES) STAFF LEVEL: Permanent staff TIME FRAME: Service Providers should note that, in order to include the actuarial valuation report(s) in the 2012/13 annual financial statements, the process should be finalized within one month from the date of appointment. The quotation can be submitted on the letterhead of your business and ed to Ms N. Mxo, nomandla@gariep.gov.za or to buliemeva@gariep.gov.za of Supply Chain Management Section before 16:30 on Friday 08 August The following conditions will apply: Price(s) quoted must be valid for at least thirty (30) days from date of your offer. Price(s) quoted must be firm and must be inclusive of VAT. A firm delivery period must be indicated. A valid Tax Clearance certificate. Copies of Company Registration Certificates and Identity documents. A BEE certificate accredited by SANAS. NB: No quotations will be considered from persons in the service of the state
5 Failure to comply with these conditions may invalidate your offer. It is the prerogative of the Gariep Local Municipality not to award the tender or any part thereof to the lowest or any tender. Quotations can also be hand delivered at Supply Chain Management Offices of Gariep Local Municipality, No 1 Jan Greyling Street, BURGERSDORP 9744 no later than Friday, 08 August 2013 at 16h30. No late quotations will be accepted for consideration. Enquiries should be directed to Ms Renauldine Sandt during office hours from 07H45 to BID EVALUATION AND ADJUDICATION This bid will be evaluated and adjudicated according to the following criteria: 1. Supply Chain Management Policy of Gariep Municipality 2. PPPFA and associated regulations 3. 80/20 point system will be awarded as follows: Price 80 points B-BBEE Status Level 20 Points Mr. T.A. Mawonga Municipal Manager Gariep Local Municipality P.O. Box X 13 BURGERSDORP 9744
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