Awarded vendors
- KMS Actuaries, LLC
Description
The City of Worcester is procuring professional actuarial services to value its Other Post‑Employment Benefits (OPEB) trust in compliance with GASB Statements 74 and 75. The contract is a fixed‑price, three‑year base agreement with two optional one‑year extensions, covering interim and full valuations, discount‑rate schedule development, scenario analysis, and board presentations. KMS Actuaries, LLC was selected as the most advantageous bidder. The solicitation required detailed technical proposals, three reference OPEB reports, AA membership, and specific insurance coverage.
• Scope: GASB‑compliant OPEB valuations (interim, full, optional years), discount‑rate tables, reform scenario analysis, reporting to OPEB Board.
• Term: 3‑year base term (FY 2024‑2026) with up‑to‑two one‑year renewal options.
• Award: KMS Actuaries, LLC (single‑vendor award) under a firm‑fixed‑price arrangement.
• Key deadlines: RFP issued 26 Mar 2024; proposal deadline 24 Apr 2024 10:00 AM; anticipated award May‑June 2024.