Government Contract | Illinois

Bid Information

Bid Alert No: 00000409613


Agency Bid No. Title: Not Stated

Received Date: 11/05/2015

Close Date: 12/02/2015

Purchase Type: Term:

Delivery Point: 2815 West Washington Street, P.O. Box 19253, Springfield, Illinois, 62702

Delivery Date: Not Stated

Special Notices: Bidder Preregistration


Specifications include, but are not limited to:A. Annual Actuarial Valuation ReportsThe Illinois Pension Code, 40 ILCS 5/1A-110, requires the System to include as part of its annualstatement a complete actuarial statement applicable to the plan year. To accomplish this task, theSystem is statutorily required to engage an enrolled actuary responsible for the preparation of thematerials comprising the actuarial statement, utilizing such assumptions and methods as arenecessary for the contents of the matters reported in the actuarial statement to be reasonably relatedto the experience of the plan and to reasonable expectations, and to represent in the aggregate theactuarys best estimate of anticipated experience under the plan. The actuarial statement mustinclude a description of the actuarial assumptions and methods used to determine the actuarialvalues in the statement, and must disclose the impact of significant changes in the actuarialassumptions and methods, plan provisions, and other pertinent factors on the actuarial position of 5the plan. The full statutory provision is accessible on the Illinois General Assembly Website at thefollowing link: actuarial valuations are to be performed as of each June 30, beginning with the June 30,2016 valuation. Under current procedures, the data for annuitants, active and inactive member isprovided as of the June 30 valuation date while the active and inactive membership data are as ofthe preceding June 30. Preliminary information is required in early October and the report mustbe completed by mid-October in order to meet the November 1 statutory deadline. The majorfindings of the report will be presented to the Board of Trustees by the supervising actuary. Subjectto current law, the actuarial report will: Be in a format similar to the June 30, 2015 Preliminary Actuarial Valuation Report(Appendix A). Specify statutory funding requirements for the second year subsequent to the fiscal yearcovered by the actuarial report. Contain projections of unfunded liabilities and required employer contributions until theend of the statutory funding period in FY45. Projected accrued liabilities, assets, andfunding requirements may also be required to be shown for future years. Specify actuarially based statutory funding requirements for the second year subsequent tothe actuarial report. The current actuarially-based calculation is described in the 2015preliminary actuarial valuation report. The Board requires this calculation by resolutionbecause current statutory formulas do not meet the Systems funding needs. Contain information in compliance with the relevant Governmental Accounting StandardsBoard (GASB) statements and comply with all applicable provisions of the Illinois PensionCode, including without limitation, 40 ILCS 5/1A-110, 40 ILCS 5/16-158, 40 ILCS 5/16-173, 40 ILCS 5/16-175, and 40 ILCS 5/16-176.B. Actuarial Experience AnalysisThe System will require the actuary to conduct an actuarial experience analysis for the three yearsending June 30, 2017. The results of this study will be used to determine any changes in actuarialassumptions to be adopted in the June 30, 2018 valuation. The experience analysis must becompleted by August 1, 2018. The Systems most recent experience analysis is attached asAppendix B. After the results of the experience analysis are adopted, updated factor tables usedin certain benefit and cost calculators will be required.

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Bid Related Attachments

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Product Code: 94612

Agency Information

Issuing Agency: State of Illinois - Teachers' Retirement System

State: Illinois

Agency Type: State and Local

Contact: 2815 West Washington Street, P.O. Box 19253, Springfield, Illinois, 62702



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