Government Contract | North Carolina
CFRS Pension Review Services

Bid Information


Bid Alert No: 00001077153

Bid Title: CFRS Pension Review Services

Agency Bid No. Title: 269-2018-CFRS

Received Date: 09/01/2017

Close Date: 09/20/2017

Purchase Type: Not Stated

Delivery Point: Charlotte, North Carolina

Delivery Date: Not Stated

Specifications

Specifications include, but are not limited to:The CFRS is seeking a Service Provider to complete a comprehensive review of theCharlotte Firefighters Retirement Act and to make recommendations to the CFRSBoard of Trustees related to closing the unfunded liability gap and preventingpension spiking. The selected Service Provider will be expected to:Meet in person with CFRS Administrator on site at CFRS office twice; once forproject kick off meeting and once for the presentation of project results. Results willbe provided to the CFRS in both a paper publish and electronic format.Review the Plan provisions (The Act) along with the actuarial demographic data ofthe Systems Members to determine the following:1) Adequacy of the contribution percentage (%) by both the employee and employerto close the unfunded liability gap under current provisions and actuarialassumptions, including providing recommendations to the Board of Trustees forboth the employee and/or employer costs in order to obtain 100% funded status.Also provide recommendations for cost neutral changes (not effecting employeeand employer contributions) in order to obtain 100% funded status2) Using current assumptions, provide recommendations to the Board of Trusteesfor both the employee and/or employer costs in order to obtain an adequatefunded status as set by industry standard. Also provide recommendations for costneutral changes (not effecting employee and employer contributions) in order toobtain an adequate funded status as set by industry standard.3) The impact of the percentage level (%) of both employee and/or employercontribution requirements based on various rate of return assumptions (.25%increments from 7.5% down to 6%). Service Provider shall also provide detailedbest practices recommendations and any benchmarks of other retirement systems.4) The effect to the Funds liability due to the lack of contributions for thefollowing:a. unused sick time in excess of Citys payout policy which is converted toService;b. the sellback of any unused sick or vacation days to be converted toService;c. rollover of any unused vacation days to sick days which is converted toService; andd. recruitment policy of 96 hours of unused sick time which could beconverted to Service.5) The effect to the Funds liability for contributions paid on vacation days inexcess of two (2) year accrual cap and contributions paid in excess of two (2)year accrual of sick days but less than the 20% cap limit paid by the City.6) The impact of overtime to the liability as it pertains to Members Benefits. e.gmemberreceives OT and retirees with a benefit commensurate with a higherranks earnings; impact of contributions to the Fund for overtime hours paid vsimpact to compensation used in the calculation of a Members final averagesalary; and suggestions for limiting compensation, including best practices andbenchmarks of other retirement systems.7) Pension spiking effects including suggestions to either prevent and or limitspiking of a Members benefit or suggestions for methods for employee and oremployer to pay cost for spiking; best practices and benchmarks of otherretirement systems.8) The effects of changing the definitions, in the Act and/or by Citys policy, ofvacation and sick days, compensation and final average salary, as they pertain todetermining a Members benefit; suggestions of best practices and to maintain anactuarially sound system for its members.9) Impact to a Members benefit for the addition of two (2) vacation days and alsothe removal of 2, 4, 10 or 12 vacation days allowed by the City in regards to aMembers benefit, including the impact to the liability of adding or removingsuch days.10) Retiree Bonus best practices; suggestions for retiree bonus eligibility and theeffects to the fund liability.

Bid Related Documents

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Amendments

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Product Codes: 91840, 94600

Agency Information


Issuing Agency: Charlotte Firefighters Retirement System

State: North Carolina

Agency Type: State and Local

Contact: 428 E. Fourth St., suite 205, Charlotte, North Carolina, 28202

Email: sthiry@charlottenc.gov

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