CITY OF HOBOKEN
ADDENDUM TO RFP DOCUMENTS
RFP – 22 - 14 - Request for Qualifications (RFQ) : City of Hoboken Request for Qualifications from Individuals or Firms Interested in providing professional Actuary Services to the City of Hoboken
This Addendum # 1, dated November 4, 2022 is issued to modify the above mentioned RFP and is hereby made part of the RFP documents. Please attach this Addendum #1 to the original documents in your possession, and ensure same is included in your proposal. This addendum includes:
Minor changes to specifications. Items have been removed and some have been added to the specifications
Introduction The City of Hoboken (“City”) is a municipality governed according to the Optional Municipal Charter Law, N.J.S.A. 40:69A-1 to 210. Through the fair and open process of N.J.S.A. 19:44A-20.4 et. seq. and pursuant to Hoboken Ordinances 20A-1 et. seq. and DR-154, the City is issuing this Requests for Proposals (“RFP”) from individuals or firms with the appropriate professional licenses from the State of New Jersey seeking to provide actuarial services for various purposes including such as
1. The projection of future claim costs levels based upon historical data and industry standards to calculate the funding requirement at expected level and various confidence levels for City’s Self Insurance Fund for health benefits This funding level should also include expected administrative costs including required total payments in accordance with contracts to the third party administrator, the stop loss carrier, and the insurance consultant. This analysis would be done to recommend 2024 budget appropriations, and we expect that the work would occur in December 2023.
This funding requirement may be used to calculate necessary employer and employee (Chapter 78) contributions for annual and/or monthly payments and budget appropriations. The report should also include a calculation of COBRA rates.
2. Conduct analysis and provide information to the City to facilitate compliance with disclosure requirements for the City’s 2022 audit including a GASB 75 valuation. The City has more than 1,000 active and retired employees with OPEB benefits including medical, prescription, dental, and vision coverage.
A timeline for completion of the various scope of work items and requests for various information needed should be provided, including duration and expected completion date; however, the City expects the completed report for funding levels described in item 1 under Scope of Work by February 15, 2022. The contract period for this Scope of Work will be 12-months.
The complete addendum is posted on the City of Hoboken website to ensure compliance. There are no other changes to the RFP documents as part of this addendum.
ATTEST: Date: November 4, 2022
Jennifer Mastropietro, QPA
Purchasing Agent
CITY OF HOBOKEN
ADDENDUM TO RFP DOCUMENTS
RFP – 22 - 14
Request for Qualifications (RFQ) :
City of Hoboken Request for Qualifications from Individuals or Firms Interested in providing
professional Actuary Services to the City of Hoboken
ACKNOWLEDGMENT OF RECEIPT OF ADDENDA
The undersigned Bidder hereby acknowledges receipt of the following Addenda:
Addendum Number Dated Acknowledge Receipt (initial)
Addendum #1 November 4, 2022
🞐No addenda were received:
Acknowledged for:
(Name of Bidder)
By:
(Signature of Authorized Representative)
Name:
(Print or Type)
Title:
Date:
