Actuarial Services for the Stanley G. Tate Florida Prepaid College Program
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Description
The Prepaid Plan requires independent actuarial analysis supporting the Board’s statutory duty to evaluate the actuarial soundness of the prepaid fund and to establish plan prices (See Appendix D for an overall description of the program). The services below are minimum requirements; the selected Respondent will perform them using data and assumptions supplied or approved by the Board and in accordance with applicable actuarial standards. 3.01(1) Transition Plan Submit and maintain an orderly transition plan, if applicable. The transition plan should describe the process, details, and schedule for providing an orderly transition from the current provider. The objectives of the transition plan should be to minimize the impacts on continuity of operations, maintain communication with staff, identify key issues, and overcome barriers to transition. 3.01(2) Annual Planning Meet in person with Board staff at least annually to plan the next 12 months of deliverables. As part of annual planning, review material Program experience, assumptions that may warrant further review, emerging actuarial issues, and potential analytical needs that may support significant Board policy, financial, or Program decisions. Provide a detailed annual work plan identifying Board data needs, delivery dates, review points, meetings, draft and final deliverables, and dependencies necessary to meet the Board’s schedule. 3.01(3) Data Review The Board will provide all data necessary to perform the specified contract services. Quarterly, the Actuary shall review, load, reconcile, and evaluate Board-provided data; investigate anomalies; determine whether information is complete and adequate; and recommend data improvements needed for valuations, pricing, and experience studies. (See Appendix I for an example data file). The selected Respondent shall protect Board data and use appropriate actuarial and statistical systems to perform and document all analyses. 3.01(4) Quarterly Actuarial Valuations and…