Summary of Specifications:
The Bay County Purchasing Division on behalf of the Bay County Employees’ Retirement System (BCERS) is seeking a full service actuarial consultant with the intention of entering into a five-year contract.
BACKGROUND:
The Bay County Employees’ Retirement System (BCERS) as of December 31, 2013 had over $295 million in its investment portfolio with a breakdown of 69% domestic stock, 24% bonds, 4% real estate and 3% cash equivalents. BCERS is an ordinance based defined benefits pension plan that provides pension benefits for nearly 880 retirees, over 1100 active employees, and 94 deferred and vested former employees. The System requires contributions from both the employer and employees in order to provide assets sufficient to meet the benefits promised to members. The general administration, management and responsibility for the proper operation of the System is vested with the Board of Trustees. The Board consists of nine Trustees; four elected active member representatives and five appointed representatives. The appointed representatives are as follows; two County Commissioners, Treasurer of Bay County, chairperson of the Bay County Board of Human Services ex officio, and chairperson of the Bay-Arenac Behavioral Health Authority Board of Directors.
BCERS has a complex makeup that consists of seven different financial units; General County, Department of Water and Sewer, Library, Bay Arenac Behavioral Health, Bay Medical Care Facility, Sheriff’s Department, and Road Commission. Within each the units there are 32 different divisions with different multipliers and eligibility requirements. The Board employs the use of an investment consultant and a custodial bank. As of December 31, 2013 there were 13 investment managers. Legal counsel is provided by County Corporation Counsel with assistance from outside counsel as needed. There is no actuary on staff.
The Bay County Voluntary Employees’ Beneficiary Association (VEBA) as of December 31, 2013 had over $38 million in its investment portfolio. The general administration, management and responsibility for the proper operation of the VEBA Trust is vested with the Board of Trustees. The Board consists of nine Trustees; four elected active member representatives and five appointed representatives. The appointed representatives are as follows; two County Commissioners, Treasurer of Bay County, chairperson of the Bay County Board of Human Services ex officio, and chairperson of the Bay-Arenac Behavioral Health Authority Board of Directors.
