The Financial Oversight and Management Board for Puerto Rico is looking for an independent actuary, pension, and planning consultant for which it has issued an a request for proposals for parties interested in providing services.
The Board is looking for a consultant to assist with the analysis of pension systems authorized in Section 211 of the Puerto Rico Oversight, Management and Economic Stability Act. The deadline for responses to the RFP from interested service providers is 5 p.m. on Feb. 24, 2017.
The firm or sole proprietor must be able to provide services related to the pension plans design, consolidation, termination, amendments, fund status and investment strategies, among others, and will be tasked with working with the administrators of the plans and the actuaries currently contracted by the government of Puerto Rico. In addition, the Consultant should serve as a general resource to the Oversight Board on pension issues.
Areas that the Board believes relevant in its consideration and selection process of a pensions and retirement consultant include: engagement cost; similar project experience; level of understanding of the engagement; experience with government, turn-around efforts, public finance and budgeting; credible plan to execute rapidly with physical Puerto Rico location; ability to carry out functions in an objective and evidence-based manner; and utilization of local Puerto Rico resources or partners, among others. The inability to satisfy all the aforementioned areas will not necessarily disqualify a proposal.
The RFP may be downloaded from the Board’s website under the “Documents” section. Applicants may wish to consult the discussion of pension reforms contained in the Board’s Jan. 18, 2017 letter to Gov. Ricardo Rosselló.