Retirement Fund Actuarial Valuation

CALL FOR QUOTATION OF ENGAGEMENT FOR ACTUARIAL SERVICES
Retirement Fund Actuarial Valuation 

TERMS OF REFERENCE (TOR)

I. Objectives:  

1. A Funding Valuation on the Company Retirement Plan, First Time Valuation to determine:
       1.1.  Annual Normal Cost (Current Cost)
       1.2. Accrued Liability
       1.3. Vested Benefits 
       1.4. Amortization Schedule for the Unfunded Accrued Liability
       1.5. Recommended Total Annual Funding

2. To be able to complete the documentary requirements and file for tax exemption with the Bureau of Internal

Revenue (BIR) under RA 4917 and Sec. 32(B)(6)(a) of the 1997 Tax Code and follow up of the application

II. Expected Output: 

 1.  A Funding Valuation Report to include:
     1.1. Actuarial Certification
     1.2. Recommendations
     1.3. Statement of Actuarial Assumptions and Cost Results
     1.4. Statistical Distribution of Eligible Members
     1.5. Outline of the Basic Plan Provisions

2. BIR filing. Completing the documentary requirements for BIR filing; BIR filing and follow up. 

III. Data To be Provided by the Company (Philippine Postal Savings Bank):

1. Employee Data, with the following layout & Data Format:

Emp Code    Gender     Date of Birth       Date of Hire         Monthly Basic Salary
       N            F/M        MM/DD/YYYY    MM/DD/YYYY                N

2.  Annual Salary Increase Projection (%)
3. Number of working days in a year
4. Attrition Rate per age bracket
5. The Company’s Board Approved Existing Retirement Plan (dated October 22, 2013) and Separation Plan (dated September 23, 2010)

IV. Other Particulars:

1. Budget for the Project:

Funding Valuation       Php 45,000.00 VAT inclusive
BIR Filing                   Php 35,000.00 VAT inclusive

2. Terms of Payment:  

Funding Valuation      100% - payable upon acceptance of report 
BIR Filing                  100% - final payment upon filing with the BIR

Payments  due 7 days after acceptance of Invoice/Statement of Account

3. Milestones: 

3.1 Actuarial Report  submitted within 10 working days after receipt of signed proposal-contract, and complete requirements
3.2 Completion of documentary requirements  
3.3 BIR Filing  

4. Proposals to be submitted in hardcopy, placed in a sealed envelope and addressed to: 

Ms. Margie O. Gonzaga
General Services Department
Grnd Flr, Postbank Center, Liwasang Bonifacio, 1000 Manila

5. Submission of proposals on or before December 07, 2015
6. The contracting agency shall maintain full confidentiality of all data and information that may be received as a result of this project

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