Objectives

The primary objective of this tender is to appoint a qualified and experienced service provider to perform actuarial valuation services for the Long Services Bonus Liability for a period of three years. The successful bidder will conduct actuarial assessments for the financial years 2025/26, 2026/27, and 2027/28, including long-term employee benefit calculations in accordance with GRAP 25 standards.

Scope

The scope of work includes:

• Providing actuarial valuation services for the Long Services Bonus Liability for the Municipality's employees.
• Conducting actuarial valuations for employees with 5, 10, 15, 20, 25, 30, 35, 40, or more years of service.
• Preparing assessments for the specified financial years, including long-term employee benefits calculations and disclosures as per GRAP 25.
• Providing detailed reports, methodologies, assumptions, and implementation strategies for calculating employee benefits.

Technical Requirements

The technical requirements include:

• Experience in providing actuarial services related to employee long service awards and GRAP 25 valuations.
• Provision of detailed CVs of key staff, including a Project Manager with at least 16 years of relevant experience, Senior Supervisor with 9 years, and other key personnel with tertiary qualifications and relevant practical experience.
• Demonstration of understanding and application of methods to calculate employee benefits, including pension and medical aid benefits.
• Development of a comprehensive project plan with deliverables and timeframes.
• Clear articulation of assumptions, methodologies, and implementation strategies used in valuation processes.
• Close collaboration with the Municipality’s Corporate Services Department throughout the contract duration.

Skills Requirements

The skills and expertise required from the service provider include:

• Extensive actuarial experience in employee benefit valuations, specifically long service awards and GRAP 25 disclosures.
• Proven track record of providing similar services to public sector entities or large organizations.
• Strong project management skills with the ability to meet strict delivery deadlines.
• Expertise in actuarial modeling, assumptions, and calculations related to employee benefits.
• Excellent communication skills for reporting, stakeholder engagement, and providing technical guidance.
• Ability to prepare detailed reports, methodologies, and assumptions documentation.