Actuarial Software Maintenance

Background
The Public Employee Retirement Administration Commission (PERAC) is seeking maintenance for its existing actuarial software program, Proval, developed by Winklevoss Technologies, LLC. This software is crucial for performing actuarial valuations for 104 retirement systems in Massachusetts and supports data analysis for early retirement incentive programs and legislative proposals. Since its implementation in 1998, maintaining this software has become essential to ensure compliance with Massachusetts General Laws and to manage the growing importance of public retirement systems' funded status.

Work Details
The contract involves the maintenance of the Proval software, which includes ensuring its functionality for actuarial valuations and data analysis. The vendor will be responsible for all costs associated with the response to this request for response (RFR). The acquisition method is a fee-for-service model, and only a single contractor will be selected. The initial duration of the contract is three years, with options to renew for an additional two years, totaling a maximum of nine years.

Period of Performance
The contract will commence on May 15, 2025, following the evaluation and selection process that concludes on that same date.

Place of Performance
The services will be performed at PERAC's office located at 10 Cabot Road, Suite 300, Medford, MA 02155.

Bidder Requirements
Bidders must comply with the Massachusetts Small Business Purchasing Program (SBPP) requirements if applicable. To qualify as an SBPP participant, businesses must have their principal place of business in Massachusetts and have been operational for at least one year. They must employ no more than 50 full-time equivalent employees or work less than a combined total of 26,000 hours per quarter. Additionally, gross revenues must not exceed $15 million based on a three-year average. Bidders must also submit mandatory forms including a signed Standard Contract Form and W-9 Form.