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HomeMy WebLinkAboutRFP - 10246 Actuarial ServicesRFP 10246 Actuarial Services Page 1 of 35 REQUEST FOR PROPOSAL 10246 ACTUARIAL SERVICES RFP DUE: 3:00 PM MT (Mountain Time), December 10, 2025 The City of Fort Collins is soliciting proposals from qualified firms to perform Actuarial Services. This Request for Proposal (RFP) encompasses two distinct Scopes of Services including: A. Perform an annual Actuarial Valuation Study of its General Employees’ Retirement Plan (GERP) including a summary of the valuation results and information about all significant assumptions and findings. B. Perform an annual Actuarial Study of the City’s Self-Insured Liabilities for each policy year starting with October 1, 1987 through the current year for liability claims and January 1, 1989 through the current year for workers compensation claims. Liability coverages to be analyzed include automobile, general, police, and public officials. The City prefers to award a single contract for Actuarial Services covering both GERP and Self- Insured Liabilities. The City reserves the right to award separate contracts for these services. As part of the City’s commitment to sustainability, proposals must be submitted online through the Rocky Mountain E-Purchasing System (RMEPS) at http://www.bidnetdirect.com/colorado/city- of-fort-collins. Note: please ensure adequate time to submit proposals through RMEPS. Proposals not submitted by the designated Opening Date and Time will not be accepted by RMEPS. All questions must be submitted, in writing via email, to Gerry Paul, Purchasing Director at gspaul@fcgov.com no later than 3:00 PM MT on December 1, 2025. Please format your e-mail to include: RFP 10246 Actuarial Services in the subject line. Questions received after this deadline may not be answered. Responses to all questions submitted before the deadline will be addressed in an addendum and posted on the Rocky Mountain E-Purchasing System webpage. Rocky Mountain E-Purchasing System hosted by BidNet A copy of the RFP may be obtained at http://www.bidnetdirect.com/colorado/city-of-fort-collins. This RFP has been posted utilizing the following Commodity Code(s): 94612 Actuarial Services Prohibition of Unlawful Discrimination: The City of Fort Collins, in accordance with the provisions of Title VI of the Civil Rights Act of 1964 (78 Stat. 252, 42 US.C. §§ 2000d to 2000d- 4) and the Regulations, hereby notifies all bidders that it will affirmatively ensure that any contract entered into pursuant to this advertisement, disadvantaged business enterprises will be afforded full and fair opportunity to submit bids in response to this invitation and will not be discriminated against on the grounds of race, color, or national origin in consideration for an award. Financial Services Purchasing Division nd Floor 970.221.6775 fcgov.com/purchasing RFP 10246 Actuarial Services Page 2 of 35 The City strictly prohibits unlawful discrimination based on an individual’s gender (regardless of gender identity or gender expression), race, color, religion, creed, national origin, ancestry, age 40 years or older, marital status, disability, sexual orientation, genetic information, or other characteristics protected by law. For the purpose of this policy “sexual orientation” means a person’s actual or perceived orientation toward heterosexuality, homosexuality, and bisexuality. The City also strictly prohibits unlawful harassment in the workplace, including sexual harassment. Further, the City strictly prohibits unlawful retaliation against a person who engages in protected activity. Protected activity includes an employee complaining that he or she has been discriminated against in violation of the above policy or participating in an employment discrimination proceeding. The City requires its Professionals to comply with the City’s policy for equal employment opportunity and to prohibit unlawful discrimination, harassment and retaliation. This requirement applies to all third-party Professionals and their subcontractors/subconsultants at every tier. Public Viewing Copy: The City is a governmental entity subject to the Colorado Open Records Act, C.R.S. §§ 24-72-200.1 et seq. (“CORA”). Any proposals submitted hereunder are subject to public disclosure by the City pursuant to CORA and City ordinances. Professionals may submit one (1) additional complete proposal clearly marked “FOR PUBLIC VIEWING.” In this version of the proposal, Professionals may redact text and/or data that it deems confidential or proprietary pursuant to CORA. All pricing will be considered public records subject to disclosure under CORA and as such pricing cannot be redacted from the “FOR PUBLIC VIEWING” version of the proposal. Failure to provide a public viewing copy will be considered a waiver of any claim of confidentiality under CORA without regard to how the applicant’s proposal or certain pages of the proposal are marked confidential, proprietary, or similar. Such statement does not necessarily exempt such documentation from public disclosure if required by CORA, by order of a court of appropriate jurisdiction, or other applicable law. Generally, under CORA, trade secrets, confidential commercial information and financial data information may not be disclosed by the City. Proposals may not be marked “Confidential” or ‘Proprietary’ in their entirety. By responding to this RFP, Professionals hereby waives any and all claims for damages against the City for the City’s good faith compliance with CORA. All provisions and pricing of any contract resulting from this request for proposal will be public information. Professionals Registration: The City requires new Professionals receiving awards from the City to submit IRS form W-9 and requires all Professionals to accept Direct Deposit (Electronic) payment. If needed, the W-9 form and the Vendor Direct Deposit Authorization Form can be found on the City’s Purchasing website at www.fcgov.com/purchasing under Vendor Reference Documents. Please do not submit these documents with your proposal, however, if you take exception to participating in Direct Deposit (Electronic) payments please clearly note such in your proposal as an exception. The City may waive the requirement to participate in Direct Deposit (Electronic) payments at its sole discretion. Sales Prohibited/Conflict of Interest: No officer, employee, or member of City Council, shall have a financial interest in the sale to the City of any real or personal property, equipment, material, supplies or services where such officer or employee exercises directly or indirectly any decision-making authority concerning such sale or any supervisory authority over the services to be rendered. This rule also applies to subcontracts with the City. Soliciting or accepting any gift, gratuity favor, entertainment, kickback or any items of monetary value from any person who has or is seeking to do business with the City of Fort Collins is prohibited. RFP 10246 Actuarial Services Page 3 of 35 Collusive or Sham Proposals: Any proposal deemed to be collusive or a sham proposal will be rejected and reported to authorities as such. Your authorized signature of this proposal assures that such proposal is genuine and is not a collusive or sham proposal. The City of Fort Collins reserves the right to reject any and all proposals and to waive any irregularities or informalities. Utilization of Award by Other Agencies: The City of Fort Collins reserves the right to allow other state and local governmental agencies, political subdivisions, and/or school districts to utilize the resulting award under all terms and conditions specified and upon agreement by all parties. Usage by any other entity shall not have a negative impact on the City of Fort Collins in the current term or in any future terms. The selected Professional shall be required to sign the City’s Agreement prior to commencing services (see sample attached to this document). Sincerely, Gerry Paul Purchasing Director RFP 10246 Actuarial Services Page 4 of 35 I. OVERVIEW The City of Fort Collins is soliciting proposals from qualified firms to perform Actuarial Services. This Request for Proposal (RFP) encompasses two distinct Scopes of Services including: a. Perform an annual Actuarial Valuation Study of its General Employees’ Retirement Plan (GERP) including a summary of the valuation results and information about all significant assumptions and findings. b. Perform an annual Actuarial Study of the City’s Self-Insured Liabilities for each policy year starting with October 1, 1987 through the current year for liability claims and January 1, 1989 through the current year for workers compensation claims. Liability coverages to be analyzed include automobile, general, police, and public officials. The City prefers to award a single contract for Actuarial Services covering both GERP and Self-Insured Liabilities. The City reserves the right to award separate contracts for these services. II. SCOPE OF SERVICES – GENERAL EMPLOYEES’ RETIREMENT PLANNING 1. Actuarial Valuation Study – General Employees’ Retirement Planning (GERP) Perform an annual Actuarial Valuation Study of its General Employees’ Retirement Plan (GERP) including a summary of the valuation results and information about all significant assumptions and findings. The actuarial valuation as of January 1st for each year shall be completed no later than February 28th. Services included in the actuarial valuation study include: a. Provide all information requested by the GERP Committee and City to meet the financial reporting guidelines of the Governmental Accounting Standards Board (GASP), including any assistance needed in drafting financial statements, notes, and disclosures. b. Meet with the GERP Committee in February of each year prior to the commencement of the annual actuarial valuation study to discuss the process, report format, scope, and significant assumptions to be used during the course of the engagement. Significant assumptions should include, but are not limited to the following: • Evaluation of the GERP's actuarial cost method • Valuation procedures • Economic assumptions • Demographic assumptions • Actuarial value of assets c. Meet with the GERP Committee in March of each year to deliver and review the Actuarial Valuation Study. RFP 10246 Actuarial Services Page 5 of 35 d. On an annual basis meet with the Council Finance Committee and GERP Committee to present the past year’s GERP performance and impact to the plan going forward into the future. 2. Personal Retirement Planning Statements The Professional shall on an annual basis provide Personal Retirement Planning Statements to the City by April 30th of each year. The City will distribute the Statements to members of the Plan. See Attachment 1 for sample format. 3. Projected Contributions, Benefit Payments, and Market Value of Assets On an annual basis the Professional shall prepare a report including the Projected Contributions, Benefit Payments and Market Value of assets by March 25th of each year. See Attachment 2 for sample format. 4. GASB 67/68 Disclosures Prepare for the City Pension disclosures as required in GASB 67/68 by February 28th of each year. Preparation of this disclosure will be used in the City’s Annual Comprehensive Financial Report (ACFR) and therefore must meet all requirements set out by GASB. Items included in the disclosure shall include, but are not limited to, the following: • Summary of Key Dates and Significant Changes • Statement of Fiduciary Net Position • Statement of Changes in Fiduciary Net Position • Money-Weighted Rate of Return • Long Term Expected Rate of Return • Depletion Date Projection • Projection of Contributions • Projection of Fiduciary Net Position • Actuarial Present Value of Projected Benefit Payments • Net Pension Liability • Changes in Net Pension Liability • Schedule of Changes in Net Pension Liability and Related Ratios • Pension Expense • Schedule of Deferred Inflows and Outflows of Resources 5. GASB 74/75 OPEB Disclosures Prepare for the City, Retiree Insurance Plan disclosures as required in GASB 74/75 by March 25th of each year. Preparation of this disclosure will be used in the City’s Comprehensive Annual Financial Report (CAFR) and therefore must meet all requirements set out by GASB. Items included in the disclosure shall include, but are not limited to, the following: • Certification • Total OPEB Liability • Changes in Total OPEB Liability • Schedule of Changes in OPEB Liability and Related Ratios • OPEB Expense • Schedule of Deferred Inflows and Outflows of Resources RFP 10246 Actuarial Services Page 6 of 35 6. Ad Hoc Consulting Provide on-going consulting services on-call as required by the City. Consulting will be reimbursable based on an established hourly rate(s). The City will initiate a Work Order (see Exhibit A of Sample Agreement) to authorize consulting services. Examples include but are not limited to: a. Assist the Committee in drafting changes to the GERP documents. b. Prepare special reports, research, and analysis of certain topics. c. Attending Committee and/or Council Finance Committee meetings as required above and beyond the meetings identified under the Actuarial Valuation Study to provide guidance. d. Perform calculations and analysis of benefits for unique and unusual situations for GERP. 7. Additional Requirements a. The Professional will be required to be completely familiar with the GERP documents. b. The Professional shall furnish all required reports to the GERC Committee no later than two days prior to the meeting for which the report is scheduled. c. The Professional shall respond to GERP Committee and City inquiries on a timely basis (within 2 business days). d. The Professional will be familiar with required GASB disclosures and stay up to date on any changes occurring 8. Additional Resources a. The City’s pension plan general website is available here: http://www.fcgov.com/cityclerk/retirement.php b. The General Employees Retirement Plan is available here: http://www.fcgov.com/cityclerk/pdf/general-employees-retirement-plan-document.pdf c. City of Fort Collins General Employees’ Retirement Plan, January 1, 2020 Actuarial Valuation is available upon written request. For a copy please contact Gerry Paul at gspaul@fcgov.com not later than the question deadline date. RFP 10246 Actuarial Services Page 7 of 35 Attachment 1 – Personal Retirement Planning Statement RFP 10246 Actuarial Services Page 8 of 35 Attachment 2 - Projected Contributions, Benefit Payments and Market Value Market Expected Benefit Market Expected Benefit Year Value Contribution Payment Year Value Contribution Payment 2016 46,668.427 1,802,316 4,065,710 2036 25,517,889 25,891 3,647,003 2018 47,770,667 1,660,982 4,362,092 2038 21,347,541 16,889 3,253,018 2040 2023 46,549,218 1,371,276 5,115,835 12,321,779 1,889 2,186,964 2044 2025 44,826,627 1,302,537 5,039,167 2045 9,457,416 1,803,539 2027 42,931,487 1,255,386 4,980,521 7,018,584 2029 40,837,150 99,954 4,770,861 2049 5,010,306 0 1,116,060 2031 36,511,879 71,684 4,507,682 2051 3,369,075 0 854,326 741,842 2053 0 Assumes Market Value of Assets earns 6.5% per annum, and contributions are 10.5% of compensation. Includes excess contributions of $1,120,000 for 2015 - 2028. RFP 10246 Actuarial Services Page 9 of 35 III. SCOPE OF SERVICES – UNPAID CLAIM LIABILITIES 1. Actuarial Review of Unpaid Claim Liabilities Perform an annual Actuarial Study of the City of Fort Collins’ Self-Insured Liabilities for each policy year starting with October 1, 1987 through the current year for liability claims and January 1, 1989 through the current year for workers compensation claims. Liability coverages to be analyzed include automobile, general, police, and public officials. The actuarial valuation as of December 31st for each year shall be completed no later than February 28th. Services included in the actuarial valuation study include: a. Reserves, including Incurred But Not Reported (IBNR), calculated as: • Expected value • 75%, 80% and 95% Confidence Levels • Reserves to be calculated undiscounted and discounted at 2%, 3% and 4% to present value b. Cash flow (payment) schedules c. Recommended funding levels d. Projected losses for five future accident years e. Worksheet calculations of a-d f. Risk Retention Analysis for higher retention consideration g. Consultation and questions with Risk Manager and Committee once report is prepared. 2. Ad Hoc Consulting Provide on-going consulting services on-call as required by the City. Consulting will be reimbursable based on an established hourly rate(s). The City will initiate a Work Order (see Exhibit A of Sample Agreement) to authorize consulting services. Examples include but are not limited to: a. Prepare special reports, research, and analysis of certain topics b. Consultation and questions as required under the IBNR 3. Additional Requirements a. The Professional will be familiar with the City’s self-insurance program RFP 10246 Actuarial Services Page 10 of 35 IV. REQUEST FOR PROPOSAL DETAILS 1. Anticipated Schedule The following represents the City’s target schedule for the RFP. The City reserves the right to amend the target schedule at any time. • RFP issuance: November 21, 2025 • Question deadline: 3:00 PM MT on December 1, 2025 • Proposal due date: 3:00 PM MT on December 10, 2025 • Interviews (Optional): Week of December 15th, 2025 • Award of Contract: December 2025 2. Interviews In addition to submitting a written proposal, the top-rated Professionals may be interviewed by the RFP assessment team and asked to participate in an oral presentation to provide an overview of the company, approach to the project and to address questions. The evaluation criteria for the oral interviews will be the same as the criteria for the written evaluations and is included in Section VI. Instead of traditional in-person interviews for the optional interview session, the City may opt to use alternate methods including,but not limited to remote interviews through a platform such as Microsoft Teams or Zoom. 3. Subcontractors/Subconsultants Professional will be responsible for identifying any subcontractors and/or subconsultants in their proposal. Please note that the City will contract solely with the awarded Professional; therefore, subcontractors and/or subconsultants will be the responsibility of the Professional. 4. Laws and Regulations The Professional agrees to comply fully with all applicable local, State of Colorado and Federal laws and regulations and municipal ordinances to include American Disabilities Act (ADA). 5. Work Orders The awarded Professional(s) will be required to sign the City’s Work Order Type Professional Services Agreement, a sample of which is attached as Section VIII for reference purposes. In the event that the City has agreements with multiple Professionals for the Work, the City reserves the right to request proposals for individual Work Order assignments from the awarded Professionals or assign Work Orders directly to a Professional at its sole discretion. Selection for individual Work Orders may be based on, but not limited to, availability, approach, prior experience, firm capability, and cost. Individual Work assignments will be requested and agreed to utilizing the City’s Work Order (included in the Agreement). Each Work Order must include a start and completion date, total cost and a Scope of Work. Subsequent supporting documentation pages may include a project schedule, deliverables, hours, cost detail supporting total cost, and personnel details. Fees outlined in the Work Order will conform with those stated in the Agreement. RFP 10246 Actuarial Services Page 11 of 35 No Work Order over $7,500 will be considered valid until signed, at a minimum, by the Professional, Project Manager and Purchasing Department representative. Depending on the cost and nature of the Work, additional signature authorization may be required. Any changes to the dates, cost or scope of any Work Order must be agreed upon in writing utilizing the City’s Change Order (included in the Agreement) and will not be considered valid until signed, at a minimum, by the Professional, project manager and Purchasing Department representative. 6. Invoicing and Payment Invoices should be emailed monthly to invoices@fcgov.com with a copy to the Project Manager. The cost of the work completed shall be paid to the Professional each month following the submittal of a correct invoice by the Professional indicating the project name, Purchase Order number, task description, hours worked, personnel/work type category, hourly rate for each employee/work type category, date of the work performed specific to the task, percentage of that work that has been completed by task, 3rd party supporting documentation with the same detail and a brief progress report. Payments will be made using the prices stated in the Work Order and Agreement. In the event a service is requested which is not stated in the Work Order and/or Agreement, the Professional and the City will negotiate an appropriate unit price for the service prior to the Professional initiating such work. The City pays invoices on Net 30 terms. V. PROPOSAL SUBMITTAL Please limit the total length of your proposal to a maximum of fifteen (15) 8 ½ x 11” pages (excluding cover pages, table of contents, dividers and Acknowledgement form). Font shall be a minimum of 10 Arial and margins are limited to no less than .5” for sides and top/bottom. Extended page sizes, such as 11” x 17”, count as a single page and may be used for detailed pricing. Links to other files or websites shall not be permitted. Proposals that do not conform to these requirements may be rejected. Professionals are required to provide detailed written responses to the following items in the order outlined below. The responses shall be considered technical offers of what Professionals propose to provide and shall be incorporated in the contract award as deemed appropriate by the City. A proposal that does not include all the information required may be deemed non-responsive and subject to rejection. Responses must include all the items in the order listed below. It is suggested that the Professionals include each of the City’s questions with their response. The City of Fort Collins shall not reimburse any firm for costs incurred in the preparation and presentation of their proposal. 1. Cover Letter / Executive Summary The Executive Summary should highlight the content of the proposal and features of the program offered, including a general description of the program and any unique aspects or benefits provided by your firm. Indicate your availability to participate in the interviews/demonstrations on the proposed dates as stated in the Schedule section. RFP 10246 Actuarial Services Page 12 of 35 2. Professional Information a. Describe the Professional’s business and background b. Number of years in the business c. An overview of services offered and qualifications d. Size of the firm e. Location(s) of offices. If multiple, please identify which will be the primary for our account. f. Primary contact information for the company including contact name(s) and title(s), mailing address(s), phone number(s), and email address(s). 3. Scope of Proposal a. Approach: Describe your approach to executing the deliverables and achieving the City’s reporting deadlines. Responders are encouraged to provide innovative and cost effective ideas to meet the City’s fast-track schedules and deadlines while also maintaining a commitment to quality and attention to detail. b. Describe your team’s qualifications and experience performing Actuarial Valuation Studies for General Employees’ Retirement Plans (GERP) to include GASB 67/68 disclosures and GASB 74/75 OPEB disclosures for municipalities and other public agencies. c. Describe your team’s qualifications and experience preparing Actuarial Studies for Unpaid Claim Liabilities. d. Briefly discuss any concerns, exceptions, or recommendations regarding each Scope of Services, sample reports, and the terms of the Professional Services Agreement. e. Team Profile: Provide relevant information regarding the team you propose to assign to the project including: a. Proposed team organization (org chart) of key personnel with titles and specific tasks. b. Example of at least three recent and relevant projects performed by members of your staff and team. i. Projects shall be from the past five years. More recent examples are preferred. ii. Include references on all cited examples of projects, including contact names, titles, phone numbers and email address. f. Provide any information that distinguishes Professional from its competition and any additional information applicable to this RFP that might be valuable in assessing Professional’s proposal. 4. Sustainability/TBL Methodology In concise terms (no more than two pages), please describe your organization’s commitment to sustainability and supporting values. Each element of the TBL sustainability criteria will receive equal consideration in determining the final Sustainability/TBL score. RFP 10246 Actuarial Services Page 13 of 35 a. Address how your firm strives to incorporate all three aspects (social, environmental, and economic) of Triple Bottom Line (TBL) sustainable practices into the workplace. Provide examples along with any metrics used to measure success within your firm. b. Also provide examples of how your firm has incorporated all three aspects of TBL sustainable practices in previous similar projects on which your firm has been the prime Professional. Some examples are provided below: a. Environmental – Experience delivering projects / programs focused on environmental health priorities in the areas of climate resiliency, water quality and watershed protection, regulatory performance, management systems, air quality, renewable energy, sustainable building and design, construction materials management, and solid waste reduction. b. Economic – Experience working and delivering projects with an emphasis on strategic financial planning, job creation, business development, asset management, various project delivery methods, value engineering, regional partnerships, transparency, stakeholder engagement, strategic investments, aging infrastructure, repurposing of existing facilities, and competing financial priorities. c. Social - Experience working and delivering projects, programs, and/or initiatives that support Equity, Diversity, and Inclusion throughout your firm’s workplace, including leadership, and supply chain. Examples of this may be demonstration of working within cultural and language gaps, development of diversity programs, diverse project teams, equitable opportunity vendor supply chain, and how your firm has applied an equity lens to processes such as recruitment, hiring, purchasing, career pathways, salaries, and staff engagement. 5. Cost and Work Hours In your response to this proposal, please complete and submit Attachment 3 with proposed pricing. 6. Sample Agreement Included with this request for proposals is a sample Professional Services Agreement Work Order Type (the “Agreement”) that the City intends to use for obtaining the services of the Professional. The Professional is required to review this Agreement and indicate any objections to the terms of the contract. If revisions to the contractual terms are requested, provide suggested revisions. 7. Acknowledgement The Acknowledgement form is attached as Section VII. Complete the attached form indicating the Professional hereby acknowledges receipt of the City of Fort Collins Request for Proposal and acknowledges that the Professional has read and agrees to be fully bound by all of the terms, conditions and other provisions set forth in the RFP. RFP 10246 Actuarial Services Page 14 of 35 Attachment 3 – Pricing Optional Contract Terms Deliverable Annual Due Actuarial Report - General Employees' Retirement Plan* 28th Benefit Payments, Market Value 25th Statement 28th 25th Insured Liabilities 28th Total Annual * Includes annual meeting with GERP Committee HOURLY RATES FOR AD HOC CONSULTING Consultant Name/Title $ $ $ $ $ Hourly Rate Consultant Name/Title $ $ $ $ $ Consultant Name/Title $ $ $ $ $ Consultant Name/Title $ $ $ $ $ RFP 10246 Actuarial Services Page 15 of 35 VI. REVIEW AND ASSESSMENT CRITERIA 1. Proposal and Interview Criteria Professionals will be evaluated on the following criteria. This set of criteria will be the basis for review and assessment of the written proposals and optional interview session. At the discretion of the City, interviews of the top-rated Professionals may be conducted. The rating scale shall be from 1 to 10, a rating of 1 doesn’t meet minimum requirements, a rating of 5 means the category fulfills the minimum requirements, and 10 exceeds minimum requirements in that category. Criteria Weighing RFP 10246 Actuarial Services Page 16 of 35 VII. ACKNOWLEDGEMENT This form may not be redlined and must be submitted with your proposal. Failure to adhere to these requirements may result in your proposal being rejected. Professional hereby acknowledges receipt of the City of Fort Collins Request for Proposal and acknowledges that it has read and agrees to be fully bound by all of the terms, conditions and other provisions set forth in the RFP 10246 Actuarial Services and sample Agreement except as otherwise noted. Additionally, Professional hereby makes the following representations to City: a. All of the statements and representations made in this proposal are true to the best of the Professional’s knowledge and belief. b. Professional commits that it is able to meet the terms provided in this proposal. c. This proposal is a firm and binding offer, for a period of 90 days from the date hereof. d. Professional further agrees that the method of award is acceptable. e. Professional also agrees to complete the proposed Agreement with the City of Fort Collins within 10 days of notice of award. If contract is not completed and signed within 10 days, City reserves the right to cancel and award to the next highest rated firm. f. Professional acknowledges receipt of addenda. g. Professional acknowledges no conflict of interest. h. Professional acknowledges that the City is a governmental entity subject to the Colorado Open Records Act, C.R.S. §§ 24-72-200.1 et seq. (“CORA”). Any proposals submitted hereunder are subject to public disclosure by the City pursuant to CORA and City ordinances. Professionals may submit one (1) additional complete proposal clearly marked “FOR PUBLIC VIEWING.” In this version of the proposal, Professionals may redact text and/or data that it deems confidential or proprietary pursuant to CORA. All pricing will be considered public records subject to disclosure under CORA and as such pricing cannot be redacted from the “FOR PUBLIC VIEWING” version of the proposal. Failure to provide a public viewing copy will be considered a waiver of any claim of confidentiality under CORA without regard to how the applicant’s proposal or certain pages of the proposal are marked confidential, proprietary, or similar. Such statement does not necessarily exempt such documentation from public disclosure if required by CORA, by order of a court of appropriate jurisdiction, or other applicable law. Generally, under CORA, trade secrets, confidential commercial information and financial data information may not be disclosed by the City. Proposals may not be marked “Confidential” or ‘Proprietary’ in their entirety. By responding to this RFP, Professionals hereby waives any and all claims for damages against the City for the City’s good faith compliance with CORA. All provisions and pricing of any contract resulting from this request for proposal will be public information. Legal Firm Name: Physical Address: Remit to Address: Phone: RFP 10246 Actuarial Services Page 17 of 35 Name of Authorized Agent of Firm: Signature of Authorized Agent: Primary Contact for Project: Title: Email Address: Phone: Cell Phone: NOTE: ACKNOWLEDGMENT IS TO BE SIGNED & RETURNED WITH YOUR PROPOSAL. Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 18 of 35 VIII. SAMPLE AGREEMENT (FOR REFERENCE ONLY – DO NOT SIGN ) MASTER PROFESSIONAL SERVICES AGREEMENT WORK ORDER TYPE This Master Professional Services Agreement (Agreement) made and entered into the day and year set forth in the Agreement Period section below, by and between the CITY OF FORT COLLINS, COLORADO, a Colorado Municipal Corporation (City) and , a(n) [enter state] [business type] (Professional). WITNESSETH: In consideration of the mutual covenants and obligations herein expressed, it is agreed by and between the parties hereto as follows: 1. Scope of Service. The Professional agrees to provide Services in accordance with any project Work Orders for , issued by the City. Such Work Orders will be incorporated into this Agreement. A blank sample of a Work Order is attached hereto as Exhibit A, consisting of [# of Pages] and incorporated herein. A general Scope of Services is attached hereto as Exhibit B, consisting of [# of Pages] and incorporated herein. The City reserves the right to independently solicit any project rather than issuing a Work Order to the Professional for the same pursuant to this Agreement. Irrespective of references to certain named third parties within this Agreement or any Work Order, the Professional shall be solely responsible for performance of all duties hereunder. The term Service as used in this Agreement shall include the Services and deliverables contained in any Work Order issued by the City. The City may, at any time during the term of a particular Work Order and without invalidating the Work Order, make changes to the scope of the particular Service. Changes shall be agreed upon in writing by the parties by Change Order, a sample of which is attached hereto as Exhibit C, consisting of [# of Pages] and incorporated herein. 2. Work Order Schedule. The Services to be performed pursuant to this Agreement shall be performed as specified on each Work Order. Time is of the essence. Any change in schedule must be agreed upon in writing by the parties hereto via a Change Order. 3. Changes. The City may, at any time during the term of the Agreement, make changes to the Agreement. Such changes shall be agreed upon in writing by the parties. 4. Agreement Period. This Agreement shall commence , 20(Year) (the Effective Date) and shall continue in full force and effect until , 20(Year), unless sooner terminated as herein provided. In addition, at the option of the City, the Agreement may be extended for additional one (1) year periods not to exceed [choose one] additional one-year periods. Renewals and pricing changes shall be negotiated by and agreed to by both parties only at the time of renewal. Written notice of renewal shall be provided to the Professional no later than thirty (30) days before Agreement end. Should written notice of renewal be delayed, Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 19 of 35 the parties agree that this Agreement may automatically extend on a month-to-month basis until a renewal is completed. Upon expiration of the final renewal term, the Agreement may continue but not to exceed one (1) year if required to complete any active Work Orders in accordance with Section 8-186 of City Code. 5. Early Termination by City. Notwithstanding the time periods contained herein, the City may terminate this Agreement at any time without cause or penalty by providing at least ten (10) calendar days written notice of termination to the Professional. In the event of early termination by the City, the Professional shall be paid for Services rendered up to the date of termination, subject to the satisfactory performance of the Professional 's obligations under this Agreement. Professional shall submit a final invoice within ten (10) calendar days of the effective date of termination. Payment shall be the Professional's sole right and remedy for termination. 6. Notices. All notices provided under this Agreement shall be effective immediately when emailed or three (3) business days from the date of the notice when mailed to the following addresses: Professional: City: Copy to: Attn: James Reed PO Box 580 Fort Collins, CO 80522 jreed@fcgov.com Attn: Purchasing Dept. PO Box 580 Fort Collins, CO 80522 purchasing@fcgov.com All notices under this Agreement shall be written. 7. Compensation. In consideration of the Services to be performed pursuant to this Agreement, the City agrees to pay the Professional [choose one] as designated in Exhibit D, consisting of [# of Pages], attached and incorporated herein. At the election of the City, each Work Order may contain a maximum fee, which shall be negotiated by the parties hereto for each Work Order. Partial payments based upon the Professional’s billings and itemized statements are permissible as defined in the applicable Work Order. The amounts of any partial payments shall be based upon the Professional’s City-verified progress in completing the Service(s) to be performed pursuant to the Work Order and upon approval of the Professional’s direct reimbursable expenses. Payment shall be made following acceptance of the Services by the City. Itemized invoices shall be emailed to invoices@fcgov.com with a copy to the Project Manager. The cost of the Services completed shall be paid to the Professional following the submittal of a correct itemized invoice by the Professional. The City is exempt from sales and use tax. The City’s Certificate of Exemption license number is 09804502. A copy of the license is available upon written request. Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 20 of 35 The City pays undisputed invoices on Net 30 days from the date of the invoice submittal to the City or, for disputed invoices, Net 30 days from the date of City Project Manager’s approval. 8. Design and Service Standards. The Professional warrants and shall be responsible for the Professional quality, technical accuracy, accessibility requirements under ADA and Public Accommodations and Technology Accessibility sections below, timely completion and the coordination of all Services rendered by the Professional, and the Project Instruments as defined in the Project Instruments and License section below. The Professional shall, without additional compensation, promptly remedy and correct any errors, omissions, or other deficiencies from such standards. 9. Indemnification. The Professional shall indemnify, defend, and hold harmless the City and its officers and employees, to the maximum extent permitted under Colorado law, against and from any and all actions, suits, claims, demands, or liability of any character whatsoever claimed by the Professional or third parties against the City arising out of or related to this Agreement (not limited to contract, tort, intellectual property, accessibility, or otherwise). This obligation extends to reimbursement of the City's costs and reasonable attorney’s fees. 10. Insurance. The Professional shall maintain insurance in accordance with Exhibit [choose one], consisting of [# of Pages], attached hereto and incorporated herein. 11. Appropriation. To the extent this Agreement, or any provision in it, requires payment of any nature in fiscal years subsequent to the current fiscal year and constitutes a multiple fiscal year debt or financial obligation of the City, it shall be subject to annual appropriation by the Fort Collins City Council as required in Article V, Section 8(b) of the City Charter, City Code Section 8-186, and Article X, Section 20 of the Colorado Constitution. The City shall have no obligation to continue this Agreement in any fiscal year for which there are no pledged cash reserves or supporting appropriations pledged irrevocably for purposes of payment obligations herein. Non-appropriation by the City shall not be construed as a breach of this Agreement. 12. Project Instruments and License. a. Upon execution of this Agreement, the Professional grants to the City an irrevocable, unlimited and royalty free license to use any and all sketches, drawings, as-builts, specifications, designs, blueprints, data files, calculations, studies, analysis, renderings, models, plans, reports, and other Work Order deliverables (Project Instruments), in any form whatsoever and in any medium expressed, for purposes of constructing, using, maintaining, altering and adding to the project, provided that the City substantially performs its obligations under the Agreement. The license granted hereunder permits the City and third parties reasonably authorized by the City to reproduce applicable portions of the Project Instruments for use in performing the Services or construction for the project. In addition, the license granted hereunder shall permit the City and third parties reasonably authorized by the City to reproduce and utilize the Project Instruments for similar projects, provided however, in such event the Professional shall Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 21 of 35 not be held responsible for the design to the extent the City deviates from the Project Instruments. This license shall survive termination of the Agreement by default or otherwise. b. Upon payment under each applicable Work Order, Project Instruments rendered by the Professional shall become the City’s property. The Professional shall provide the City with the Project Instruments in electronic format in a mutually agreed upon file type. 13. City Project Manager. The City’s Project Manager will be shown on the specific Work Order and shall make, within the scope of the Project Manager’s authority, all necessary and proper decisions with reference to the Services requested under the applicable Work Order. All requests for contract interpretation, change order and other clarification or instruction shall be directed to the City Project Manager. The initial City Project Manager for this Agreement is [Enter Name] and can be reached at [Enter Email] or [Enter Phone]. The City Project Manager is subject to change by the City. 14. Project Status Report. Project status reports may be required by Work Order and shall be submitted to the City Project Manager. Failure to provide any required status report may result in the suspension of the processing of any invoice. 15. Independent Contractor. The Services to be performed by the Professional are those of an independent contractor and not of an employee of the City. The City shall not be responsible for withholding any portion of the Professional's compensation hereunder for the payment of FICA, Workers' Compensation, unemployment insurance, other taxes or benefits or for any other purpose. 16. Personal Services. It is understood that the City enters into this Agreement based on the special abilities of the Professional and that this Agreement shall be considered as an Agreement for personal services. Accordingly, the Professional shall neither assign any responsibilities nor delegate any duties arising under this Agreement without the prior written consent of the City. 17. Subcontractors/Subconsultants. The Professional may not subcontract any of the Service(s) set forth in any Work Order without the prior written consent of the City, which shall not be unreasonably withheld. If any of the Services is subcontracted hereunder, with the consent of the City, then the following provisions shall apply: a. the subcontractor/subconsultant must be a reputable, qualified firm with an established record of successful performance in its respective trade performing identical or substantially similar Services; b. the subcontractor/subconsultant will be required to comply with all applicable terms of this Agreement; c. the subcontract will not create any contractual relationship between any subcontractor/subconsultant and the City, nor will it obligate the City to pay or see to the payment of any subcontractor/subconsultant; and Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 22 of 35 d. the Services of the subcontractor/subconsultant will be subject to inspection by the City to the same extent as the Service(s) of the Professional. The Professional shall require all subcontractor/subconsultants performing Service(s) hereunder to maintain insurance coverage naming the City as an additional insured under this Agreement in accordance with Exhibit [choose one]. The Professional shall maintain a copy of each subcontractor’s/subconsultant’s certificate evidencing the required insurance. Upon request, the Professional shall promptly provide the City with a copy of the certificate(s) within two (2) business days. The Professional shall be responsible for any liability directly or indirectly arising out of the Services performed under this Agreement by a subcontractor/subconsultant, which liability is not covered by the subcontractor/subconsultant's insurance. 18. Acceptance Not Waiver. The City's approval of Project Instruments furnished hereunder shall not in any way relieve the Professional of responsibility for the quality or technical accuracy of the Services. The City's approval or acceptance of, or payment for, any of the Services shall not be construed to operate as a waiver of any rights or benefits provided to the City under this Agreement. 19. Default. Each and every term and condition hereof shall be deemed to be a material element of this Agreement. In the event either party should fail to or refuse to perform according to the terms of this Agreement, that party may be declared in default upon notice. 20. Remedies. In the event a party has been declared in default, that defaulting party shall be allowed a period of ten (10) calendar days from the date of notice within which to cure said default. In the event the default remains uncorrected, the party declaring default may elect to: a. terminate the Agreement and seek damages; b. treat the Agreement as continuing and require specific performance; or c. avail themselves of any other remedy at law or equity. In the event of a dispute between the parties regarding this Agreement, each party shall bear its own attorney fees and costs, except as provided for in the Indemnification and Technology Accessibility sections. 21. Entire Agreement; Binding Effect; Authority to Execute. This Agreement, along with all Exhibits, Work Orders and other documents incorporated herein, shall constitute the entire Agreement of the parties regarding this transaction and the matter recited herein. This Agreement shall supersede any prior agreements, promises, or understandings as to the matter recited herein. The Agreement shall be binding upon the parties, their officers, employees, agents and assigns and shall inure to the benefit of the respective survivors, heirs, personal representatives, successors and assigns of said parties. Covenants or representations not contained in this Agreement shall not be binding on the parties. In the event of a conflict between the terms of the Agreement and any exhibit or attachment, the Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 23 of 35 terms of the Agreement shall prevail. Each person executing this Agreement affirms that they have the necessary authority to sign on behalf of their respective party and to bind such party to the terms of this Agreement. 22. Law/Severability. The laws of the State of Colorado and the City of Fort Collins Charter and Municipal Code shall govern the construction, interpretation, execution and enforcement of this Agreement —without regard to choice of law or conflict of law principles. The Parties further agree that Larimer County District Court is the proper venue for all disputes. If the City subsequently agrees in writing that the matter may be heard in federal court, venue will be in U.S. District Court for the District of Colorado. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, that holding shall not invalidate or render unenforceable any other provision of this Agreement. 23. Prohibition Against Unlawful Discrimination. The Professional acknowledges that the City, in accordance with the provisions of Title VI of the Civil Rights Act of 1964 (78 Stat. 252, 42 US.C. § 2000d to 2000d-4) , C.R.S. § 24-34-401, and any associated State or Federal laws and regulations, strictly prohibits unlawful discrimination based on an individual’s gender (regardless of gender identity or gender expression), race, color, religion, creed, national origin, ancestry, age forty (40) years or older, marital status, disability, sexual orientation, genetic information, or other characteristics protected by law. Pursuant to City policy, sexual orientation means a person’s actual or perceived orientation toward heterosexuality, homosexuality, and bisexuality. The City also strictly prohibits unlawful harassment in the workplace, including sexual harassment. Further, the City strictly prohibits unlawful retaliation against a person who engages in protected activity. Protected activity includes an employee complaining that the employee has been discriminated against in violation of the above policy or participating in an employment discrimination proceeding. The Professional shall comply with the City’s policy for equal employment opportunity and to prohibit unlawful discrimination, harassment and retaliation. This requirement applies to all third-party subcontractors/subconsultants at every tier. 24. ADA and Public Accommodations. In performing the Service(s) required hereunder, the Professional agrees to meet all the requirements of the Americans with Disabilities Act of 1990, C.R.S. § 24-85-101, and all applicable rules and regulations (ADA), and all applicable Colorado public accommodation laws, which are imposed directly on the Professional or which would be imposed on the City as a public entity. 25. Technology Accessibility. The Professional represents that the Project Instruments hereunder, shall fully comply with all applicable provisions of C.R.S. § 24-85-101, and the Accessibility Standards for Individuals with a Disability, as established by the State of Colorado Governor’s Office of Information Technology (OIT) pursuant to C.R.S. § 24-85-103 (2.5), including all updates and amendments to those standards as provided by the OIT. The Professional shall also comply with all State of Colorado technology standards related to technology accessibility and with Level AA of the most current version of the Web Content Accessibility Guidelines (WCAG), incorporated in the State of Colorado technology Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 24 of 35 standards. To confirm that the Project Instruments meet these standards, the Professional may be required to demonstrate compliance.  The Professional shall indemnify, save, and hold harmless the City against any and all costs, expenses, claims, damages, liability, court awards and other amounts (including attorneys’ fees and related costs) incurred by the City in relation to the Professional’s failure to comply with C.R.S. § 24-85-101, or the Accessibility Standards for Individuals with a Disability as established by OIT pursuant to C.R.S. § 24-85-103 (2.5). The City may require the Professional’s compliance to the State’s Accessibility Standards to be determined by a third party selected by the City to attest to the Project Instruments and software compliance with C.R.S. § 24-85-101, and the Accessibility Standards for Individuals with a Disability as established by OIT pursuant to C.R.S. § 24-85-103 (2.5). 26. Data Privacy. Professional will comply with all applicable data privacy regulations and laws, specifically including Colorado’s Privacy Act C.R.S. § 6-1-1301 et. seq. (the Privacy Act). Professional shall ensure that each person processing any personal data connected to the Services is subject to a duty of confidentiality with respect to the data. If applicable, Professional shall require that any subcontractors meet the obligations of Professional with respect to any personal data connected to this Agreement and corresponding Work Orders. The Parties agree that upon termination of the Services that Professional shall, at the City’s choice, delete or return all personal data to the City unless retention of the personal data is required by law. Professional shall make available to the City all information necessary to demonstrate compliance with the obligations of the Privacy Act. Professional shall allow for, and contribute to, reasonable audits and inspections by the City or the City’s designated auditor. 27. Governmental Immunity Act. No term or condition of this Agreement shall be construed or interpreted as a waiver, express or implied, of any of the notices, requirements, immunities, rights, benefits, protections, limitations of liability, and other provisions of the Colorado Governmental Immunity Act, C.R.S. § 24-10-101 and under any other applicable law. 28. Colorado Open Records Act. Professional acknowledges that the City is a governmental entity subject to the Colorado Open Records Act, C.R.S. § 24-72-200, et seq. (CORA), and documents in the City’s possession may be considered public records subject to disclosure under the CORA. The parties agree that this Agreement, all incorporated Exhibits, and all future Work Orders, unless specifically marked as Confidential, are considered public records under the CORA. 29. Delay. Time is of the essence. Subject to Force Majeure section of this Agreement, if the Professional is temporarily delayed in whole or in part from performing its obligations, then the Professional shall provide written notice to the City within two (2) business days defining the nature of the delay. Provision of written notice under this Section shall not operate as a waiver of any rights or benefits provided to the City under this Agreement. Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 25 of 35 30. Force Majeure. No party hereto shall be considered in default in the performance of an obligation hereunder to the extent that performance of such obligation is delayed, hindered, or prevented by force majeure. Force majeure shall be any cause beyond the control of the party that could not reasonably have been foreseen and guarded against. Force majeure includes, but is not limited to, acts of God, fires, riots, pandemics, incendiarism, interference by civil or military authorities, compliance with regulations or orders of military authorities, and acts of war (declared or undeclared), provided the cause could not have been reasonably foreseen and guarded against by the affected party. Force majeure shall not include increases in labor, commodity, utility, material, supply, fuel, or energy costs, or compliance with regulations or orders of civil authorities. To the extent that the performance is actually prevented, the Professional must provide notice to the City of such condition within ten (10) days from the onset of the condition. 31. Special Provisions. Special provisions or conditions relating to the Service(s) to be performed pursuant to this Agreement are set forth in Exhibit [choose one] - Confidentiality, consisting of [# of Pages], attached hereto and incorporated herein by this reference. 32. Order of Precedence. In the event of a conflict or inconsistency within this Agreement, the conflict or inconsistency shall be resolved by giving preference to the documents in the following order of priority: a. The body of this Agreement (and any written amendment), b. Exhibits to this Agreement, c. Work Order(s) (and any applicable Change Order), and d. the Purchase Order document. 33. Prohibited Terms.  Nothing in any Exhibit, Work Order, or other attachment shall be construed as a waiver of any provision above. Any terms included in any Exhibit, Work Order, or other attachment that requires the City to indemnify or hold Professional harmless; requires the City to agree to binding arbitration; limits Professional’s liability; or that conflicts with statute, City Charter or City Code in any way, shall be void. [Signature Page Follows] Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 26 of 35 THE CITY OF FORT COLLINS, COLORADO By: Gerry Paul Purchasing Director Date: ATTEST: APPROVED AS TO FORM: PROFESSIONAL'S NAME By: Printed: Title: Date: Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 27 of 35 EXHIBIT A WORK ORDER FORM PURSUANT TO A PROFESSIONAL MASTER SERVICES AGREEMENT BETWEEN THE CITY OF FORT COLLINS AND PROFESSIONAL WORK ORDER NUMBER: PROJECT TITLE: ORIGINAL BID/RFP NUMBER & NAME: 10246 Actuarial Services PROFESSIONAL MASTER SERVICES AGREEMENT EFFECTIVE DATE: Original Contract Date WORK ORDER COMMENCEMENT DATE: WORK ORDER COMPLETION DATE: MAXIMUM FEE (time and reimbursable direct costs): PROJECT DESCRIPTION/SCOPE OF SERVICES: Professional agrees to perform the Service(s) identified above and on the attached forms in accordance with and subject to the terms and conditions contained herein and in the Master Services Agreement (Agreement) between the parties. This Work Order is incorporated into the Agreement, and the Agreement and all prior amendments or other modifications to the Agreement, if any, remain in full force and effect. In the event of a conflict between or ambiguity in the terms of the Agreement and this Work Order (including the attached forms) the Agreement as set forth in the Order of Precedence section of the Agreement shall control. Pricing stated on this Work Order shall be consistent with the pricing in the Agreement or subsequent renewals as of the Work Order commencement date and will be held firm through completion of this Work Order. The attached forms consisting of [choose # of pages] are hereby accepted and incorporated herein and Notice to Proceed is hereby given after all parties have signed this document. PROFESSIONAL: __________________________ Date:___________________ Name, Title ACCEPTANCE: Date: Name, City Project Manager REVIEWED: Date: Adam Hill, Senior Buyer ACCEPTANCE: Date: Gerry Paul, Purchasing Director (if greater than $60,000) Official Purchasing Document Master Professional Services Agreement – Work Order Type RFP 10246 Actuarial Services Page 28 of 35 EXHIBIT B GENERAL SCOPE OF WORK Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 29 of 35 EXHIBIT C CHANGE ORDER NO. PROJECT TITLE: PROFESSIONAL: [Company Name] WORK ORDER NUMBER: PO NUMBER: ORIGINAL BID/RFP NUMBER & NAME: 10246 Actuarial Services DESCRIPTION: 1. Reason for Change: Why is the change required? 2. Description of Change: Provide details of the changes to the Work 3. Change in Work Order Price: 4. Change in Work Order Time: ORIGINAL WORK ORDER PRICE $ .00 TOTAL APPROVED/PENDING CHANGE ORDERS .00 TOTAL THIS CHANGE ORDER .00 TOTAL CHANGE ORDER % OF ORIGINAL WORK ORDER % ADJUSTED WORK ORDER COST $ .00 PROFESSIONAL: __________________________ Date:___________________ Name, Title ACCEPTANCE: Date: Name, City Project Manager REVIEWED: Date: Adam Hill, Senior Buyer ACCEPTANCE: Date: Gerry Paul, Purchasing Director (if greater than $60,000) Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 30 of 35 EXHIBIT D BID SCHEDULE/COMPENSATION The following pricing shall remain fixed for the initial term of this Agreement. Any applicable price adjustments may only be negotiated and agreed to in writing at the time of renewal. Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 31 of 35 EXHIBIT E INSURANCE REQUIREMENTS The Professional will provide, from insurance companies acceptable to the City, the insurance coverage designated hereinafter and pay all costs. Before commencing work under this bid, the Professional shall furnish the City with certificates of insurance showing the type, amount, class of operations covered, effective dates and date of expiration of policies. In case of the breach of any provision of the Insurance Requirements, the City, at its option, may take out and maintain, at the expense of the Professional, insurance as the City may deem proper and may deduct the cost of the insurance from any monies which may be due or become due the Professional under this AGREEMENT. Insurance certificates should show the certificate holder as follows: City of Fort Collins Purchasing Division PO Box 580 Fort Collins, CO 80522 The City, its officers, agents and employees shall be named as additional insureds on the Professional's general liability and automobile liability insurance policies by marking the appropriate box or adding a statement to this effect on the certificate, for any claims arising out of work performed under this Agreement. Insurance coverages shall be as follows: A. Workers' Compensation & Employer's Liability. The Professional shall maintain Worker’s Compensation and Employer’s Liability insurance during the life of this Agreement for all of the Professional 's employees engaged in work performed under this Agreement. Workers' Compensation & Employer’s Liability insurance shall conform with statutory limits of $100,000 per accident, $500,000 disease aggregate, and $100,000 disease each employee, or as required by Colorado law. B. General Liability. The Professional shall maintain during the life of this Agreement General Liability insurance as will provide coverage for damage claims of personal injury, including accidental death, as well as for claims for property damage, which may arise directly or indirectly from the performance of work under this Agreement. Coverage for property damage shall be on a (broad form) basis. The amount of insurance for General Liability shall not be less than $1,000,000 combined single limits for bodily injury and property damage. C. Automobile Liability. The Professional shall maintain during the life of this Agreement Automobile Liability insurance as will provide coverage for damage claims of personal injury, including accidental death, as well as for claims for property damage, which may arise directly or indirectly from the performance of work under this Agreement. Coverage for property damage shall be on a (broad form) basis. The amount of insurance for Automobile Liability shall not be less than $1,000,000 combined single limits for bodily injury and property damage. D. Errors and Omissions. The Professional shall maintain errors and omissions insurance in the amount of $1,000,000. E. Cybersecurity. The Professional shall maintain cybersecurity insurance in the amount of $5,000,000. Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 32 of 35 EXHIBIT F CONFIDENTIALITY IN CONNECTION WITH THE SERVICES to be provided by Professional under this Agreement, the parties agree to comply with reasonable policies and procedures with regard to the exchange and handling of confidential information and other sensitive materials between the parties, as set forth below. 1. Definitions. For purposes of this Agreement, the party who owns the referenced information and is disclosing same shall be referenced as the “Disclosing Party.” The party receiving the Disclosing Party’s information shall be referenced as the “Receiving Party.” 2. Confidential Information. Confidential Information controlled by this Agreement refers to information that is not public and/or is proprietary, including but not limited to location information, network security system, business plans, formulae, processes, intellectual property, trade secrets, designs, photographs, plans, drawings, schematics, methods, specifications, samples, reports, mechanical and electronic design drawings, customer lists, financial information, studies, findings, inventions, ideas, City customer identifiable information (including account, address, billing, consumption, contact, and other customer data), utility metering data, service billing records, customer equipment information. To the extent practical, Confidential Information shall be marked “Confidential” or “Proprietary.” Nevertheless, Professional shall treat as Confidential Information all customer identifiable information in any form, whether or not bearing a mark of confidentiality or otherwise requested by the City, including but not limited to the non-exclusive list of Confidential Information above. In the case of disclosure in non-documentary form of non- customer identifiable information, made orally or by visual inspection, the Disclosing Party shall have the right, or, if requested by the Receiving Party, the obligation to confirm in writing the fact and general nature of each disclosure within a reasonable time after it is made in order that it is treated as Confidential Information. Any information disclosed to the other party before the execution of this Agreement and related to the services for which Professional has been engaged shall be considered in the same manner and be subject to the same treatment as the information disclosed after the execution of this Agreement with regard to protecting it as Confidential Information. 3. Use of Confidential Information. Receiving Party hereby agrees that it shall use the Confidential Information solely for the purpose of performing its obligations under this Agreement and not in any way detrimental to Disclosing Party. Receiving Party agrees to use the same degree of care Receiving Party uses with respect to its own proprietary or confidential information, which in any event shall result in a reasonable standard of care to prevent unauthorized use or disclosure of the Confidential Information. Except as otherwise provided herein, Receiving Party shall keep confidential and not disclose the Confidential Information. The City and Professional shall cause each of their directors, officers, employees, agents, representatives, and subcontractors to become familiar with, and abide by, the terms of this Exhibit, which shall survive this Agreement as an on-going obligation of the Parties. Professional shall not use such information to obtain any economic or other benefit for itself, or any third party, other than in the performance of obligations under this Agreement. Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 33 of 35 4. Exclusions from Definition. The term “Confidential Information” as used herein does not include any data or information which is already known to the Receiving Party or which before being divulged by the Disclosing Party: (a) was generally known to the public through no wrongful act of the Receiving Party; (b) has been rightfully received by the Receiving Party from a third party without restriction on disclosure and without, to the knowledge of the Receiving Party, a breach of an obligation of confidentiality; (c) has been approved for release by a written authorization by the other party hereto; or (d) has been disclosed pursuant to a requirement of a governmental agency or by operation of law, subject to Paragraph 5 below. 5. Required Disclosure. Notwithstanding Paragraph 4(d) above, if the Receiving Party receives a request (by interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process, or by federal, state, or local law, including without limitation, the Colorado Open Records Act) to disclose any Confidential Information, the Parties agree the Receiving Party will provide the Disclosing Party with immediate notice of such request, so the Disclosing Party may seek an appropriate protective order before disclosure or waive the Receiving Party’s compliance with this Exhibit. The Receiving Party shall furnish a copy of this Exhibit with any disclosure. Notwithstanding this Paragraph 5, Receiving Party shall not disclose Confidential Information to any person, directly or indirectly, nor use it in any way, except as required by law or authorized in writing by Disclosing Party. 6. Red Flags Rules. If applicable, Professional must implement reasonable policies and procedures to detect, prevent and mitigate the risk of identity theft in compliance with the Identity Theft Red Flags Rules found at 16 Code of Federal Regulations part 681. Further, Professional must take appropriate steps to mitigate identity theft if it occurs with any of the City’s covered information and must notify the City in writing within twenty-four (24) hours of discovery of any breaches of security or Red Flags to the City. 7. Data Protection and Data Security. Professional shall have in place information security safeguards designed to conform to or exceed industry best practices regarding the protection of the confidentiality, integrity and availability of Confidential Information and shall have written agreements requiring any subcontractor to meet those standards. These information security safeguards (the “Information Security Program”) shall be materially consistent with, or more stringent than, the safeguards described in this Exhibit. (a) Professional’s information security safeguards shall address the following elements: • Data Storage, Backups and Disposal • Logical Access Control (e.g., Role-Based) • Information Classification and Handling • Secure Data Transfer (SFTP and Data Transfer Specification) • Secure Web Communications Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 34 of 35 • Network and Security Monitoring • Application Development Security • Application Security Controls and Procedures (User Authentication, Security Controls, and Security Procedures, Policies and Logging) • Incident Response • Vulnerability Assessments • Hosted Services • Personnel Security (b) Subcontractors. Professional may use subcontractors, though such activity shall not release or absolve Professional from the obligation to satisfy all conditions of this Agreement, including the data security measures described in this Exhibit, and to require a substantially similar level of data security, appropriate to the types of services provided and Confidential Information received, for any subcontractor Professional may use. Accordingly, any release of data, confidential information, or failure to protect information under this Agreement by a subcontractor or affiliated party shall be attributed to Professional and may be considered to be a material breach of this Agreement. 8. Information Storage. Confidential Information is not to be stored on any local workstation, laptop, or media such as CD/DVD, USB drives, external hard drives or other similar portable devices unless the Professional can ensure security for the Confidential Information so stored. Workstations or laptops to be used in the Services will be required to have personal firewalls on each, as well as have current, active anti-virus definitions. 9. Continuing Obligation. The agreement not to disclose Confidential Information as set forth in this Exhibit shall apply during the term of the Services and or Agreement and at any time thereafter unless specifically authorized by the City in writing. 10. Termination Remedy. If Professional breaches any of the terms of this Exhibit, in the City’s sole discretion, the City may immediately terminate this Agreement and withdraw Professional’s right to access Confidential Information. 11. Return of Information. Notwithstanding any other provision of this Agreement to provide Project Instruments and work product, all material, i.e., various physical forms of media in which Confidential Information is stored, including but not limited to writings, drawings, tapes, diskettes, prototypes or products, shall remain the sole property of the Disclosing Party and, upon request, shall be promptly returned, together with all copies thereof to the Disclosing Party. Upon return of such materials, all digital and electronic data shall also be deleted in a non-restorable way by which it is no longer available to the Receiving Party. Upon Disclosing Party’s request, written verification of the deletion (including date of deletion) is to be provided to the Disclosing Party within ten (10) days after completion of engagement, whether it be via termination, completion or otherwise. 12. Injunctive Relief. Professional Receiving Party acknowledges that the Disclosing Party may, based upon the representations made in this Agreement, disclose security information that is critical to the continued success of the Discloser’s business. Accordingly, Receiving Party agrees that the Disclosing Party does not have an adequate remedy at law for breach of this Agreement and therefore, the Disclosing Party shall be entitled, as a non-exclusive remedy, Official Purchasing Document Professional Services Agreement – Work Order Type RFP10246 Actuarial Services Page 35 of 35 and in addition to an action for damages, to seek and obtain an injunction or decree of specific performance or any other remedy, from a court of competent jurisdiction to enjoin or remedy any violation of this Agreement.