February 2, 2017
The Office of the Nevada State Treasurer, in accordance with its responsibilities to administer the Nevada Prepaid Tuition Program, is requesting proposals from qualified actuarial firms to perform actuarial services including the annual preparation of an actuarial study as required in Nevada Revised Statutes (NRS §353B.190) and develop annual pricing models as allowed by NRS §353B.l10(3).
The Nevada Higher Education Prepaid Tuition Trust Fund, created for the Nevada Prepaid Tuition Program, was approved by the Nevada Legislature during the 1997 biennial session (NRS §353B, College Saving Plans of Nevada). This authority also created the Board of Trustees of the College Saving Plans of Nevada chaired by the State Treasurer. NRS §353B can be found on the web at http://leg.state.nv.us/NRS/NRS-353B.html. Nevada Administrative Code (NAC) §353B contains the regulations of the Program and can be found on the web at http://leg.state.nv.us/NAC/NAC-353B.html. Information on the Program may also be obtained from the web at www.nevadatreasurer.gov
The Board of Trustees of the College Savings Plans of Nevada (Board) reviews the annual actuarial valuation report prior to approving pricing for the prepaid tuition contracts before each enrollment period. The actuaries will provide a recommended pricing schedule based on certain Board-approved assumptions. The Board endeavors to establish rates sufficient to compensate for anticipated tuition increases, administrative expenses and a stabilization reserve.
The resultant contract will be for a four-year period beginning July 1, 2017.
Deadline for Submissions: February 16, 2017 @ 2:00 PM