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REQUEST FOR PROPOSAL FOR ACTUARIAL SERVICES

The purpose of this Request for Proposal (“Request”) is to invite qualified firms to submit information, which outlines their ability to conduct an actuarial study for the Indiana Board for Depositories (“the Board”). The firm selected will be requested to provide the customary services of actuaries as outlined in the RFP’s Scope of Services section. This is not an Invitation to Bid or a Request for Proposal under the Indiana Procurement Code. The Board creates no obligation, expressed or implied, by issuing this Request or by receipt of any proposals submitted pursuant hereto. The award of any contract as a result of this Request shall be at the sole discretion of the Board. Neither this Request nor any proposal hereto is to be construed as a legal offer.

This RFP seeks Responses to provide actuarial services to the Board only and is not related to any other board, program, or entity related to the Office of the Indiana Treasurer of State.

Responses must be provided via email to BFD@tos.in.gov no later than 4:30pm (EST) on Friday, August 26, 2022.

The RFP document can be found here: BFD RFP (Actuarial Study).pdf. If you have any questions, please direct them to Ryan Locke through email at rlocke@tos.in.gov.


NOTICE

On Tuesday, September 13, 2022, at 2:00 p.m.,
the Indiana Board for Depositories will meet in person at

One North Capitol Avenue, Suite 900, Indianapolis, IN 46204-2043

Virtual Board Meeting Link (coming soon)

Submitted by Ryan Locke
Deputy Treasurer of State

One North Capitol Avenue, Suite 900, Indianapolis, IN 46204-2043
Phone: (317) 232-5258 Fax: (317) 232-6650 Email: rlocke@tos.in.gov

Updates and News:

November 10, 2020

Public Comment Period for Proposed Changes to the Collateral Rules

The Indiana Board for Depositories seeks any public comment or feedback on changes to the Collateral Rules that were presented to the Board at a special meeting on November 10, 2020. The Board is scheduled to vote to finalize the recommendations at its next regularly scheduled meeting on December 17, 2020.

If you would like to offer comments on the proposed changes at the board meeting on the December, 17, 2020, please let BFD staff know by emailing them to rlocke@tos.in.gov before 5:00p.m. EST on Friday, December 11, 2020.

Comments may also be submitted in writing by emailing them to rlocke@tos.in.gov before 5:00p.m. EST on Tuesday, December 15, 2020.

Primer on Proposed Changes

Clean Version of Proposed Final Rules

Proposed Final Rules with Changes Tracked

Proposed Collateralization Matrix

Collateral Class

Collateral Basis

Bank Insight National Rating

FIS FedFIS Rating

Pledge or
Pledge and Deliver

0%

N/A

N/A

N/A

N/A

50%

Average Daily Balance of Net Public Funds for the previous quarter

N/A

3.99 ≤ n ≥ 3.50

Pledge

100% (FedFIS)

Actual Daily Balance of Net Public Funds for previous day

N/A

n ≥ 4.00

Pledge and Deliver

100% (Bank Insight)

Actual Daily Balance of Net Public Funds for previous day

0 ≤ n ≥ 10

N/A

Pledge and Deliver

Collateralization Triggering Events

  • 100% Collateralization – any one (1) quarter
    • Bank Insight Rating ≤ 10; OR
    • FedFIS Rating ≥ 4.00
  • 50% Collateralization – two (2) consecutive quarters
    • FedFIS Rating ≥ 3.50 and ≤ 3.99

Collateralization Terminating Events

  • 100% to 50% – four (4) consecutive quarters
    • Bank Insight Rating > 10; AND
    • FedFIS Rating < 4.00 with any one (1) quarter or more with FedFIS Rating ≥ 3.50
  • Any to 0% – four (4) consecutive quarters
    • Bank Insight Rating > 10; AND
    • FedFIS Rating < 3.50

September 24, 2020

On September 24, 2020, the Indiana Board for Depositories made changes to the collateralization matrix - continuing the use of a second rating to analyze those institutions would have been required to collateralize deposits at 50% under the historical system. The Board voted to revise the matrix to apply this dual rating to all depositories whose Bank Insight National Rating was a 20 through a 39. This second rating, the FIS Rating presented by FedFis, must have be a 3.50 or greater for the second quarter of 2020 to trigger collateralization at 50% of net public funds on deposit for these financial institutions. All other collateral requirements remain the same as before the board meeting.

For any questions or clarification, please reach out to the Indiana Board for Depositories.


June 26, 2020

On June 25, 2020, the Indiana Board for Depositories made changes to the collateralization matrix - adding a second rating to analyze those institutions whose Bank Insight National Rating was a 33 through a 39. This second rating, the FIS Rating presented by FedFis, must have be a 3.25 or greater for the first quarter of 2020 to trigger collateralization at 50% of net public funds on deposit for these "cusper" financial institutions. All other collateral requirements remain the same as before the board meeting.

For any questions or clarification, please reach out to the Indiana Board for Depositories.

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