1. Background:
SOS Children’s Villages Tanzania is an independent, non-governmental social development organization. The Organization supports vulnerable children and young people in 7 locations namely: Arusha, Dar es Salaam, Mwanza, Iringa, Mufindi, Zanzibar/Unguja and Pemba. SOS Children’s Villages Tanzania applies a one program approach in its education, family strengthening, health and community development programs, that support a holistic approach in the interest of the child. In this regard, SOS Children’s Villages Tanzania seeks to recruit a competent external actuarial firm to calculate the liabilities from post-employment benefits in balance sheets.
At SOS, social liabilities comprise all social benefits for employees which are paid by SOS Children’s Villages and which are mandatory financial obligations accumulated in the past and leading to a future cash-out. These social benefits are either based on mandatory state rules as well as on SOS CV Children’s Villages Tanzania Terms and Conditions of Service.
The intention behind the calculation of social liabilities is to comply with accounting standards, to plan and monitor the future funding requirements for the organization.
2. The scope of the Actuary Services:
The scope of the actuarial includes properly calculating the social liabilities based on accrual accountings, the mandatory state rules and the terms and condition of service of SOS Children’s Villages Tanzania.
The Actuarial firm shall identify any legal or contractual liabilities to pay any pensions or meet similar claims related to social security (e.g. post retirements benefits, comprising free housing, meals, support for health insurance, pension payments. The actuarial firm shall indicate the type of obligation(s), the calculation method(s)and amount(s).
The actuarial firm shall verify if due provision has been made for these claims as mentioned above.
The values of social liabilities shall consider post-employment pensions, lump sums, health care, housing and other long-term social obligations. The valuation of social liabilities shall be made with finance mathematical models taking into account benefit plan rules and individual data from eligible employees.
Please also refer to Annex 1 for additional guidelines.
The liability will be computed for one (1) year i.e. 2022 with the details i.e.162 staff at SOS Children’s Villages Tanzania and 46 staff at SOS Children’s Village Zanzibar.
The actuarial firm shall provide capacity building to Finance and Human Resource staff from SOS Children’s Villages Tanzania and narrate on how the assessment is done.
3. Actuarial Duration:
The assignment shall be completed within one (1) month from the date of signing the contract.
4. Deliverables:
The actuarial Firm will submit two (2) original copies of the actuarial Reports to the National Director of SOS Children’s Villages Tanzania.
5. Qualification of the Actuarial Firm:
The actuarial firm must be based in Tanzania, preferably affiliated to an internationally recognized actuarial firm and fulfilling the following conditions:
- Registered with the Actuarial Society of Tanzania;
- At least one Certified actuarial Analyst;
- Provide at least 3 collaboration certificates issued by government or International NGOs that testify the execution of a similar assignment;
- English language proficiency; and
- Affiliation to an International Actuarial Firm.
6. Actuarial Fees:
The actuarial fees will be determined through a competitive bidding process done at Dar es Salaam.
7. Application:
The actuarial firm should be able to provide the following:
- Cover letter and updated Curriculum Vitae (CV) of the Consultant that spells out qualifications and experience with this assignment;
- Technical proposal;
- Financial Proposal; and
- Contacts of at least two(2) referees that have engaged the Consultant to carry out a similar assignment.
Note:
All interested Consultants must request for an Extract Form “Guide on how to treat Liabilities from Post-Employment Benefits in Balance Sheets” that has to be sought through email address shown below. The deadline for sending requests shall be on Monday 05th June, 2023.
Proposals and requests should be submitted through the email address: National.OfficePsos-tanzania.org
OR
Submitted physically To: National Director,
Attn: Procurement Committee,
SOS Children’s Villages Tanzania, National Office,
White Star Tower, Ground Floor Wing B, Kiko Avenue, Mikocheni,
P. 0 Box 80462, Dar es Salaam, Tanzania.
The deadline for Proposals submissions shall be on Friday, 09th June 2023 at 14:00 hours.
