RFI for Actuarial Audit Service
- Client
- Frankfort, Kentucky
- RFP Number
- ACCT-26863
- Posted
- 10/3/2026
- Category
- Auditing, Finance and Accounting
- Budget
- Looking for Proposals
- NAICS
- —
- Set-aside
- —
- Contact
- —
Description
AI GeneratedThe buyer in Frankfort, KY requires an actuarial audit service for state-administered retirement systems. The selected vendor must perform a level 1 full-scope audit of the plan actuaries' actuarial work for the fiscal year 2026 annual valuation and the most recent experience study, covering pensions, health insurance, and life insurance funds. The vendor must collect necessary data, communicate with the systems, and execute offsite audit tasks. Finally, the vendor must prepare and present a final written report detailing the audit findings on the reliability of each system's actuarial assumptions and methods. Only onshore USA organizations are eligible to submit proposals for this opportunity. Interested applicants can submit their responses digitally through email or online.
Key solicitation details
AI-extracted from Final_RFI_010_2700000010_1_SO_FORM.PDF. Confirm against the original documents before bidding.
The Kentucky Legislative Research Commission, on behalf of the Public Pension Oversight Board, is issuing this Request for Information to solicit proposals from qualified professional actuarial consulting firms to perform a Level 1 full-scope actuarial audit of Kentucky's state-administered retirement systems.
- Issued by
- Kentucky Legislative Research Commission
- Date Issued
- 10/02/2026
- Written Questions due by
- 2:00 PM10/12/2026
- Closing Date of Solicitation / Proposals Due by
- 10/31/2026 14:00
- Draft report submission
- April 30, 2027
- Final report submission to PPOB
- May 31, 2027
- Presentation to PPOB
- July 31, 2027
- How to submit
- Submission details
- Responses must be submitted via email to Regina Long at [email protected] by October 31, 2026 at 2:00 pm EST.
- Place of performance
- Offsite, with work facilities provided by the actuarial firm, and at least one trip to Frankfort, Kentucky.
- Insurance and bonding
- Liability insurance must be in full effect at the time the proposal is submitted and throughout the term of any contract period.
Scope of work
- Conduct a Level 1 full-scope audit of the fiscal year 2026 annual valuation and most recent experience study for state-administered retirement systems
- Collect necessary data from and communicate with the systems' staff and plan actuaries
- Evaluate the reasonableness and accuracy of fiscal year 2026 valuations, experience studies, and employer contribution rate recommendations
- Evaluate actuarial assumptions, methods, cost methods, and asset valuation methods
- Prepare and submit a draft audit report by April 30, 2027
- Prepare and submit a final written report to the PPOB by May 31, 2027
- Present report findings to the PPOB no later than July 31, 2027
Minimum qualifications
- Must be a professional actuarial consulting firm providing valuations, audits, experience investigations, asset/liability studies, and pension consulting services
- Must have all necessary permits and licenses
- Must assign a Primary Actuary and a Secondary Actuary to the LRC account
- Audit actuaries must meet qualification standards of the American Academy of Actuaries effective January 1, 2022 and subsequent revisions
- Primary Actuary must have a minimum of ten (10) years of experience providing pension consulting, experience analysis, and valuations for public retirement systems
- Secondary Actuary must have a minimum of five (5) years of experience providing pension consulting, experience analysis, and valuations for public retirement systems
- Actuaries must have experience testifying before legislative or administrative bodies regarding actuarial audit results
- Must not require a limitation on liability for negligence and must provide own work facilities, equipment, supplies, and support staff
Documents to include with the bid
- Signed and completed solicitation
- Proposed solution (Technical)
- Proposed solution (Cost)
- Transmittal letter
- Proof of registration with Secretary of State by a foreign entity
- Required affidavit(s)
- Firm ownership and background information
- List of public pension actuarial audit clients for the past 5 years and one recent sample report
- Actuary resumes and qualification details
- Contact information for at least three references
Verify important details
Document checkConfirm submission instructions and amendments with the issuing agency before responding.
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