Description
The Wisconsin Legislative Audit Bureau is seeking a qualified actuarial consulting firm to conduct an independent actuarial audit of the City of Milwaukee Employees’ Retirement System (City ERS). The audit will replicate the full actuarial valuation, verify assumptions, procedures, and methods used by the consulting actuary, and review a five‑year experience study. Proposals must be submitted by December 10, 2026, with award expected in February 2027. The contract will be for a single‑award, fixed‑term engagement, estimated to last about six months, and will require the contractor to provide a detailed methodology, work‑products (reports, workpapers), and possibly oral presentations. The contractor must meet strict independence, conflict‑of‑interest, and professional‑qualification standards (lead actuary must be a Fellow of the Society of Actuaries with ≥5 years public‑pension consulting experience).
• Scope: Full replication of actuarial valuation for City ERS, verification of assumptions, procedures, methods, and five‑year experience study.
• Deliverables: Written audit report, briefings, work‑papers, and any required oral presentations.
• Timeline: Questions due Nov 3 2026; proposals due Dec 10 2026; award Feb 2027; work expected to be completed within ~6 months after award.
• Required qualifications: Actuarial firm with experience in public‑pension actuarial audits, lead actuary must be a Fellow of the Society of Actuaries, compliance with American Academy of Actuaries standards.
• Evaluation criteria: Technical approach (quality, methodology), past performance, staff qualifications, and cost (lowest‑cost proposals receive up to 150 points).
• Contract terms: Independent contractor status, insurance requirements (minimum $1 M liability), nondiscrimination, and compliance with state/federal laws.