Description
The Department of Retirement Systems is seeking a qualified actuarial firm to conduct a biennial actuarial audit of preliminary and final actuarial valuations prepared by the Office of the State Actuary (OSA), as well as an actuarial audit of the demographic experience study prepared by the OSA. The selected firm will also provide additional actuarial services upon request. The audit will examine the actuarial work performed by OSA to ensure that the methodology is appropriate and the contribution rates are calculated in accordance with applicable statutes, policies, and actuarial standards of practice. The selected firm will be required to perform its duties with care, skill, prudence, and diligence, and in accordance with applicable federal and state law.
Some key points to consider:
• The audit will cover the Washington State Pension plans, including the Public Employees' Retirement System, Teachers' Retirement System, and Law Enforcement Officers' and Fire Fighters' Retirement System.
• The selected firm will be required to provide draft and final reports, as well as presentations to the Pension Funding Council and the LEOFF 2 Board.
• The firm will also be required to negotiate project agreements that define the fees and deliverables for any additional actuarial services requested by the State.
• The contract is expected to begin on the date of execution and end on June 30, 2029, with the option to extend for up to six years.