Description
The Kentucky Legislative Research Commission (LRC), on behalf of the Public Pension Oversight Board, is seeking qualified actuarial consulting firms to perform a Level 1 full‑scope actuarial audit of the Commonwealth’s state‑administered retirement systems for fiscal year 2026. The audit will replicate and evaluate the calculations, assumptions, and methods used by plan actuaries across five major systems (KPPA, TRS, JFRS, plus associated hazardous/non‑hazardous plans). Deliverables include a draft report by 30 April 2027, a final report by 31 May 2027, and a presentation to the PPOB no later than 31 July 2027. The contract will be a fixed‑fee arrangement, prorated among the three system entities, and will require at least one on‑site presentation in Frankfort.
• Scope: Full‑scope actuarial audit of pension, retiree‑health, and life‑insurance components for all Kentucky state‑administered retirement plans.
• Required personnel: Primary actuary (≥10 years experience) plus at least one secondary actuary (≥5 years).
• Deliverables: Data collection, analysis, draft & final audit reports, recommendations, and a presentation.
• Timeline: RFI released 02 Oct 2026 → Questions due 12 Oct 2026 → Proposals due 31 Oct 2026 → Draft report 30 Apr 2027 → Final report 31 May 2027 → Presentation by 31 Jul 2027.
• Contract value: Fixed‑fee (to be quoted) covering audit work and one travel presentation to Frankfort.
• Eligibility: Must be a professional actuarial consulting firm with appropriate licenses, liability insurance, no conflict of interest, and ability to meet American Academy of Actuaries standards.