NIGP 94612: Actuarial Services

NIGP 94612 Actuarial Services, Item code, encompasses annual valuations, GASB compliance reporting, reserve analyses, and specialized actuarial studies for state and local employee benefit programs—primarily pension plans, retiree healthcare (OPEB), self-insured health and workers' compensation funds, and deferred compensation administration. Recent solicitations show state and local jurisdictions using this code to procure independent actuarial reviews of plan liabilities, unfunded actuarial accrued liabilities, normal-cost projections, and compliance documentation required under Governmental Accounting Standards Board standards, alongside specialized studies on rating methodologies, claims reserves, and plan design cost management. Purchasing bodies span university systems, state departments, counties, municipalities, and special-purpose districts, with repeat activity from mid-sized Florida counties and Texas public employers. Representative recent opportunities include the Texas A&M University System's RFQ for annual health plan and workers' compensation actuarial analysis plus GASB 75 OPEB valuations (due October 23, 2026), the County of Orange, California's RFP for retiree medical plan actuarial valuations with a three-year contract value capped at $175,000 annually (due October 23, 2026), and the Orlando Utilities Commission's completed award to Gabriel, Roeder, Smith & Company for pension and OPEB valuation services at approximately $150,000 annually. Smaller municipalities also appear—the City of Salem, Oregon issued an RFQ for benefits fund reserve analysis (due May 8, 2026), and the Kentucky Department of Revenue sought specialized actuarial support for multiple-life-estate calculator updates (due November 4, 2026).

Geographic spread centers on Florida, California, Texas, Oregon, Michigan, and Ohio, with secondary activity in the upper Midwest. Recent procurement volumes remain steady across third and second quarters of 2026, with most issuing bodies requiring primary actuaries holding FSA, ASA, FCAS, ACAS, MAAA, or EA credentials and enforcing professional liability insurance floors of $1–4 million depending on scope. Florida counties frequently bundle actuarial services with insurance broker and consulting mandates; Texas and California public employers typically structure actuarial work as standalone engagements with fixed fees or hourly rates locked over multi-year initial terms (typically three years with one to three renewal options). State set-asides and local-preference programs apply in Texas (2% VetHUB subcontracting minimum), California (5–8% OCLSB and DVBE price preferences), and Michigan (20% GDBE subcontracting threshold when applicable); Florida procurement generally omits set-aside language. Contract values range from $10,000–$175,000 annually for municipal and county plans to $150,000+$7.71 million for larger state-system or regional-authority engagements.