120961 O5 Intent to Award.pdf

This document is a Solicitation Notice of Intent to Award issued by the Nebraska State Purchasing Bureau (SPB) of the AS Materiel Division, dated April 11, 2025, for solicitation number 120961 O5. The notice indicates the state's intent to award a contract for Actuarial Services to Cavanaugh MacDonald Consulting, LLC (d/b/a CavMac), following a competitive bidding process. The contract involves comprehensive actuarial consulting services for the Nebraska Public Employees Retirement Systems (NPERS), covering six retirement systems and one deferred compensation plan, with an initial contract term of three years and the option for two additional three-year renewal periods.

The procurement encompasses actuarial services for approximately 180,000 plan members managing assets of around $21 billion, with required services including annual asset and liability valuations, GASB compliance, projection services, actuarial experience studies, and benefit adequacy assessments. The successful vendor must demonstrate significant expertise, including having at least three public pension fund clients by December 31, 2024, five years of organizational experience, and a lead consultant with ten years of public pension fund actuarial consulting experience. While no specific budget range is disclosed, the comprehensive scope suggests a substantial contract value, with the awarded vendor expected to begin services by July 1, 2025, and attend approximately 15 in-person business days of meetings annually in Lincoln, Nebraska.