120961 O5 Intent to Award.pdf

This document is a Solicitation Notice of Intent to Award from the Nebraska State Purchasing Bureau (SPB), AS Materiel Division, dated April 11, 2025. The notice pertains to Solicitation Number 120961 O5 for Actuarial Services and indicates the State of Nebraska's intent to award the contract to Cavanaugh MacDonald Consulting, LLC (d/b/a CavMac). The solicitation is for comprehensive actuarial services for the Nebraska Public Employees Retirement Systems (NPERS), covering six retirement systems and one deferred compensation plan that serve approximately 180,000 plan members with assets totaling around $21 billion.

The contract will have an initial three-year term with two optional three-year renewal periods, commencing on July 1, 2025. While specific budget details are not disclosed in this intent to award document, the procurement requires vendors to demonstrate extensive 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. The selected vendor will be responsible for providing annual valuations, GASB compliance services, projection services, actuarial experience studies, and benefit adequacy studies, with an expectation of attending approximately 15 in-person business days of meetings annually in Lincoln, Nebraska.