120961 O5 SOLICITATION LIST OF RESPONDENTS.pdf

The document is a Solicitation List of Respondents form (SPB Form 34) for Request for Proposal (RFP) 120961 O5 issued by the Nebraska Department of Administrative Services, State Purchasing Bureau for Actuarial Services. The solicitation opened on March 21, 2025, and received responses from four firms: Cavanaugh MacDonald Consulting, LLC (CavMac), Gabriel, Roeder, Smith & Company, Milliman, Inc., and The Segal Company (Midwest), Inc. The RFP seeks comprehensive actuarial consulting services for the Nebraska Public Employees Retirement Systems (NPERS), covering six retirement systems and one deferred compensation plan, serving approximately 180,000 plan members with assets totaling around $21 billion.

The contract has an initial three-year term with two optional three-year renewal periods, with services to begin July 1, 2025. The successful vendor must provide annual valuations, GASB compliance services, projection services, actuarial experience studies, and benefit adequacy studies. Key requirements include five-year and thirty-year contribution projections, interactive modeling software, and quadrennial actuarial experience studies. Mandatory qualifications include 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 lead consultant must be a member of the American Academy of Actuaries and have experience testifying before legislative and administrative bodies. While no specific budget range is disclosed, the comprehensive scope suggests a substantial contract value given the management of approximately $21 billion in assets across multiple retirement systems.