Actuarial Audit - KY State-Administered Retirement System

The Kentucky Legislative Research Commission on behalf of the Public Pension Oversight Board has issued an RFI for a Level 1 full-scope actuarial audit of Kentucky's state-administered retirement systems, with proposals due by 2:00 PM on October 31, 2026 and written questions due by 2:00 PM on October 12, 2026.

The scope covers independent evaluation of actuarial valuations, assumptions, procedures, and methods for fiscal year 2026 across the Kentucky Public Pensions Authority, Teachers' Retirement System, and Judicial Form Retirement System, including analysis of the most recent experience studies for all pension, retiree health, and life insurance funds. The audit firm must assign a Primary Actuary with a minimum of ten years of public retirement system experience and a Secondary Actuary with a minimum of five years of experience; comply with American Academy of Actuaries standards; maintain liability insurance without limitation; provide all work facilities and support staff; and demonstrate no conflicts of interest. The firm must be a professional consulting firm with all necessary permits and licenses.

Deliverables include a draft audit report due by April 30, 2027, a final report due by May 31, 2027, and presentation of results to the Public Pension Oversight Board no later than July 31, 2027. Proposals must be submitted on a fixed-fee basis with costs prorated among the three state-administered retirement systems and subtotals provided for each system plan. Payment terms limit no more than 50 percent of negotiated fees prior to completion of work products, with full payment due upon receipt and approval of deliverables and properly documented invoices. The LRC anticipated response to written questions is October 19, 2026. Oral presentations may be conducted at the LRC's discretion. This RFI is for informational purposes only and does not obligate the Legislative Research Commission to conduct a formal solicitation or make a purchase commitment, nor does it create financial responsibility for response preparation costs.