Actuarial Audit - KY State-Administered Retirement System

The Kentucky Legislative Research Commission, on behalf of the Public Pension Oversight Board, is requesting proposals under RFI 010 2700000010 for a Level 1 full-scope actuarial audit of Kentucky's state-administered retirement systems, with proposals due November 13, 2026 at 2:00 p.m. Eastern Time. Version 3 of the solicitation moves the proposal deadline from the original October 31, 2026. The written question deadline of October 16, 2026 has passed, and the LRC's response date of October 30, 2026 has also passed.

The audit actuaries must replicate and analyze the calculations, assumptions, procedures, and methods that plan actuaries used for the fiscal year 2026 annual valuations and most recent experience studies. The scope covers nine pension and health insurance funds administered by the Kentucky Public Pensions Authority, Teachers' Retirement System, and Judicial Form Retirement System. The 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 relevant experience. Both must meet American Academy of Actuaries qualification standards and have legislative or administrative testimony experience. The firm must carry current liability insurance, have no conflicts of interest with the retirement systems or the General Assembly, and comply with state and federal confidentiality statutes.

Pricing is a fixed-fee proposal covering all audit services, prorated among the three systems with subtotals for each plan. It must include the cost of at least one trip to Frankfort, Kentucky for presentation to the board. Payment may not exceed 50 percent of negotiated fees before work completion, and the LRC processes invoices within 30 business days of receipt.

The contract is anticipated to begin in January 2027. Draft reports are due April 30, 2027, final reports May 31, 2027, and the Primary Actuary presents findings to the board no later than July 31, 2027. Oral presentations may be conducted at the LRC's discretion on a date to be determined.

Submissions go to Regina K. Long at the Legislative Research Commission, 702 Capitol Avenue, Room 076, Frankfort, Kentucky 40601. Required components include a signed and completed solicitation, proposed technical and cost solutions, a transmittal letter, required affidavits, and proof of Secretary of State registration for foreign entities. Online bidding is prohibited.