Actuarial Consulting Services

The Pennsylvania Municipal Retirement Board is requesting proposals for professional actuarial consulting services, with proposals due December 2, 2026. All proposals must be submitted electronically through the JAGGAER portal.

The scope encompasses actuarial consulting to the Board and staff, annual composite actuarial valuation reports, annual GASB 68 reports under GASB 67/68 standards, biennial actuarial valuations for each defined benefit plan, and a five-year actuarial experience study. As of January 1, 2026, PMRS manages approximately 721 defined benefit plans and 346 cash balance plans, with anticipated one percent annual growth. The contractor must complete cost study valuations within thirty business days of receipt; approximately 115 existing plan modifications and 20 new plan designs are requested annually, growing at an estimated two percent yearly. The successful contractor will meet with the PMRB approximately seven times annually and must deliver annual valuations for January 1, 2027 through 2031, an experience study by June 30, 2030, and GASB 68 reports by December 31 annually. Act 205 Reports and Act 293 Reports must be submitted to the PA Auditor General by February 1 following valuation dates.

Key personnel must include a qualified actuary meeting PA Auditor General specifications for signing Act 205 Reports. Proposals require three components: a Technical Submittal, Cost Submittal, and completed PMRB-30 Disclosures Form. Financial capability documentation must include three years of audited financial statements, Balance Sheets, and Income Statements. The contractor must demonstrate emergency preparedness and disaster recovery planning capabilities and provide at least three references from public retirement systems. Sample cost studies, actuarial valuation reports, and experience studies are required. Only Commonwealth-approved subcontracting is permitted. A penalty of $500 per business day applies for failure to submit actuarial certification information needed for the Annual Comprehensive Financial Report by March 31, with possible contract termination. Special actuarial projects outside RFP scope require written agreement on scope, hours, and deliverables, with hourly rates to be submitted for such work.