Actuarial Services for the Nebraska Public Employees Retirement Systems (NPERS)

The Nebraska Department of Administrative Services, State Purchasing Bureau is issuing Request for Proposal #120961 O5 for comprehensive actuarial services for the Nebraska Public Employees Retirement Systems (NPERS). The procurement seeks a qualified vendor to provide actuarial consulting services for six retirement systems and one deferred compensation plan, serving approximately 180,000 plan members with assets totaling around $21 billion. Required services include annual valuations of assets and liabilities, GASB compliance services, projection services, actuarial experience studies, and benefit adequacy studies. Specific deliverables include five-year and thirty-year contribution projections, interactive modeling software for scenario testing, and quadrennial actuarial experience studies. The proposal requires vendors to demonstrate expertise in public pension fund actuarial consulting, with mandatory qualifications including 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 response deadline is March 21, 2025 at 2:00 PM Central Time, with an initial contract term of three years and two optional three-year renewal periods. The awarded vendor must begin services by July 1, 2025, and attend approximately 15 in-person business days of meetings annually in Lincoln.

The RFP does not explicitly mention specific set-aside designations for disadvantaged enterprises. Bidders must meet rigorous professional qualifications, including having professional staff with at least five years of actuarial science experience and appropriate credentials such as Fellow or Associate of Society of Actuaries. The lead consultant must be a member of the American Academy of Actuaries and have experience testifying before legislative and administrative bodies. While a specific budget range is not disclosed, the comprehensive scope of services suggests a substantial contract value, given the management of approximately $21 billion in assets across multiple retirement systems. The State reserves the right to contract with other vendors for similar services and may extend the contract period beyond the initial termination date. All proposed costs must be all-inclusive, covering travel, meetings, and other expenses, with no additional reimbursement anticipated. The procurement appears open to consulting firms and actuarial service providers with demonstrable expertise in public sector retirement system consulting.