Compensation Consultant RFP

The Maryland State Retirement Agency is requesting proposals for Actuarial Consulting Services to support administration of the Maryland State Retirement and Pension System under RFP BPM055357, with proposals due June 29, 2026 at 5:00 PM and a pre-proposal conference on June 16, 2026 at 11:00 AM via Microsoft Teams. A small business preference under COMAR 21.11.01.05 permits small business bids to exceed the lowest responsive bid by up to 5 percent (7 percent for veteran-owned, 8 percent for disabled-veteran-owned small businesses).

The Agency intends to award to a single qualified contractor responsible for all deliverables on a firm fixed-price basis. The scope comprises annual actuarial valuations for seven defined benefit plans serving over 180,000 active state employees and approximately 27,000 local government employees, actuarial consulting services, experience studies, and employer valuation services. The contractor must employ at least two actuaries: both must be members of the American Academy of Actuaries in good standing; at least one must be a Fellow of the Society of Actuaries (FSA) and the other an ASA or FSA; and at least one must be an Enrolled Actuary (EA). Minimum qualification requires five years of experience providing actuarial valuation and pension consulting services for defined benefit public pension plans, with references demonstrating board and legislative testimony experience.

The base term runs five years beginning January 1, 2027, with four optional one-year renewal periods. All travel, administrative, and clerical costs must be incorporated into the fixed fee; the State will not reimburse these separately. The financial proposal separates Evaluated Fixed-Fee Services (90 percent weighting) from Evaluated Unit-Rate Services for Employer Valuation (10 percent weighting, billed transaction-based to participating employers). The contractor must comply with SOC 2 Type 2 annual audits, encryption standards, vulnerability testing, and 24-hour data breach notification protocols. Questions are due June 23, 2026 at 5:00 PM. Proposals must be submitted electronically through eMarylandMarketplace Advantage. An electronic transaction fee of 1 percent of total invoiced amount applies, due within 45 days of each reporting period.