Health & Welfare Actuarial & Broker Consultant

The Colorado Department of Personnel & Administration is requesting proposals for health and welfare actuarial and broker consultant services under RFP AABA 2027-0049, with proposals due October 23, 2026. The contract will serve the state's approximately 39,000 employees across medical, dental, vision, life insurance, disability, HSA/FSA, and wellness programs, with an initial term of July 1, 2027 through June 30, 2028 and anticipated total duration not to exceed five years.

Offerors must demonstrate at least five years of experience serving public-sector clients of comparable size, employ a Fellow of the Society of Actuaries (FSA), hold required Colorado licenses, and commit to in-person meeting attendance. The scope encompasses procurement assistance (market research, budget estimation, scope drafting, proposal evaluation), benefits administration across all program lines, actuarial services including rate-setting and reserve analysis, compliance management, and legislative fiscal note analysis with turnaround times as short as four hours. Current enrollment stands at 35,566 medical plan enrollees (91% of eligible employees) and 36,101 dental enrollees (93% of eligible employees).

Compensation is structured as a flat annual fee covering all baseline requirements, with optional services separately identified and priced as additions. Prices must remain firm for the initial contract term and all extension periods; increases require 180 days' advance written notice and supporting documentation subject to good faith negotiation and state budget availability. Offerors must propose a performance guarantee at-risk fee schedule with specified percentages tied to core deliverables including actuarial projection accuracy, pharmacy benefit manager oversight, carrier audits, fiscal notes, and open enrollment support; missed deliverables result in fee credits to the state on subsequent invoices.

The incumbent vendor expended approximately 8,900.5 hours over four years (2023–2026), with the most recent year showing 1,700 hours. Responses must be submitted in Word format without password protection, with cost proposals as a separate standalone file. Offerors must provide three references with at least three years of experience and three references from recently terminated comparable-sized clients. Evaluation criteria include minimum qualifications, technical capabilities, management capabilities, cost proposal, and accessibility compliance under Colorado law and WCAG Level AA.