PERS Actuarial Services

The Oregon Public Employees Retirement System (PERS) has issued a Request for Proposals (RFP) solicitation number S-45900-00014078 for comprehensive actuarial services to support its pension program. The procurement seeks a qualified actuarial consulting firm to provide a wide range of services including experience studies, annual valuations, variable annuity calculations, IRC 415 factors, actuarial equivalency factors, GASB reporting, financial modeling, legislative analysis, and administrative consulting. Proposers must have at least four public pension clients with assets over $10 billion, demonstrate ten years of experience in public pension consulting, and possess extensive expertise in evaluating large defined benefit pension plans. The evaluation process will score proposals across multiple categories including organization, experience, staffing, consulting capabilities, and implementation plan, with a total of 900 possible points. The RFP was issued on June 9, 2025, with proposal responses due by July 24, 2025 at 12:00 PM Pacific Time, and the initial contract term is anticipated to be four years with potential renewal options extending up to a total of ten years.

The RFP encourages participation from small businesses, specifically those certified by the Oregon Certification Office for Business Inclusion and Diversity (COBID), including minority-owned, woman-owned, service-disabled veteran-owned, and emerging small businesses. Proposers are required to complete a Certified Disadvantaged Business Outreach Plan detailing their approach to including certified disadvantaged businesses in potential subcontracting opportunities. The contract will have a not-to-exceed total amount, with compensation structured across monthly retainer fees, fixed project fees, and hourly rates for special projects. The contractor must maintain professional liability insurance of at least $10 million per claim and will be responsible for supporting PERS's complex pension system, which manages approximately $97 billion in assets as of December 2023. Hourly rates will be differentiated between senior actuaries and associate actuaries/analysts, with potential slight variations each year. The contract allows for termination with 30 days' notice and includes provisions for potential extensions or modifications based on agency needs.