Retirement Board Actuarial Audit Services

Bay County, Michigan is seeking an independent actuary to perform a limited scope actuarial consulting service for its Employees' Retirement System (BCERS) through Request for Proposal (RFP) 2025-10. The primary objective is to conduct a comprehensive review and provide an opinion on the 2024 actuarial valuation, specifically assessing the reasonableness of valuation results, underlying data, actuarial assumptions, and cost method application. The retirement system covers a complex structure with 1,103 active members and 1,112 retirees/beneficiaries across seven financial units and 33 divisions with varying multipliers and eligibility requirements. Bidders must submit eight proposal copies to the Bay County Finance Department Purchasing Division by September 12, 2025, at 5:00 PM, with the proposed project start date of September 26, 2025, at 11:00 AM. Evaluation criteria will focus on price, understanding of service scope, and alignment with specified requirements. The selected firm will be expected to provide a comprehensive written report and present findings directly to the BCERS Retirement Board, with the current actuary having an opportunity to respond to audit findings.

The RFP does not explicitly mention specific set-aside designations or restrictions for disadvantaged enterprises. The document indicates a preference for a flat fee for the actuarial audit services but does not specify a precise budget range or award value. No information is provided about incumbent vendors or existing technological infrastructure that might require integration. The procurement is open to qualified actuarial consulting firms capable of performing a detailed, independent review of the retirement system's actuarial valuation. Potential respondents should have extensive experience in governmental defined benefit plan actuarial audits, with the ability to critically analyze complex multi-unit retirement system structures and provide authoritative, comprehensive reporting.