SP - Actuarial Consulting Svcs

This state and local contracting opportunity is being issued by the Illinois State Toll Highway Authority (ISTHA) to procure Actuarial Consulting Services for a five-year term from June 1, 2022 to May 31, 2027. The selected vendor will be required to review actuarial reports prepared by the Illinois Department of Central Management Services (CMS) and State Employees Retirement System (SERS) to determine if the actuarial assumptions and methods used are sound. The vendor may also be required to perform independent re-calculations of the actuarial valuations if access to the data is provided. The vendor must have a minimum of two years' experience providing these services and be qualified in Illinois to review and opine on actuarial methods and assumptions. The pricing for this contract is based on an estimated 100 hours of actuarial consulting services per year at an hourly rate, with the total bid amount for the five-year term required. There are no renewal options for this contract, and the contract is contingent on the availability of appropriated funds, with the State reserving the right to terminate the contract for cause or convenience with proper notice.

The procurement is being conducted as a small purchase, with electronic submissions required via email or the BidBuy system, and no manual paper submissions accepted. There are no set-aside designations or restrictions on the types of organizations that can respond, and the solicitation does not list any incumbent vendors or current contractors. The total budget range for this five-year contract is not provided, but the pricing structure indicates it will be based on the hourly rate and estimated hours of actuarial consulting services required annually.