Treasury - MET - Actuarial Services RFP

The Michigan Department of Treasury is issuing Request for Proposal (RFP) 260000001688 to procure actuarial services for the Michigan Education Trust (MET), a prepaid tuition program established under Public Act 316 of 1986. The State seeks a nationally recognized actuary to conduct annual reviews of MET's actuarial soundness, provide financial and actuarial guidance, determine program pricing, and analyze payment experience. Key deliverables include annual actuarial reviews, financial and actuarial guidance, program pricing determinations, and payment experience analyses for a portfolio containing approximately 10,640 contracts in payment status with a market value of approximately $1.072 billion. Required qualifications include demonstrated expertise in actuarial services, with evaluation criteria weighted as follows: Statement of Work (40 points), staffing qualifications (25 points), vendor background questions excluding prior experience (5 points), and prior experience (30 points), with a minimum threshold of 80 points required for pricing evaluation. The RFP was posted on April 20, 2026, with questions due by April 23, 2026; answers will be posted by April 28, 2026; and proposals are due on May 20, 2026, at 12:00 p.m. Eastern. No bidders conference is specified in the RFP. The contract term extends from the anticipated start date of January 1, 2027, with renewal options for up to three additional one-year periods at the State's sole discretion.

The RFP does not identify specific set-aside designations or restrictions on organizational types eligible to respond, nor does it specify an incumbent contractor, indicating this may be a new procurement or a rebid of services. Pricing proposals must be submitted in modifiable format with all costs included, including consulting services and actuarial analyses broken down by staff member, hourly rate, and total hours for both one-year and three-year-and-two-month periods; travel costs must be included in hourly rates using current State reimbursement rates, and the State will not reimburse overtime, holiday pay, or travel expenses separately. All work is subject to Michigan Treasury security requirements, including compliance with IRS Publication 1075 for Federal Tax Information, completion of confidentiality agreements by personnel, security incident reporting within 24 hours, and mandatory security awareness training. The State reserves the right to award multiple contracts and considers prior performance, economic impact to Michigan, and total cost of ownership in making award decisions. The RFP does not specify a budget range or estimated award value.