Actuarial Audit Services

RFP for actuarial audit services of social insurance statements for the Chicago government for the fiscal year ending September 30, 2025.

Provide all necessary services, personnel, facilities, equipment, and materials for the work.
Allow the OIG to conduct an annual onsite quality review.
Prepare and provide an annual workplan and activity checklist to OIG auditors.
Provide documents based on an agreed-upon deliverable schedule.
Perform limited scope actuarial audits for reporting periods FY2025 through FY2029.
Conduct actuarial analysis using spreadsheet cell data.
Reconcile cell data back to source data every third year.
Analyze the status and impact of existing financial reporting material weaknesses related to social insurance.
Ensure methods and assumptions used in valuation are consistent with Actuarial Standards of Practice.
Ensure actuarial valuation considers all pertinent laws and regulations.
Ensure data used in preparing the statement of social insurance is complete and reliable.
Ensure estimates presented in the statement of social insurance are reasonable and compliant with SFFAS #17.
Ensure fund balance is accurately computed in compliance with SFFAS #17.
Ensure disclosure of significant assumptions is complete and meets SFFAS #17 requirements.
Ensure other footnotes meet SFFAS #17 disclosure requirements.
Ensure reconciling items on the statement of changes in social insurance amounts are reasonable and compliant with SFFAS #37.
Ensure reporting is consistent with relevant Actuarial Standards of Practice.
Summarize findings and determinations in a formal, written report presented in two parts (draft and final).
Provide electronic (Adobe PDF) versions of draft and final reports.
Do not use data provided or developed for any purpose other than the contract.
Return all items furnished by the federal government upon contract completion or request.
Ensure the contractor's report responds individually to each determination required in Section III.D.
Describe the scope and methodology used in the contractor's report.
Describe any limitations on the scope of work in the contractor's report.
Prepare the contractor's report in compliance with applicable Actuarial Standards of Practice.
Provide monthly written progress reports to the COR.
Evaluate compliance with any revised guidance, legislation, pronouncement, or standard impacting estimates or actuarial practice.
Hold entrance and exit conferences with COR and agency officials.
Hold strictly confidential any information related to the actuarial valuation model, factors, assumptions, and software applications.
Be registered on the Federal Government's System for Award Management (SAM).
Submit Business/Price Proposal and Technical Proposal as separate electronic documents.
Submit one signed copy of Standard Form 1449.
Complete Section II. Schedule of Supplies and Services and Contractor Information for Order Administration Section II. A & B.
Provide a copy of the Contractor's completed SAM registration.
Include a statement of the scope and purpose of solicited project services in the technical proposal.
Include a detailed description of services offered in the technical proposal.
Ensure all cited audits as experience were performed and reported in compliance with applicable Actuarial Standards of Practice.
Identify any technical assumptions, conditions, or exceptions concerning the RFP.
Demonstrate understanding of the subject matter and scope of the audit.
Adhere to the requirements of the Statement of Work.
Utilize a methodology that directly addresses the audit objectives, including data availability.
Adhere to Actuarial Standards of Practice in performance of all work and report preparation.
Provide a timeline for the entire project, outlining contract performance, milestones, deliverables, and roles/responsibilities.
Outline recommended approaches for meeting SOW requirements.
Specifically identify any task/work steps assigned to RRB staff and specify levels of involvement.
Implement a Quality Control Plan demonstrating ability to ensure high-quality services.
Submit a Staffing Plan with resumes for proposed individuals, demonstrating professional qualifications and experience.
The principal actuary consultant must be a Fellow of the Society of Actuaries and an enrolled actuary.
The senior actuaries must be members of the Society of Actuaries.
The principal actuary consultant must have specific valuation experience with multi-employer plans.
Submit a detailed narrative describing experience in actuarial audits of multi-employer plans with assets exceeding $1 billion within the past three years.
Present a general audit approach demonstrating methodology meets SOW requirements and reporting deadlines.
Discuss potential audit problems and develop strategies for dealing with them.
Submit information on a minimum of three previously performed or ongoing contracts for Federal, State, local Government, or commercial firms similar to the required services.
Provide contract/task order/identification number, dollar value, and points of contact for past performance references.
Present value-added technical characteristics, if relevant.

$1,000,000 – $3,000,000

Questions due by March 23rd, 2026, 1:00 PM CT.

Offers due by April 3rd, 2026, 1:00 PM CT.

Base Period of Performance: May 1st, 2026 - October 31st, 2026.

Option Period 1: May 1st, 2027 - October 31st, 2027.

Option Period 2: May 1st, 2028 - October 31st, 2028.

Option Period 3: May 1st, 2029 - October 31st, 2029.

Option Period 4: May 1st, 2030 - October 31st, 2030.

Draft written report due by mid-September (each year).

Final written report due by first week of October (each year).

U.S. Railroad Retirement Board

Organization overview and procurement intelligence available on paid plans.

The government authority in Chicago, Illinois is seeking a vendor to provide actuarial audit services for the fiscal year ending September 30, 2025. The scope includes an actuarial audit covering the reporting period for the year 2028 statement of social insurance and the statement of changes in social insurance amounts for the two-year period ending with the date of the statement of social insurance, as outlined in the requirements.

Questions regarding the RFP must be submitted by March 23, 2026. The contract period will be for one year, and vendors are expected to demonstrate relevant actuarial audit experience for government entities.

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