Actuarial Consulting Services

The Pennsylvania Municipal Retirement System is soliciting proposals for professional actuarial consulting services to determine minimum municipal obligations and provide accounting valuation services. The scope of work includes general consulting for the Board and staff, the annual preparation of a composite actuarial valuation report and approximately 1,060 GASB 68 reports, and biennial actuarial valuations for each defined benefit plan. Additionally, the contractor must provide system-wide pension projections, disability term cost rates, and a five-year experience study covering January 1, 2024, through December 31, 2028, to be delivered by June 30, 2030. All services must comply with the Pennsylvania Municipal Retirement Law, Act 205 of 1984, and GASB 67 and 68 standards. The performance period for annual valuations spans from January 1, 2027, through January 1, 2031, with an initial three-month setup period for electronic data manipulation. Proposals must be submitted electronically via the JAGGAER portal by December 2, 2026, and must strictly separate technical and cost submittals. Technical evaluations will focus on company qualifications, prior experience with public pension funds, personnel expertise, and financial stability, evidenced by audited financial statements from the past three fiscal years. Required documentation includes a PMRB-30 Disclosures form, a detailed work plan, and a comprehensive emergency response continuity of operations plan. Subcontracting requires express written approval from the Commonwealth unless the subcontractors were included in the initial proposal.