RFI-010-2700000010-3 | Actuarial Audit - KY State-Administered Retirement System

The Legislative Research Commission for the Commonwealth of Kentucky is soliciting a professional actuarial consulting firm to conduct a Level 1 full-scope actuarial audit of the Teachers’ Retirement System (TRS) for the fiscal year 2026 annual valuation and the most recent experience study. This statutorily required audit involves the replication and analysis of calculations, assumptions, procedures, and methods used by plan actuaries. The selected firm must designate a primary actuary as the ultimate authority for service delivery and is required to present the results to the Public Pension Oversight Board in Frankfort, Kentucky. Key milestones include a draft report due by April 30, 2027, a final report due by May 31, 2027, and a final presentation by July 31, 2027. Qualified respondents must be professional actuarial firms meeting the American Academy of Actuaries standards effective January 1, 2022, and must maintain full liability insurance without limitations on negligence. Compliance with various Kentucky Revised Statutes is mandatory, including prohibitions on lobbying, energy company boycotts, and strict confidentiality requirements regarding member retirement and health data. Payment is processed through the Legislative Research Commission, generally within 30 business days of a supported invoice, with a cap of 50 percent of total fees payable prior to the completion of specific work products. Proposals must be submitted electronically via the Vendor Self Service portal by November 13, 2026, and must include a signed solicitation along with technical and cost solutions.