Request for Proposal (RFP) for Actuary Audit
| Location: | Missouri |
|---|---|
| Posted: | Jul 1, 2026 |
| Due: | Jul 16, 2026 |
| Agency: | Missouri State Employees Retirement System(MOSERS) |
| Type of Government: | State & Local |
| Category: |
|
| Publication URL: | To access bid details, please log in. |
Request for Proposal (RFP) for Actuary Audit
The Missouri State Employees’ Retirement System (MOSERS) is seeking the services of an independent actuarial firm to perform an actuarial audit and issue a report based on an examination of the work of the current actuary covering the experience study report for the five-year period ending on June 30, 2025; a full replication of the June 30, 2026, valuation for the Missouri State Employees Plan (MSEP) using the same valuation data used by the current actuary; and a general review of the June 30, 2026, Judicial Plan valuation, including examining the assumptions and methods for reasonableness and consistency by reviewing the valuation report.
Responses to this RFP should be submitted in electronic format. The deadline for submissions is Thursday, July 16, 2026, at 4:30 p.m. CDT.
Attachment Preview
REQUEST FOR PROPOSAL (RFP)
for
Review of the Current Actuarial Firm
Abby Spieler
Executive Director
Project Manager: Nicki Russell, Chief Auditor
Phone: (573) 632-6100
Email: nickir@mosers.org
All communications and questions regarding this RFP should be directed to the project
manager at Missouri State Employees’ Retirement System (MOSERS).
DUE DATE FOR RESPONSES TO RFP:
July 16, 2026
4:30 p.m. Central Daylight Time
Table of Contents
Page
SECTION I – INTRODUCTION ........................................................................................... 3
SECTION II – RESPONDENT MINIMUM QUALIFICATIONS ........................................... 4
SECTION III – RESPONSE REQUIREMENTS...................................................................... 4
SECTION IV – INSTRUCTIONS FOR SUBMITTING PROPOSALS .................................... 7
SECTION V – EVALUATION PROCESS AND CRITERIA.................................................... 8
SECTION VI – MISCELLANEOUS TERMS AND CONDITIONS ......................................... 9
EXHIBIT A – POLITICAL CONTRIBUTION POLICY......................................................... 17
EXHIBIT B – FEDERAL WORK AUTHORIZATION POLICY............................................. 18
EXHIBIT C – RFP QUESTIONNAIRE................................................................................. 19
EXHIBIT D – FEE PROPOSAL ........................................................................................... 23
Page 2 of 23
SECTION I - INTRODUCTION
A. Nature of Request
MOSERS seeks the services of a qualified independent actuarial firm to perform an objective
professional review (i.e., actuarial audit) of its current actuary, Cavanaugh Macdonald
Consulting, LLC (CavMac) and issue a report to the MOSERS Board of Trustees (Board)
regarding the review.
B. Closing Date for Receipt of Proposals
Proposals must be received by 4:30 p.m. Central Daylight Time (CDT) on Thursday, July
16, 2026, to be considered. There is no expressed or implied obligation for MOSERS to
reimburse a respondent for any expenses incurred in preparing a response to this request.
MOSERS reserves the right to request additional information or clarification from any
respondent or to allow corrections for errors or omissions at any time during the evaluation
process.
C. For More Information on the RFP
If you are interested in responding to this RFP and need additional information to
prepare a proposal or have specific questions, please contact the project manager as
noted on the cover page of this RFP. Any correspondence, including your submission of
a proposal, should be emailed to the project manager by the date and time specified in
Section IV.A.
D. Organizational Overview
MOSERS is an instrumentality of the State of Missouri vested with the powers and duties
specified in state law, providing retirement, survivor, disability, and life insurance
benefits to its members. MOSERS is responsible for managing an investment portfolio
with more than $9.5 billion held in trust for the payment of member benefits. As of
June 30, 2025, the defined benefit plans administered by MOSERS served more than
119,400 members and beneficiaries, including approximately 45,100 active members,
more than 57,100 retirees and survivors, and more than 17,200 terminated-vested
members.
MOSERS is governed by an 11-member board of trustees. The executive director is
appointed by and reports to the Board.
For additional information about MOSERS, please see the following webpages available
at MOSERS’ website, https://mosers.org:
• General information: https://mosers.org/about
• Board meetings: https://mosers.org/leadership/board-meetings
• Committee meetings: https://mosers.org/leadership/board-committees
• Reports archive: https://mosers.org/about/reports-archive
Page 3 of 23
SECTION II – RESPONDENT MINIMUM QUALIFICATIONS
Respondents must satisfy all of the following mandatory minimum qualifications to be
considered for the contract award:
1. The respondent must agree to enter into a written contract.
2. The respondent must agree to provide the minimum services as detailed in
Section III, as well as comply with all the requirements stated in the RFP.
3. The respondent must provide assurance that its key professionals and its
organization do not have, nor could they potentially have, a material conflict of
interest with MOSERS or any MOSERS service providers.
4. The respondent must agree to complete and submit the MOSERS Vendor
Security Assessment within 30 days after an award of contract.
5. The respondent must demonstrate proficiency and experience in providing the
services specified in Section III.
6. The respondent must agree to comply with the Political Contribution Policy in
Exhibit A as well as the Federal Work Authorization Policy in Exhibit B.
SECTION III – RESPONSE REQUIREMENTS
A. General Requirements of Responding to this RFP
To be considered complete, a submission shall include, in a portable document format
(.pdf):
1. A cover letter, including:
(a) Statement indicating that the respondent meets the minimum qualifications
in Section II;
(b) The concluding statement: “I hereby certify that I have read the Request for
Proposal (RFP) in its entirety and fully understand the requirements listed in it. I
further certify that I am an authorized agent of the respondent empowered to
submit the response to the RFP and authorized to sign a contract with MOSERS
on behalf of the respondent.”; and
(c) Signature, title, and printed name of the authorized agent of the respondent.
2. Completed RFP Questionnaire (Exhibit C), including a completed Fee Proposal
(Exhibit D).
Page 4 of 23
B. Scope of Services
1. The scope of services shall include the following:
(a) An examination of the experience study report for the five-year period ending
on June 30, 2025.
(b) A full replication of the June 30, 2026, valuation for the Missouri State
Employees Plan (MSEP) using the same valuation data used by CavMac.
(c) A general review of the June 30, 2026, Judicial Plan valuation, including
examining the assumptions and methods for reasonableness and consistency
by reviewing the valuation report. No actuarial calculations are performed on
the Judicial Plan.
2. The contractor shall review the work of CavMac to the degree necessary to
express opinions relating to the following:
(a) The appropriateness of the demographic and financial information used by
the current actuary in the valuation of MOSERS’ two plans, i.e., MSEP and the
Judicial Plan.
(b) Whether the actuarial valuation assumptions are reasonable and consistent
with generally accepted actuarial standards and practices; are reasonable
based on MOSERS’ experience; and are appropriate for MOSERS’ structure
and funding objectives.
(c) Whether the current actuary’s valuation methods and procedures are
reasonable and consistent with generally accepted actuarial standards and
practices; are appropriate for MOSERS’ structure and funding objectives; are
in compliance, as applicable, with Governmental Accounting Standards Board
(GASB) reporting and disclosure requirements; and are applied as stated by
the actuary.
(d) Whether the current actuary’s valuation results reflect the requirements set
forth in the laws that govern the plans (applicable sections of the Revised
Statutes of Missouri will be provided to the contractor).
(e) Whether the current actuary’s valuation results are reasonable, including
analysis of contribution rates and accrued liabilities.
(f) Whether the recommended assumption changes in the experience study
report for the five-year period ending on June 30, 2025, are reasonable and in
compliance with Actuarial Standards of Practice.
Page 5 of 23
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