Request for Proposal (RFP) for Actuary Audit

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
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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
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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).
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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.
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(g) Whether the valuations were performed by qualified actuaries and were
performed in accordance with principles and practices prescribed by the
Actuarial Standards Board.
(h) Whether the fees paid by MOSERS to the current actuary are reasonable and
proper based on the level of services received.
3. Proposals should reflect that the contractor should not budget significant
resources for the purpose of reviewing the data provided by MOSERS to its
current actuary. Proposals should also reflect that the contractor should plan to
focus its detailed review process on the MSEP. If MOSERS determines that it
needs further detailed review of the Judicial Plan, that would be a separate
project.
4. MOSERS may require the contractor to appear at two meetings: an Audit
Committee meeting and a Board meeting. At MOSERS' discretion, the contractor
will appear at either or both meetings virtually or in person to present and
discuss the contractor's draft report or final report. The contractor is not required
to communicate with staff or MOSERS' current actuary in person and may use
phone, email, etc.
5. The contractor shall ensure that all materials it provides pursuant to the scope of
services outlined in this Section III.B comply with all federal and state laws and
guidelines applicable to MOSERS, including but not limited to the Americans
With Disabilities Act and the Web Content Accessibility Guidelines 2.2 AA. The
contractor is not responsible for the compliance of MOSERS-created
or -maintained content or platforms.
C. Expected Deliverables
1. Prior to the first quarter 2027 Audit Committee meeting, the contractor shall
work with the executive director to prepare a draft of the actuarial review. The
contractor will be provided with the meeting date after the date is set, which
usually occurs at the fourth quarter Audit Committee meeting for the preceding
calendar year. The fourth quarter committee meeting is currently scheduled for
November 10, 2026.
2. Two weeks prior to the first quarter 2027 Audit Committee meeting, the
contractor shall provide the executive director with a final copy of the actuarial
review report and presentation (if applicable), which will be included in the
meeting packet. The actuarial review report and presentation (if applicable) will
be included in the packet for the Audit Committee meeting and may also be
included in the packet for the next following Board meeting. MOSERS will inform
the contractor of the 2027 first quarter Board meeting date and time once the
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meeting date is set, which usually occurs at the third quarter Board meeting for
the preceding calendar year. The third quarter Board meeting this year is
currently scheduled for September 17, 2026.
SECTION IV - INSTRUCTIONS FOR SUBMITTING PROPOSALS
A. General Requirements
1. Inquiries
Any questions regarding this RFP must be submitted in writing via email to the
project manager. Questions must be received at MOSERS by no later than
4:30 p.m. CDT on Thursday, July 2, 2026. To ensure that all interested parties
have the same information and instructions concerning the preparation of the
proposal, all questions received will be responded to in writing and posted on
MOSERS' website.
2. Timeline of Activities for the RFP
Event or Milestone Date
RFP issued and posted to MOSERS
Wednesday, June 17, 2026
website
Deadline for interested parties to submit
Friday, June 26, 2026, 4:30 p.m. CDT
questions
Responses from MOSERS Thursday, July 2, 2026, 4:30 p.m. CDT
Proposal due date Thursday, July 16, 2026, 4:30 p.m. CDT
MOSERS Audit Committee reviews bids Tuesday, August 18, 2026
MOSERS Board of Trustees awards
Thursday, September 17, 2026
contract
Actuary Data and Benefit Information
Friday, October 2, 2026
Provided to Contractor
Deadline for Submission of Draft Review
TBD in January 2027
Report from Contractor
Deadline for Submission of Final Review
TBD in January 2027
Report from Contractor
Report Presentation to MOSERS Audit
TBD in January 2027
Committee (at MOSERS' discretion)
Report Presentation to MOSERS Board of
TBD in February 2027
Trustees (at MOSERS' discretion)
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B. Specific Requirements
1. All proposals and accompanying documentation become the property of
MOSERS and will not be returned. The proposals must be received no later than
4:30 p.m. CDT on Thursday, July 16, 2026. Please refer to the RFP cover page
for the project manager's name and email address.
2. Each proposal must conform to the requirements of this RFP. Conciseness and
clarity of content are emphasized. Vague proposals will be considered
non-responsive and may result in disqualification. Failure to provide the required
information may also result in disqualification. MOSERS reserves the exclusive
right to determine compliance with these requirements and to exclude from
consideration proposals which, in the judgment of MOSERS, do not so conform.
3. A respondent's preparation and submission of a proposal or subsequent
participation in presentations or contract negotiations creates no obligation for
MOSERS to award a contract or to pay any associated costs.
SECTION V - EVALUATION PROCESS AND CRITERIA
A. Evaluation Process
Designated MOSERS staff will review proposals submitted by respondents and rank
the proposals, culminating with staff recommendations to the executive director,
who will then provide the top finalist to the Audit Committee for its review and
discussion. The Board will make final approval. Respondents and MOSERS
representatives may discuss the respondent's proposal as part of the evaluation
process.
B. Evaluation Criteria
1. Proposals submitted in response to this RFP may be accepted as submitted or
may be used as a basis for further negotiation of specific project details with
respondents. In evaluating proposals, MOSERS will consider the following criteria:
(a) Demonstrated competence, knowledge, experience, reputation, and
qualifications of the respondent as a whole and the respondent's staff;
(b) Respondent's ability and willingness to meet the requirements and needs of
MOSERS with respect to the scope of services outlined in Section III;
(c) Quality, conciseness, clarity, and completeness of the proposal; and
(d) Reasonableness of costs in general, as compared with other respondents, and
in light of the services to be performed and the deliverables to be provided
and their importance to MOSERS; and
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2. If all other considerations are equal, a respondent whose principal place of
business is within the state of Missouri, or who will manage the project wholly
from one of its offices within the state of Missouri, may be given preference
pursuant to 104.550 of the Revised Statutes of Missouri.
SECTION VI - MISCELLANEOUS TERMS AND CONDITIONS
A. Contractual Agreement
1. A copy of this RFP (and any amendments to this RFP), the successful respondent's
proposal, any best and final offer requests and responses submitted by the
successful respondent, and the notice of contract award will, at MOSERS' sole
discretion, become the contract or will be incorporated into the contract. At
MOSERS' sole discretion, the contract terms may be negotiated between
MOSERS and the successful respondent, also referred to in this RFP as the
contractor.
(a) Respondents are cautioned that a proposal shall be subject to acceptance by
MOSERS without further clarification, and the respondent, by submitting a
proposal, agrees to furnish the services and deliverables specified in the RFP
at the prices quoted in the proposal, pursuant to all requirements and
specifications in this RFP.
(b) The contractor may be asked to provide a contract template that is customary
in the industry, and the respondent agrees to provide one upon request.
MOSERS' legal counsel will review any such contract prior to approval and
signature by the executive director.
(c) The contract term ends on March 31, 2027.
(d) The contractor may not assign its rights or obligations under the contract
without the prior written consent of MOSERS.
2. Respondents agree that execution of any ensuing contract between MOSERS and
the successful respondent by an electronically transmitted signature and delivery
of a signed copy of a notice of award by email or other means of electronic
transmission shall have the same legal effect as delivery of an original signed
copy and be fully and legally effective and binding.
B. Proposals
1. Submission of a response to the RFP indicates acceptance by the respondent of
the conditions contained in this RFP unless clearly and specifically noted in the
proposal and confirmed in the contract between MOSERS and the contractor.
MOSERS reserves the right to reject any and all responses to the RFP submitted
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without any obligation or payment for costs incurred by any interested party or
respondent.
2. MOSERS reserves the right, when it may serve MOSERS' best interests, to request
additional information or clarification from any respondent, to allow corrections
of errors or omissions, or to discuss points in proposals before and after their
submission.
3. MOSERS reserves the right to waive any and all formalities contained within this
RFP except for the deadline for filing. Responses to the RFP received after 4:30
p.m. CDT on Thursday, July 16, 2026, will not be considered.
4. MOSERS reserves the right to retain each response submitted, and each such
response shall become the sole property of MOSERS.
5. Copyrighted proposals are unacceptable and will be disqualified as
non-responsive.
C. Open Records
1. As an instrumentality of the State of Missouri, MOSERS is subject to the Missouri
Open Records Act, Chapter 610 of the Revised Statutes of Missouri. Accordingly,
MOSERS may be required to release to third parties all information a respondent
provides in response to this RFP, regardless of whether a respondent labeled
such information "confidential" or "proprietary" or intended that the information
not be released to third parties. MOSERS may be required to release the
information without providing advance notice or without requesting permission
to release such information.
2. MOSERS assumes no obligation or responsibility for asserting legal arguments on
behalf of any interested party or respondent to this RFP to maintain any portion
of a record relating to this RFP, including any proposal, as a closed record under
the Missouri Open Records Act.
3. By submitting a proposal, a respondent:
(a) Acknowledges and agrees that MOSERS, its officers, agents, and employees
shall have no liability to the respondent or to any other person or entity for
disclosing records in accordance with the Missouri Open Records Act, as
interpreted by MOSERS; and
(b) Waives any and all claims or causes of actions against MOSERS, its officers,
agents, and employees for compensation or any damages incurred by the
respondent in connection with MOSERS', its officers', agents' or employees'
compliance with the Missouri Open Records Act.
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