Project Information

Bid Title

RFP 26-001 - Actuarial Auditing Services Related to Peer Review of the 2021-2025 Experience Study and 2025 Valuations

Issuing Agency

The Retirement Systems of Alabama

Location

Alabama

Published Date

Feb 23, 2026

Closing Date

Mar 18, 2026

Government Level

State & Local

Status

Closed

Original Source

Join to Access Full Details

Bid Inquiries

Join to Access Full Details

Bid Documents

Join to Access Full Details

Project Description

RFP 26-001 - Actuarial Auditing Services Related to Peer Review of the 2021-2025 Experience Study and 2025 Valuations

The purpose of this RFP is to solicit proposals from qualified actuarial firms to provide actuarial auditing services to the RSA, consisting of peer review of the FY2021-2025 Experience Study and a level two actuarial audit of the FY2025 annual actuarial valuation for TRS, ERS, and JRF.

RFP 26-001

RFP 26-001 Questions and Answers

Contact:
Taylor Benefield
taylor.benefield@rsa-al.gov

Deadline for receipt of questions:
February 23, 2026 3:00 p.m. CST

Proposals Due:
March 18, 2026 3:00 p.m. CST

Attachment Preview

Actuarial Auditing Services - RFP 26-001

REQUEST FOR PROPOSALS

FOR

ACTUARIAL AUDITING SERVICES RELATED TO PEER

REVIEW OF THE 2021-2025 EXPERIENCE STUDY AND 2025

VALUATIONS

FOR

THE

Retirement Systems of Alabama

RFP 26000000001

Issue Date: February 17, 2026

Page 1 of 18

Actuarial Auditing Services - RFP 26-001

THIS RFP CONTAINS INFORMATION UNDER THE FOLLOWING HEADINGS:

SECTION I—General Information for the Proposer

A. Purpose

B. Background

C. Description of the RSA’s Management

D. Other Information

E. Proposal Opening

F. Delivery Schedule

G. Payment Schedule

H. Selection of Firm

I. Economy of Preparation

J. News Releases

K. Addenda to the RFP

L. Contact Point

M. Minimum Experience Qualifications

N. State of Alabama Contract Requirements

O. Confidentiality

SECTION II—Nature of Services Required

A. Purpose

B. Required Services

SECTION III-- Information Required from Proposers

SECTION IV-- Criteria for Evaluation

A. Evaluation Process

B. RSA Rights

C. Cost and Price Analysis

D. Proposal Evaluation Form

E. Proposal Form

SECTION V--Attachments

A. State of Alabama Disclosure Statement (Required by Act 2001-955)

B. Immigration Compliance Certificate

C. Proposer Profile Form

D. Proposer Reference Form

E. IRS Form W-9

F. Certification of Bidder or Proposer Form

G. Confidentiality and Non-Disclosure Agreement

H. E-Verify Memorandum of Understanding

I. Sample RSA State Contract

J. RSA Third Party Vendor Security Checklist

Page 2 of 18

Actuarial Auditing Services - RFP 26-001

SECTION I—GENERAL INFORMATION FOR THE PROPOSER

A. PURPOSE:

REQUEST FOR PROPOSALS:

The purpose of this Request for Proposals (RFP) is to solicit proposals from qualified actuarial firms

to provide actuarial auditing services to the Retirement Systems of Alabama (RSA), consisting of peer

review of the FY2021-2025 Experience Study and a level two actuarial audit of the FY2025 annual

actuarial valuation for Teachers’ Retirement System of Alabama (TRS), Employees’ Retirement

System of Alabama (ERS), and Judicial Retirement Fund of Alabama (JRF).

B. BACKGROUND:

The Teachers' Retirement System, Employees' Retirement System, and Judicial Retirement Fund,

collectively referred to as the Retirement Systems of Alabama (RSA or Systems), share certain

executive personnel, investment management, accounting, and information system services, the

costs of which are allocated to the funds on an equitable basis.

The TRS, a cost-sharing multiple-employer public employee retirement plan, was established as of

September 15, 1939, pursuant to the Code of Alabama 1975, Title 16, Chapter 25 (Act 419 of the

Legislature of 1939) for the purpose of providing retirement allowances and other specified benefits

for qualified persons employed by State-supported educational institutions. The responsibility for

the general administration and operation of the TRS is vested in its Board of Control.

The ERS, an agent-multiple employer public employee retirement plan, was established as of October

1, 1945, pursuant to the Code of Alabama 1975, Title 36, Chapter 27 (Act 515 of the Legislature of

1945). The purpose of the ERS is to provide retirement allowances and other specified benefits for

state employees, State Police, and on an elective basis, to all cities, counties, towns, and quasi-public

organizations. Assets of the ERS are pooled for investment purposes. However, separate accounts are

maintained for each individual employer so that each employer’s share of the pooled assets is legally

available to pay the benefits of its employees only. The responsibility for the general administration

and operation of the ERS is vested in its Board of Control.

The JRF, a cost-sharing multiple-employer public employee retirement plan, was established as of

September 18, 1973, pursuant to the Code of Alabama 1975, Title 12, Chapter 18 (Act 1163 of the

Legislature of 1973) for the purpose of providing retirement allowances and other specified benefits

for any Justice of the Supreme Court of Alabama, Judge of the Court of Civil Appeals, Judge of the Court

of Criminal Appeals, Judge of the Circuit Court, or office holder of any newly created judicial office

receiving compensation from the State Treasury. The Code of Alabama 1975, Title 12, Chapter 18,

Articles 3 & 4 (Act 1205 of the Legislature of 1975) enlarged the scope and coverage of the JRF to

include District and Probate Judges, respectively. The responsibility for the general administration

and operation of the JRF is vested in the Board of Control of the ERS.

State law establishes retirement benefits as well as death and disability benefits and any ad hoc

increase in postretirement benefits for the TRS, ERS, and JRF. Benefits for TRS and ERS members

becoming eligible to receive retirement benefits after 10 years of creditable service. Teachers and

state employees who retire after age 60 (52 for State Police) with 10 years or more of creditable

Page 3 of 18

Actuarial Auditing Services - RFP 26-001

service or with 25 years of service (regardless of age) are entitled to an annual retirement benefit,

payable monthly for life. Local employees who retire after age 60 with 10 years or more of creditable

service or with 25 or 30 years of service (regardless of age), depending on the particular entity’s

election, are entitled to an annual retirement benefit, payable monthly for life. Service and disability

retirement benefits are based on a guaranteed minimum or a formula method, with the member

receiving payment under the method that yields the highest monthly benefit. Under the formula

method, members of the TRS and ERS (except State Police) are allowed 2.0125% of their average

final compensation (highest 3 of the last 10 years) for each year of service. State Police are allowed

2.875% for each year of State Police service in computing the formula method.

Act 377 of the Legislature of 2012 established a new tier of benefits (Tier 2) for members hired on or

after January 1, 2013. Tier 2 TRS and ERS members are eligible for retirement after age 62 (56 for

State Police) with 10 years or more of creditable service and are entitled to an annual retirement

benefit, payable monthly for life. Service and disability retirement benefits are based on a guaranteed

minimum or a formula method, with the member receiving payment under the method that yields

the highest monthly benefit. Under the formula method, Tier 2 members of the TRS and ERS (except

State Police) are allowed 1.65% of their average final compensation (highest 5 of the last 10 years)

for each year of service. State Police are allowed 2.375% for each year of state police service in

computing the formula method.

JRF members become eligible to receive retirement benefits after varying periods set by statute.

Except for justices or judges who were either disabled, elected prior to July 30, 1979, or have at least

25 years of creditable service, no justice or judge is eligible to receive judicial service retirement pay

prior to attaining age 60. Service retirement benefits for justices and judges are dependent upon the

particular office held in the judicial branch of government. A retirement benefit is payable upon the

request of any member who has: (1) 25 years of creditable service (regardless of age), (2) completed

12 years of creditable service and has attained age 65, (3) completed 15 years of creditable service

and whose age plus service equals or exceeds 77, (4) completed 10 years of creditable service and

has attained age 70 or (5) been elected prior to July 30, 1979, and has 18 years of service (regardless

of age). A member eligible to retire who has not requested his or her retirement benefit to commence

at the end of the term in which the member’s 70th birthday occurs is entitled only to the refund of

his or her contributions (except for members with at least 25 years of creditable service). The service

retirement benefit for circuit, appellate, and probate judges is 75% of the member’s salary at the time

of separation from service. The service retirement benefit for a district judge is 75% of the position’s

salary immediately prior to retirement.

Act 132 of the Legislature of 2019 provided that local employers participating in the ERS pursuant to

the Code of Alabama 1975, Section 36-27-6 could elect to provide their Tier 2 members with the same

retirement benefits provided to their Tier 1 members. Any local participating employer who elects

to provide its Tier 2 members with the same retirement benefits provided to its Tier 1 members may

do so by adoption of a resolution within 24 months of the effective date of Act 2019-132. The effective

date of Act 2019-132 was May 8, 2019, giving local participating employers until May 8, 2021, to

make such election. Act 2019-132 also provided that the ERS Board of Control could deny a local

participating employer’s election based on a review by RSA Staff of the local participating employer’s

historical compliance with ERS requirements as well as the financial stability of the local

participating employer. Any local participating employer whose election is denied may petition the

ERS Board of Control for a reconsideration within the 24-month period from the effective date of Act

2019-132. Once a local participating employer elects to provide its Tier 2 members with the same

retirement benefits provided to its Tier 1 members, its election is irrevocable and becomes effective

at the beginning of the fiscal year following the date that the ERS receives a local participating

Page 4 of 18

Actuarial Auditing Services - RFP 26-001

employer’s resolution. Any local participating employer electing to provide its Tier 2 members with

the same retirement benefits provided to its Tier 1 members who has not increased its Tier 1

members’ contribution rates as provided in Act 676 of the Legislature of 2011 is required to develop

a plan to gradually increase its members’ contribution rates. The plan must be submitted to the ERS

prior to a local participating employer submitting a resolution electing to provide its Tier 2 members

with the same retirement benefits provided to its Tier 1 members. Beginning in the month that a local

participating employer’s election becomes effective, its Tier 2 members (except Tier 2 members who

are certified law enforcement, correctional officers, and firefighters) will contribute 7.50% of

earnable compensation to the ERS. Tier 2 certified law enforcement, correctional officers, and

firefighters will contribute 8.50% of earnable compensation to the ERS. Act 2019-132 was amended

by Act 348 of the Legislature of 2022. Act 2022-348 amended Act 2019-132 by removing the date

limitation for any local participating employer to submit its resolution electing to provide its Tier 2

members with the same retirement benefits provided to its Tier 1 members. Act 2022-348 also

amended Act 2019-132 by removing the date limitation for a local participating employer to petition

the ERS Board of Control for a reconsideration if the ERS Board of Control denied its election to

provide its Tier 2 members with the same retirement benefits provided to its Tier 1 members.

Alabama Judicial Measure Amendment 1 establishes employee and employer contribution rates and

retirement requirements for judges, justices, district attorneys and circuit clerks who are first

appointed or elected on or after November 8, 2016. The new plans will require employees to

contribute 8.5% of their annual salary to their respective retirement fund. Added to the employee

contribution will be a separate employer contribution equal to a percentage of the employee’s annual

salary; the employer contribution percentage will be based on actuarial valuations. An employee is

able to draw retirement benefits no earlier than age 62, and only if the employee has ten or more

years of service. District attorney’s and circuit clerk’s retirement benefit will be calculated as 3% of

their average final compensation (highest 5 of last 10 years) for each year of service, not to exceed

80% of average final compensation. Judge’s and justice’s retirement benefit will be calculated as 4%

of their average final salary for each year of service, not to exceed 75% of average final compensation.

Covered members of the TRS and ERS (except State Police and certified law enforcement,

correctional officers, and firefighters) contributed 5% of earnable compensation to the TRS and ERS

as required by statute until September 30, 2011. From October 1, 2011, to September 30, 2012,

covered members of the TRS and ERS (except State Police and certified law enforcement, correctional

officers, and firefighters) were required by statute to contribute 7.25% of earnable compensation.

Effective October 1, 2012, covered members of the TRS and ERS (except State Police and certified law

enforcement, correctional officers, and firefighters) are required by statute to contribute 7.50% of

earnable compensation. JRF members and certified law enforcement, correctional officers, and

firefighters of the TRS and ERS contributed 6% of earnable compensation as required by statute until

September 30, 2011. From October 1, 2011, to September 30, 2012, JRF members and certified law

enforcement, correctional officers, and firefighters of the TRS and ERS were required by statute to

contribute 8.25% of earnable compensation. Effective October 1, 2012, JRF members and certified

law enforcement, correctional officers, and firefighters of the TRS and ERS are required by statute to

contribute 8.50% of earnable compensation. State Police members of the ERS contribute 10% of

earnable compensation. ERS local participating employers are not required by statute to increase

contribution rates for their members.

Tier 2 covered members of the TRS and ERS (except State Police and certified law enforcement,

correctional officers, and firefighters) contribute 6.2% of earnable compensation to the TRS and ERS

as required by statute. Tier 2 certified law enforcement, correctional officers, and firefighters of the

TRS and ERS are required by statute to contribute 7.2% of earnable compensation. Tier 2 State Police

Page 5 of 18

Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541690Other Scientific and Technical Consulting Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

* Disclaimer: Government BidHub provides information on bids, RFPs (Requests for Proposals), and RFQs (Requests for Qualifications) solely for convenience and informational purposes. This site is not an official public notice board. For official details, responses, or inquiries, please contact the relevant government agency directly.