Actuarial Audit of the June 30, 2024 TCRS Actuarial Valuation - UPDATED

Agency:	State Government of Tennessee
State:	Tennessee
Type of Government:	State & Local
NAICS Category:	541211 - Offices of Certified Public Accountants 541611 - Administrative Management and General Management Consulting Services
Posted Date:	Mar 20, 2025
Due Date:	Apr 1, 2025
Solicitation No:	RFP 30901-62726
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STATE OF TENNESSEE

TREASURY DEPARTMENT

REQUEST FOR PROPOSALS

FOR

ACTUARIAL AUDIT OF THE

JUNE 30, 2024 TCRS ACTUARIAL VALUATION

RFP # 30901-62726

RFP CONTENTS

SECTIONS:

INTRODUCTION

RFP SCHEDULE OF EVENTS

RESPONSE REQUIREMENTS

GENERAL CONTRACTING INFORMATION & REQUIREMENTS

EVALUATION & CONTRACT AWARD

ATTACHMENTS:

6.1. Response Statement of Certifications & Assurances

6.2. Technical Response & Evaluation Guide

6.3. Cost Proposal & Scoring Guide

6.4. Reference Questionnaire

6.5. Score Summary Matrix

6.6. Pro Forma Contract

6.7. Actuarial Audit Report of the June 30, 2019 TCRS Actuarial Valuation

INTRODUCTION

The State of Tennessee, Treasury Department, hereinafter referred to as “the State,” issues this Request

for Proposals (RFP) to define minimum contract requirements; solicit responses; detail response

requirements; and, outline the State’s process for evaluating responses and selecting a contractor to

provide the needed goods or services.

Through this RFP, the State seeks to procure necessary goods or services at the most favorable,

competitive prices and to give ALL qualified respondents, including those that are owned by minorities,

women, service-disabled veterans, persons with disabilities and small business enterprises, an

opportunity to do business with the state as contractors, subcontractors or suppliers.

1.1. Statement of Procurement Purpose

The Tennessee Consolidated Retirement System (“TCRS”) is a public employee retirement system that is

a division of the State of Tennessee Treasury Department. TCRS provides defined benefit pension plans

for four large groups of public employees: (i) K-12 public school teachers, (ii) higher education

employees, (iii) State employees, and (iv) local government (also called political subdivision) employees.

Local governments voluntarily decide whether to be a participating employer in TCRS.

With over $70 billion in assets, TCRS is the 22nd largest public pension plan in the United States. It

serves over 235,000 active members and 161,000 retirees. The annual retired payroll exceeds $3.2

billion.

TCRS was created in 1972 by merging seven separately administered retirement systems into one

system. The TCRS system is governed by statute, which sets out the rights and benefits provided by the

system. Rights to the benefits of the closed plans are preserved. Generally, one receives the better of

the prior plan or TCRS Group I.

There are two plans for State employees/higher education employees and K-12 teachers depending on

the member’s hire date. State employees/higher education employees and K-12 teachers hired prior to

July 1, 2014 participate in the legacy defined benefit plan as long as the member does not lose

membership. State employees/higher education employees and K-12 teachers hired after June 30, 2014

(and those who have lost membership in the legacy plan) participate in the hybrid pension plan, which

consists of a combination of a defined benefit plan and defined contribution plan. For additional

information about TCRS, please refer to TCRS’ annual report located at

https://treasury.tn.gov/Retirement/Boards-and-Governance/Reporting-and-Investment-Policies

The State intends to secure a contract from an actuarial firm to perform a Level One actuarial audit of

TCRS limited to the State/higher education employees’ and K-12 teachers’ legacy and hybrid pension

plans.

The audit will validate the June 30, 2024, actuarial results including the contribution rate, system assets

and liabilities, and the system’s funding status for the Teacher and General State Employee

classifications in both the hybrid and legacy plans. The audit will also review major economic

assumptions for reasonableness and consistency. A copy of the last actuarial audit report is attached

hereto as RFP Attachment 6.7. The detailed requirements of the actuarial audit can be found in the RFP

Attachment 6.6, Pro Forma Contract.

1.2. Scope of Service, Contract Period, & Required Terms and Conditions

The RFP Attachment 6.6., Pro Forma Contract details the State’s requirements:

 Scope of Services and Deliverables (Section A);

 Contract Period (Section B);

 Payment Terms (Section C);

 Standard Terms and Conditions (Section D); and,

RFP # 30901-62726

Page 2 of 49

 Special Terms and Conditions (Section E).

The pro forma contract substantially represents the contract document that the successful Respondent

must sign.

1.3. Nondiscrimination

No person shall be excluded from participation in, be denied benefits of, or be otherwise subjected to

discrimination in the performance of a Contract pursuant to this RFP or in the employment practices of the

Contractor on the grounds of handicap or disability, age, race, creed, color, religion, sex, national origin,

or any other classification protected by federal, Tennessee state constitutional, or statutory law. The

Contractor pursuant to this RFP shall, upon request, show proof of such nondiscrimination and shall post

in conspicuous places, available to all employees and applicants, notices of nondiscrimination.

1.4. RFP Communications

1.4.1. The State has assigned the following RFP identification number that must be referenced in all

communications regarding this RFP:

RFP # 30901-62726

1.4.2. Unauthorized contact about this RFP with employees or officials of the State of Tennessee

except as detailed below may result in disqualification from consideration under this

procurement process.

1.4.2.1. Prospective Respondents must direct communications concerning this RFP to the

following person designated as the Solicitation Coordinator:

Dawn Rochelle, Solicitation Coordinator

Tennessee Treasury Department

Telephone: (615) 253-8770

Email: dawn.rochelle@tn.gov

1.4.2.2. Notwithstanding the foregoing, Prospective Respondents may alternatively contact:

a. staff of the Governor’s Office of Diversity Business Enterprise for assistance

available to minority-owned, woman-owned, service-disabled veteran-owned,

businesses owned by persons with disabilities, and small businesses as well as

general, public information relating to this RFP (visit

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-

/governor-s-office-of-diversity-business-enterprise--godbe--/godbe-general-

contacts.html for contact information); and

b. the following individual designated by the State to coordinate compliance with the

nondiscrimination requirements of the State of Tennessee, Title VI of the Civil

Rights Act of 1964, the Americans with Disabilities Act of 1990, and associated

federal regulations:

Jamie Formont

State of Tennessee, Treasury Department

Human Resources Director

Telephone: (615) 734-2245

Email: jamie.formont @tn.gov

1.4.3. Only the State’s official, written responses and communications with Respondents are binding

with regard to this RFP. Oral communications between a State official and one or more

Respondents are unofficial and non-binding.

RFP # 30901-62726

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1.4.4.

Potential Respondents must ensure that the State receives all written questions and comments,

including questions and requests for clarification, no later than the Written Questions &

Comments Deadline detailed in the RFP Section 2, Schedule of Events. Any written questions or

comments must be e-mailed to the Solicitation Coordinator at dawn.rochelle@tn.gov.

1.4.5. Respondents must assume the risk of dispatching any communication or response to the State.

The State assumes no responsibility for delays in the State’s receipt of any communication or

response from Respondents due to technical or other filing delays.

1.4.6. The State will convey all official responses and communications related to this RFP to the

prospective Respondents from whom the State has received a Notice of Intent to Respond (refer

to RFP Section 1.8).

1.4.7.

The State will convey official, written responses and communications related to this RFP through

electronic mail to the prospective Respondents from whom the State has received a Notice of

Intent to Respond. The State may also convey such communications by Internet posting. For

internet posting, please refer to the following website:

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-/supplier-

information/request-for-proposals--rfp--opportunities1.html.

1.4.8. The State reserves the right to determine, at its sole discretion, the appropriateness and

adequacy of responses to written comments, questions, and requests related to this RFP. The

State’s official, written responses will constitute an amendment of this RFP.

1.4.9.

Any data or factual information provided by the State (in this RFP, an RFP amendment or any

other communication relating to this RFP) is for informational purposes only. The State will make

reasonable efforts to ensure the accuracy of such data or information, however it is the

Respondent’s obligation to independently verify any data or information provided by the State.

The State expressly disclaims the accuracy or adequacy of any information or data that it

provides to prospective Respondents.

1.5. Assistance to Respondents With a Handicap or Disability

Prospective Respondents with a handicap or disability may receive accommodation relating to the

communication of this RFP and participating in the RFP process. Prospective Respondents may contact

the Solicitation Coordinator to request such reasonable accommodation no later than the Disability

Accommodation Request Deadline detailed in the RFP Section 2, Schedule of Events.

1.6. Respondent Required Review & Waiver of Objections

1.6.1.

Each prospective Respondent must carefully review this RFP, including but not limited to,

attachments, the RFP Attachment 6.6., Pro Forma Contract, and any amendments, for questions,

comments, defects, objections, or any other matter requiring clarification or correction (collectively

called “questions and comments”).

1.6.2. Any prospective Respondent having questions and comments concerning this RFP must provide

them in writing to the State no later than the Written Questions & Comments Deadline detailed in

the RFP Section 2, Schedule of Events.

1.6.3. Protests based on any objection to the RFP shall be considered waived and invalid if the

objection has not been brought to the attention of the State, in writing, by the Written Questions &

Comments Deadline.

1.7. Pre-Response TeleConference

A Pre-response Teleconference will be held at the time and date detailed in the RFP Section 2, Schedule

RFP # 30901-62726

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of Events. Pre-response Teleconference attendance is not mandatory.

To participate in the teleconference, contact the Solicitation Coordinator, Dawn Rochelle, at (615) 253-

8770 or via e-mail at Dawn.Rochelle@tn.gov for further instructions.

The purpose of the conference is to discuss the RFP scope of goods or services. The State will entertain

questions, however prospective Respondents must understand that the State’s oral response to any

question at the Pre-response Teleconference shall be unofficial and non-binding. Prospective

Respondents must submit all questions, comments, or other concerns regarding the RFP in writing prior

to the Written Questions & Comments Deadline date detailed in the RFP Section 2, Schedule of Events.

The State will send the official response to these questions and comments to prospective Respondents

from whom the State has received a Notice of Intent to respond as indicated in RFP Section 1.8 and on

the date detailed in the RFP Section 2, Schedule of Events.

1.8. Notice of Intent to Respond

Before the Notice of Intent to Respond Deadline detailed in the RFP Section 2, Schedule of Events,

prospective Respondents should submit to the Solicitation Coordinator a Notice of Intent to Respond (in

the form of a simple e-mail). Such notice should include the following information:

 the business or individual’s name (as appropriate);

 a contact person’s name and title; and

 the contact person’s mailing address, telephone number, facsimile number, and e-mail address.

A Notice of Intent to Respond creates no obligation and is not a prerequisite for submitting a

response, however, it is necessary to ensure receipt of any RFP amendments or other notices and

communications relating to this RFP.

1.9. Response Deadline

A Respondent must ensure that the State receives a response no later than the Response Deadline time

and date detailed in the RFP Section 2, Schedule of Events. The State will not accept late responses,

and a Respondent’s failure to submit a response before the deadline will result in disqualification of the

response. Respondents should be mindful of any potential delays due to technical, or other filing delays

whether foreseeable or unforeseeable.

RFP # 30901-62726

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This page summarizes the opportunity, including an overview and a preview of the attached documents.

Document ID & Hyperlink:	RFP 30901-62726 Amendment 1 Attachment 1
Event Start - Response Due:	02/27/2025 04/01/2025
Event Name:	Actuarial Audit of the June 30, 2024 TCRS Actuarial Valuation - UPDATED
Last Updated:	03/20/2025

Actuarial Audit of the June 30, 2024 TCRS Actuarial Valuation - UPDATED

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