RFP 26-001 - Actuarial Auditing Services Related to Peer Review of the 2021-2025 Experience Study and 2025 Valuations
| Agency: | The Retirement Systems of Alabama |
|---|---|
| State: | Alabama |
| Type of Government: | State & Local |
| NAICS Category: |
|
| Posted Date: | Feb 23, 2026 |
| Due Date: | Mar 18, 2026 |
| Original Source: | Please Login to View Page |
| Contact information: | Please Login to View Page |
| Bid Documents: | Please Login to View Page |
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 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
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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
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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
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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
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This page summarizes the opportunity, including an overview and a preview of the attached documents.
* Disclaimer: This website provides information about bids, requests for proposals (RFPs), or requests for qualifications (RFQs) for convenience only and does not serve as an official public notice. Individuals who wish to respond to or inquire about bids, RFPs, or RFQs should contact the relevant government department directly.
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