Actuarial Services RFP 2026

The Olympic Authority is issuing this RFP to solicit qualified actuarial firms to provide actuarial valuation and consulting services. The selected Consultant will provide independent, technically sound actuarial analysis to support the Olympic Authority's financial reporting, budgeting, financial planning, benefit administration, and other actuarial needs.

The primary anticipated service is the preparation of actuarial valuations and related disclosures for the Olympic Authority's OPEB, including support necessary for the Olympic Authority's financial statements and implementation of applicable Governmental Accounting Standards Board (GASB) requirements. The Olympic Authority may also request additional actuarial studies, projections, experience analyses, benefit modeling, or other actuarial consulting services during the contract term.

The selected Actuarial Consultant (Consultant) shall provide the following services, at a minimum. Proposers may identify additional services that they believe would provide value to the Olympic Authority, provided that such services are separately identified and priced.

OPEB Actuarial Valuation

• Prepare a comprehensive actuarial valuation of the Olympic Authority's OPEB obligations at the frequency required by applicable GASB standards and the Olympic Authority's financial reporting requirements.
• Calculate and provide all schedules and information necessary for the Olympic Authority's annual financial statements and related disclosures under applicable GASB standards, including GASB Statements 74 and 75, as applicable.
• Provide a reconciliation of changes in the OPEB liability from the prior valuation or measurement date, including explanations of significant changes.

Actuarial Assumptions and Methods

• Recommend appropriate actuarial assumptions and methods, including discount rate, healthcare cost trend rates, mortality, turnover, retirement, disability, salary or wage assumptions where applicable, participation, plan election, and other demographic or economic assumptions.
• Provide documentation sufficient for review by the Olympic Authority's independent auditors.

GASB and Financial Reporting Support

• Provide actuarial schedules, exhibits, and narrative explanations necessary for inclusion in the Authority's annual financial statements and financial reporting workpapers.
• Respond to questions from the Olympic Authority's independent auditors and provide reasonable supporting documentation requested during the annual audit.

Data and Census Review

- Review employee and retiree census data supplied by the Olympic Authority for completeness and reasonableness.

Benefit Plan and Scenario Analysis

- Provide projections of OPEB liabilities and expense when requested for budgeting, long-range planning, or financial analysis.

Deliverables and Timetable

The Consultant shall provide a proposed annual work plan and schedule following contract award. The process shall begin no later than the week of February 22, 2027, with final valuation results and the final actuarial report completed no later than April 30, 2027.

The Consultant shall provide, at a minimum:

• Draft actuarial valuation report;
• Final actuarial valuation report;
• Required GASB schedules and supporting exhibits;
• Assumption and methodology documentation;
• Census/data review memorandum or equivalent documentation;
• Summary of significant changes from the prior valuation;
• Electronic copies of all final calculations and schedules in commonly usable formats; and
• Reasonable responses to audit and management follow-up questions.

Submission

Submit all required proposal documents to the Olympic Authority at the following address: Olympic Regional Development Authority, Attn: Edward Kowalewski, Jr., Assistant Counsel, 37 Church Street, Lake Placid, NY 12946. **E-MAIL OR FAX BID SUBMISSIONS ARE NOT ACCEPTABLE AND WILL NOT BE CONSIDERED.** Only Registered Proposers shall be allowed to submit a proposal. Proposals must be received on or before **2:00 PM ET** on the proposal due date.

Evaluation

This is a Best Value procurement conducted pursuant to State Finance Law § 163 and the Olympic Authority's Procurement Guidelines. Award will be made to the responsible and responsive Proposer whose proposal is determined to offer the best combination of qualifications, approach, and cost, as opposed to the lowest-cost proposal alone.

| Evaluation Criterion | Weight |
| --- | --- |
| Firm qualifications, public-sector experience, and staff expertise | 25% |
| Proposed actuarial methodology, GASB expertise, and quality-control approach | 25% |
| Understanding of the Olympic Authority's needs, responsiveness, deliverables, and project schedule | 15% |
| References and demonstrated performance for comparable public-sector clients | 10% |
| Cybersecurity, data protection, and AI controls | 5% |
| Cost / fee proposal | 20% |

Contract term

It is the intention of the Olympic Authority to issue a services agreement for an initial term of one year, with four (4) options to renew for one (1) year periods.

Proposals must remain an effective offer, firm and irrevocable, for at least sixty (60) calendar days from the due date.