Actuarial Consulting for the State Office of Risk Management

Department of Personnel & Administration

Buyer seeks qualified actuarial consulting services for the State Office of Risk Management. Services include developing and reviewing allocation methodologies, funding level requirements, and reserve calculations for liability, property, workers' compensation, and cyber liability funds. Buyer requires actuarial analyses of all SORM funds annually with calculations of IBNR losses and loss development figures. The initial contract term is one year with potential extensions up to five years total.

• 6/18/2025 - Solicitation Published
• 7/7/2025 - Vendor Inquiry Submission Deadline
• 7/18/2025 - Intent to Bid Notification Deadline
• 7/28/2025 - Proposal Due Date
• 8/18/2025 - Oral Presentations (Estimated)
• 11/3/2025 - Contract Execution (Estimated)

• Must provide actuarial services to at least ten self-insured organizations with 10,000+ employees
• Actuary firm must have ten years experience with self-insured organizations of 10,000+ employees
• Principal actuary must be Fellow of Casualty Actuarial Society and American Academy member
• Ten years experience in government sector with fully-funded and self-funded plans

• Develop and review allocation methodologies for risk management funds
• Analyze funding level requirements for liability, property, and workers' compensation funds
• Calculate IBNR losses and loss development figures
• Provide actuarial analyses of all SORM funds annually
• Estimate total annual member contributions needed for self-insured funds
• Research and answer technical questions for proposed state legislation
• Prepare explanatory materials for allocation methodology
• Participate in SORM meetings as speaker or presenter
• Conduct financial audits of self-funded and fully funded plans
• Analyze cyber liability exposure and funding requirements