Wisconsin Vendornet Platform #LAB-2026-02

Independent actuarial audit of Milwaukee City ERS

The Wisconsin Legislative Audit Bureau is seeking an independent actuarial firm to audit Milwaukee’s public employee retirement system. - Government buyer: State of Wisconsin, Wisconsin Legislative Audit Bureau. - System under review: Employes’ Retirement System of the City of Milwaukee (City ERS). - Procurement: One independent actuarial audit service; no products or equipment are requested. - Full replication and review of the actuarial valuation and independent review of the five-year experience study. - Assessment of data, valuation methods, economic and demographic assumptions, statutory requirements, and employer contributions eligible for payment from the 2.0 percent sales and use tax. - Deliverables and requirements: Written report with an overall opinion, findings, estimated effects of exceptions, and recommendations; progress updates and requested presentations or briefings. The work must be independent in fact and appearance, and findings must be explained clearly for nontechnical readers. - Lead actuary must be a Fellow of the Society of Actuaries with five years of public pension consulting experience. Project actuaries must meet American Academy of Actuaries qualification standards. - Workpapers must remain available for review for at least seven years after the final payment. - OEMs and vendors: No commercial OEMs, vendors, or resellers are named. The Society of Actuaries and American Academy of Actuaries are cited for professional qualifications, not as vendors. - Competition: Potential providers of comparable pension actuarial consulting services include Milliman, Mercer, Segal, Gabriel, Roeder, Smith & Company, and Foster & Foster.

Description

The Wisconsin Legislative Audit Bureau seeks one qualified actuarial firm to perform an actuarial audit of the Employes’ Retirement System of the City of Milwaukee. Work includes independent verification and analysis of the assumptions, procedures, and methods used in the actuarial valuation, including full replication of the January 1, 2028 valuation and independent review of the five-year experience study covering January 1, 2022 through December 31, 2026. The contractor must submit a final written report by September 8, 2028, with findings, conclusions, and recommendations, and provide specified briefings. Proposals are due December 10, 2026 at 12:00 p.m. CST.

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