Actuarial Review of Workers' Compensation Funds

SCOPE OF INCLUDED GOODS/SERVICESThe Office of the Washington State Auditor (SAO) is utilizing this Competitive Solicitation to solicit value-added bids from innovative, qualified Bidders to provide an Actuarial Review of Workers’ Compensation Funds that, at a minimum, meet or exceed any mandatory minimum specifications for the Goods/Services and/or the mandatory minimum performance requirements for Bidders who are awarded a Contract as set forth in the sample Contract (found on WEBS).A. OBJECTIVESThe SAO is required to conduct annual audits of the Department of Labor and Industries’ workers’ compensation funds in accordance with RCW 51.44.115. The purpose of this Solicitation is to contract with an interested Bidder who will conduct an actuarial review that satisfies the requirements of state law (RCW 51.44.115).B. BACKGROUNDThe SAO is responsible for conducting an audit on whether the financial statements were prepared in accordance with generally accepted accounting principles. The SAO is also responsible for issuing an annual report that includes an actuarial assessment and an actuarial opinion in addition to the financial statement opinion. Since the actuarial assessment and actuarial opinion require special qualifications, the SAO contracts with a specialist to perform this work, evaluates the adequacy of the work for purposes of the audit, and uses the findings and conclusions of the specialist as the basis for the audit report.ESTIMATED CONTRACT VALUEHistorically, for prior contracts, annual total sales were approximately $366,598 for the goods/services. Total potential or estimated contract sales for this Competitive Solicitation are not known.CONTRACT FORM & TERMThe Contract term is tentatively scheduled to begin on or about July 1, 2026 or date of execution, whichever is later, and end on June 30, 2027. Amendments extending the term, if any, will be at the sole discretion of the SAO. SAO reserves the right, at its discretion, to extend the contract for up to five additional years.You can find more information about our Competitive Solicitation on WEBS and our website:WEBSCustomer reference number K773-2603Contract for the State Auditor | Office of the Washington State Auditor