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Description: Section I - Introduction A. Agency Information: 1. The U.S. Railroad Retirement Board (RRB) is an independent agency in the executive branch of the Federal government. The RRB’s primary function is to administer comprehensive retirement, survivor, unemployment and sickness insurance benefit programs for railroad workers and their families under the Railroad Retirement Act and the Railroad Unemployment Insurance Act. These programs provide income protection during old age in the event of disability, death, temporary unemployment, and sickness. The RRB has a long history of providing excellent customer service to its annuitants and is committed to paying the right benefits to the right people, in the right amounts, in a timely manner. The RRB also administers aspects of the Medicare program and has administrative responsibilities under the Social Security Act and Internal Revenue Code. 2. The RRB Office of Inspector General (OIG) conducts independent audits, management reviews and investigations of the programs and operations of the Railroad Retirement Board. The OIG provides recommendations for improvement to agency management to promote efficiency and economy, and identifies fraud and abuse in agency programs and operations. The RRB OIG is collocated with the RRB Headquarters Facility in Chicago IL. B. Objectives: The OIG of the RRB seeks to procure services to assist the OIG with its annual actuarial audit of the RRB's financial statements, as specified in Sections II and III below. C. Questions pertaining to this solicitation must be submitted in writing and received by this office in sufficient time to allow the timely transmission of written answers by solicitation amendment. To ensure this, the RRB will only answer questions received in this office no later than 1:00 PM, Central Time (CT), March 23, 2026. Questions shall be sent to proposals@rrb.gov and the email subject line must reference the RFP number of this solicitation. Offers are due no later than 1:00 PM (CT), April 3rd, 2026, and shall be submitted to proposals@rrb.gov. D. Offerors must state in the e-mail subject line, for submission of proposals, "Proposal submission for RFP 60RRBH26R0002, Actuarial Audit Services”. Section III - Statement of Work SOW for Actuarial Audit Services This Statement of Work (SOW) provides the tasks the Contractor shall perform in accordance with this SOW. When mutually executed for implementation, this SOW becomes contractually binding on the Contractor and the RRB under the terms and conditions of the Contract from the Contract award date until the RRB receives the final deliverable. A. Introduction and Background Standards and Standards for Financial Statements 1. The RRB publishes financial statements in its annual Performance and Accountability Report, the form and content of which is mandated by the Office of Management and Budget (OMB). The agency prepares its financial statements from the books and records of the RRB in accordance with U.S. generally accepted accounting principles (GAAP). The American Institute of Certified Public Accountants (AICPA) recognized the Statements of Federal Financial Accounting Standards (SFFAS) promulgated by the Federal Accounting Standards Advisory Board (FASAB) as GAAP for Federal government entities. The OIG issues its opinion on these financial statements. 2. During fiscal year 2025, the Railroad Retirement program paid over $14.6 billion in benefits and reported approximately $37.6 billion in assets at fiscal year-end. The RRB's financial statements for the fiscal year ending September 30, 2025 reported total financing sources in excess of $15.0 billion which it received primarily from payroll taxes and the financial interchange with the Social Security Administration. The bulk of the RRB's financing sources are expended on benefits for railroad workers and beneficiaries. 3. The agency’s fiscal year 2025 financial statements reported intragovernmental assets of approximately $8.6 billion that were comprised primarily of investments with the Treasury and receivables from the Social Security Administration for the financial interchange. The balance of the Railroad Retirement program’s assets, approximately $28.9 billion, were held on behalf of the RRB and invested by the National Railroad Retirement Investment Trust (NRRIT). The NRRIT prepares and publishes financial reports separate from the RRB. 4. Statement of Social Insurance - The statement of social insurance is a comparative financial statement comprised of estimates of income and expenditures for a 75- year period for the railroad retirement program. The required notes to the statement of social insurance include significant underlying assumptions, fund balances as of the valuation date for each of the years presented, and identifies the elements of the closed group estimate. 5. Requirement for a Statement of Social Insurance - a. SFFAS #17, as amended, requires Federal agencies that are responsible for social in