Internal Audit Services

Summary (Newest Update)

Background The Employes’ Retirement System (ERS) of the City of Milwaukee is seeking proposals for internal audit services. Established in 1937, ERS manages a $6 billion defined-benefit pension fund and provides various retirement-related benefits to its members and their beneficiaries. The purpose of this RFP is to gather information from qualified vendors regarding their capabilities in providing internal audit services, including their approach, qualifications, and pricing. Work Details The selected contractor will conduct internal audits over a three-year period with an option to renew for an additional two years. The scope of work includes: 1. Conducting an initial risk assessment and revising the multi-year internal audit plan based on current operations. 2. Auditing various operational areas including Ethics and Governance, Accounting/Finance, Investments, Enrollment and Member Services, Benefit Calculation, Contributions, Benefit Payroll, Benefit Administration (Health/Dental/Life), HR/Payroll, IT General Controls, Business Continuity, Vulnerability Assessments, Risk Assessments (both Non-IT and IT), and Management Requests/Special Projects. 3. Reporting any irregularities or illegal acts discovered during audits to the ERS Board. 4. Retaining all working papers for a minimum of 7 years and making them available upon request. Period of Performance The contract will commence on January 1, 2027, following the proposal evaluation process which includes a deadline for submissions on May 29, 2026. Place of Performance The services will be performed at the Employes’ Retirement System office located at 789 N Water Street, Suite 300, Milwaukee, Wisconsin. Bidder Requirements Proposers must demonstrate experience with public pension plans and provide references from similar clients. They must also comply with insurance requirements as specified in the RFP and maintain necessary licenses and certifications.