San Diego to look for actuary

San Diego City Employees’ Retirement System will launch an RFP to hire an independent actuarial firm to validate the results of the 2009 valuations.

Cheiron has been the $4.3 billion system’s actuary since 2005. Board rules adopted in 2008 require the system to hire an independent actuary if the system has the same actuary for more than five consecutive years.

The board delegated the authority for the RFP to Mark Hovey, the fund’s interim CEO. He will conduct the search and hire the firm. The RFP will be available on the fund’s website, www.sdcers.org.

The board expects the audit to be completed by late June, with results provided at its July meeting, according to agenda materials from the board’s March 5 meeting.