North Carolina Retirement Systems on lookout for actuary

North Carolina Retirement Systems, Raleigh, is searching for an actuarial firm, confirmed Julia Vail, spokeswoman for state Treasurer Janet Cowell, the retirement systems' sole trustee.

Incumbent Buck Consultants is invited to rebid, Ms. Vail said in an e-mail. Buck's contract expires Jan. 31, 2013; Buck has been the retirement systems' actuarial firm since the systems' inception in 1941.

The selected firm is expected to develop the annual actuarial valuation for each plan, perform “experience reviews” of each system and help facilitate the entry of local government units into the retirement system, among other responsibilities, according to the RFP.

The RFP is available on the state's purchasing website at www.ips.state.nc.us/ips/AGENCY/PDF/09088300.pdf. Proposals are due at 2 p.m. EDT July 31. A selection is expected by the beginning of next year.

The retirement systems, which are overseen by the treasurer's office, have $75.9 billion in total assets.