Denver Employees Retirement Plan rehired Gabriel Roeder Smith as consulting actuary and hired Buck Consultants as reviewing actuary, confirmed Steven Hutt, executive director of the $1.8 billion pension fund.
Buck replaces Milliman, which rebid. Buck will conduct a full replication audit of the annual valuation and review the experience study conducted by GRS, Mr. Hutt said in a telephone interview.
The change in the reviewing actuary was made because the principal person at Milliman with whom the pension fund was working retired and Milliman's proposal had significantly higher fees than Buck's, Mr. Hutt said.
RFPs were issued in August.
Separately, the pension fund named GSO Capital Partners and Sankaty Advisors as finalists for a $25 million distressed debt shortlist search conducted by Summit Strategies Group. The pension fund's board is expected to make a final hiring decision at its Dec. 11 board meeting.