Iowa Municipal Fire & Police Retirement System, West Des Moines, issued an RFP for an actuarial audit services firm.
The $2.2 billion pension fund seeks an independent audit and evaluation of actuarial services provided to the retirement system by its consulting actuary, SilverStone Group, including its actuarial valuation as of June 30, 2014.
The valuation, which the pension fund hopes to get from SilverStone in October, determines the retirement system’s required contributions and funded level, said Terry Slattery, the pension fund’s executive director.
It is the first time the pension fund will conduct an actuarial audit, which Mr. Slattery said has become an industry standard to do every five or 10 years.
The pension fund was 74% funded as of June 30, 2013, Mr. Slattery said.
Retirement system officials expect the two firms to work together to reconcile any differences from the actuarial audit, Mr. Slattery said.
The RFP may be obtained from the pension fund by calling 515-254-9200.
Proposals are due Aug. 18. The pension fund expects to award a contract in November.