Houston and Vicinity Carpenters and Millwrights Pension Trust Fund expects to interview finalists next month in its search for a consulting actuary, said Doug Selwyn, partner in law firm Davis & Selwyn, which represents the $150 million pension plan. Towers Perrin has been the plans consulting actuary for 20 years, and plan officials are "very pleased with their services, Mr. Selwyn said. They decided to conduct the search because of the firms policy of limiting its liability, he said; Towers Perrin initially wanted to limit its liability to annual consulting fees but agreed to raise the limit to $1 million. "It may turn out that none of the candidates is as qualified as Towers Perrin, Mr. Selwyn said. The plan will make a selection by early April, he said.
According to Joe Conway, a spokesman for Towers Perrin, the firm does not comment on specific clients but believes, as a policy, that limitation of liability clauses are appropriate and reasonable, and used and accepted in many other industries.