North Miami (Fla.) Employees' Retirement System plans to search for an independent actuary to conduct a review of the assumptions made by current actuary Gabriel Roeder Smith, said Carlos M. Perez, city finance director. An RFP will be issued after Oct. 1. The $50 million general employees' fund and the $20 million police officers' pension plans have never reviewed their actuary, Mr. Perez said, and officials now think an outside firm should be hired every 10 years. The plans' 9% assumed long-term rate of return will be among items reviewed, he said.
No consultant will be used to assist with the search, Mr. Perez said. Gabriel Roeder Smith is also the system's investment consultant.