Indiana State Teachers' Retirement Fund, Indianapolis, selected Segal to conduct the $6 billion system's first actuarial audit, pending contract negotiations that should be completed later this month, said Thomas Abbett, CFO. Mr. Abbett said the audit "is the prudent thing to do."
The audit will review, among other areas, the models and assumptions used by actuary Gabriel, Roeder, Smith for quality as measured against best practices and industry standards. Gabriel, Roeder, Smith endorsed the move, said Mr. Abbett.
Mr. Abbett expects Segal to take about three months to do the audit.