North Miami (Fla.) Employees' Retirement System named Mellon Human Resources & Investor Solutions, Milliman USA, Bolton Partners and Stanley Holcombe & Associates as finalists in its search for a firm to conduct a one-time review of the assumptions of the system's actuary, Gabriel Roeder Smith, said Miguel Codorniu, pension administrator. The boards of the $65 million general employees' plan and $20 million police officers' plan will review materials submitted by the firms "shortly," and they hope to make a selection by year's end. Plan administrators are not dissatisfied with the work of Gabriel Roeder Smith but thought it was a good idea to review their work, Mr. Codorniu said.
Separately, the board of the general employees' plan invited manager Boston Co. Asset Management to discuss its $22 million balanced portfolio, which is split between active large-cap value equities and active fixed income. The firm has been on watch for performance for about a year. Mr. Codorniu said the discussion will be the "litmus test" for Boston Co. Joe Ailinger, manager of media relations for Boston Co. parent Mellon Financial, said the firm considers North Miami "a valued client and would hope to maintain that relationship."