Illinois Office of Management and Budget, Springfield, is searching for actuarial consultants to analyze the five state retirement systems, which a combined $55 billion in assets, and make recommendations to improve the affordability of the systems. The OMB could hire more than one firm, according to the RFP. The assignment includes assisting the Governor's Pension Commission in evaluating the systems' effect on Illinois' current and future financial condition, including economic factors and rates of return.
The "systems have a significant unfunded actuarial accrued liability, which has increased from time to time due to state legislation increasing benefits to participants in the retirement systems without corresponding changes in employee funding, insufficient employer funding, the performance of investments held within each such retirement system and generous early retirement initiatives," according to the RFP.
The RFP is available at the OMB's website at www.state.il.us/budget. Proposals are due Feb. 15.
According to the RFP, the systems had the following assets as of June 30: Illinois State Teachers' Retirement System, $31.54 billion; Illinois State Universities Retirement System, $12.58 billion; Illinois State Employees' Retirement System, $9.99 billion; Illinois Judges Retirement System, $534 billion; and Illinois General Assembly Retirement System, $83 million. The systems' unfunded liabilities total $35.09 billion.
