North Dakota Public Employees Retirement System, Bismarck, hired Gabriel Roeder Smith to conduct an actuarial audit, said Sparb Collins, executive director. The $1.5 billion system performs an actuarial audit every five to 10 years; it will review the models and assumptions used by actuary Segal Co. to "validate what we do in the system," he said. The system assumes an 8% rate of return on investments. Mr. Collins said he expects Gabriel Roeder Smith to finish the actuarial audit by the end of April or early May.
Segal will do a study of the system's economic makeup and participant demographics over the summer, and fund officials expect to begin an asset-liability study in the fall. The investment committee will recommend how to proceed with the asset-liability study after the actuarial audit and participant study are completed.