North Dakota Teachers Fund for Retirement, Bismarck, hired Buck Consultants to perform an audit of the pension plan's current actuary, Gabriel Roeder Smith, confirmed Fay Kopp, deputy executive director for the North Dakota State Investment Board, which oversees the plan.
The audit will be performed because officials of the $1.5 billion teachers fund hope to push legislation - including an increase to the employer contribution rate increase and a benefit reduction for new hires - during the next legislative session starting in January 2007. "We just wanted to be sure all our numbers are correct" in preparation for that, Ms. Kopp said. The plan's last actuarial audit was in 2000.
The plan issued an RFP in March.