Illinois State Universities Retirement System, Champaign, issued an RFP for a firm to audit work done by its actuarial firm, Gabriel Roeder Smith.
The evaluation would include analyzing the fund’s 2011 annual valuation “to assure that the results presented are actuarially sound, reasonable and consistent with industry standards,” according to the RFP.
In addition, the evaluation would include analyzing the appropriateness of actuarial assumptions, including its rate of return assumption. The fund reduced its assumed return rate to 7.75% from 8.5% in October 2010.
SURS’ last actuarial audit was in 1999.
The RFP is available at the SURS' website. Proposals are due Nov. 28. Trustees plan to make a decision Dec. 9 and expect an audit report presentation by June 15.