North Carolina Retirement Systems, Raleigh, is looking for pension consultants to help assess and control its risk for pension fraud and waste, following an internal review that revealed several types of problems.
The RFP is posted with bid number 07-S12008 on the North Carolina website. Proposals are due May 4. Prospective consultants may bid on all or parts of the RFP. A selection will be made by June 30.
The winning consultant or consultants' initial recommendations are due Dec. 1.
According to the RFP, the $71.8 billion retirement system's internal review turned up benefits abuses that included overpayments, salary spiking in final years and return-to-work issues.
The return-to-work issue, when some pension recipients have gone back to the same or similar jobs while also drawing their pensions, figures prominently in the RFP. “We have no dedicated staff to handle the monitoring and enforcement workload connected with return to work. The members and the employers operate largely on the honor system,” according to the RFP.