The New York State Teachers' Retirement System, Albany, has issued an RFP for an actuarial consulting firm to provide help in implementing new Governmental Accounting Standards Board policies, confirmed John Cardillo, a spokesman for the $95.1 billion pension fund.
The job is new. The firm will consult on implementing GASB Statements 67 and 68 that will be effective for the pension system's fiscal year that starts July 1, Mr. Cardillo wrote in an e-mail response to questions.
“Additionally, the RFP includes potential additional actuarial consulting on an as-needed basis,” he wrote. “The consultant selected will not perform any duties currently performed by in-house actuarial staff.”
Among its duties, the consulting firm will provide “advice and analysis” to determine net pension liability and change in net pension liability and to calculate the discount rate “including projected future contributions (and) projected future plan asset values,” according to the RFP, posted on the system's website.
Sealed proposals are due by noon EDT July 12, and the pension system expects to choose a firm by Aug. 2. The contract is scheduled to take effect Aug. 12.
Candidates should send applications to Joe Romand, Purchasing Unit, New York State Teachers' Retirement System, 10 Corporate Woods Drive, Albany, N.Y. 12211-2395. On any shipping container or sealed envelope, the applicant should provide a label that says: “This is a proposal to provide actuarial consulting services for the New York State Teachers' Retirement System RFP # 13-21.”