Illinois State Universities Retirement System, Champaign, named Gabriel Roeder Smith, Milliman and Segal Consulting as semifinalists in its search for an actuarial consultant.
The board, which oversees $15.6 billion in defined benefit assets and $1.3 billion in 401(a) assets, plans to conduct interviews later this month. Finalist presentations were scheduled for the Dec. 12 meeting.
The search is the result of an RFP issued in September because the contract of incumbent GRS expires June 30, 2014. The retirement system isn’t using a consulting firm to assist.
Separately, the system’s defined benefit plan investments returned 12.5% for the fiscal year ended June 30, according to a statement Wednesday. The pension fund outperformed the 12.4% return of its customized benchmark and surpassed its 7.75% actuarial assumed rate of return.
In the previous fiscal year, ended June 30, 2012, SURS’ investments returned 0.5%, underperforming its benchmark’s 1.7% return.
For the 10 years, SURS returned an annualized 7.7%, underperforming its 7.8% benchmark return. For 20 years, 25 years and 30 years, the pension fund returned 8%, 8.5% and 9.2%, respectively, with all time periods outperforming their respective benchmarks of 7.8%, 8% and 8.9%, according to Daniel L. Allen, chief investment officer. All returns are for periods ended June 30 and net of fees.
SURS’ defined benefit plan was 43.6% funded as of June 30, with assets of $15 billion and liabilities of $34.4 billion.
As of Sept. 30, its assets rose to $15.6 billion.
