Illinois Teachers’ Retirement System, Springfield, is searching for an actuarial consultant.
Buck Consultants has been the actuarial consultant for the $46 billion pension fund since 1988 and is invited to rebid, spokesman David Urbanek said in an e-mail.
Buck’s three-year contract expires July 1, 2016. State law requires all external vendor contracts be put out to bid.
The RFP requires applicants to perform standard actuarial consulting services, including a three-year experience study through the end of the pension fund’s fiscal year on June 30, 2017.
The RFP is available on the pension fund’s website. Proposals are due by 2 p.m. CST on Dec. 2. Trustees will make a hiring decision during the Feb. 17-19 board meeting, according to the RFP’s timetable. The new three-year contract will begin March 1 or July 1 and expire June 30, 2019.