Ann Arbor (Mich.) Employees’ Retirement System will search for an actuarial consultant for the $451 million defined benefit plan, although the exact timing of the search could not be learned.
Minutes of the plan’s June 14 audit committee released Thursday said an RFP would be posted July 15, but it has not been posted on the city’s procurement website.
Buck Consultants was hired as the fund’s actuary in 2010. Information about the length of Buck’s contract and whether it can rebid was not available. Nancy R. Walker, the fund’s executive director, was not available for comment.
Separately, the plan’s administrative policy committee will undertake the process of finding a replacement for Ms. Walker, who is retiring on Aug. 31, according to the minutes of a June 29 special conference call board meeting. The board directed the committee to discuss transition issues with Ms. Walker as well as the possibility of her working part-time after her formal retirement date, and to make a recommendation to the board about these issues, the minutes showed.
