Actuarial Firm Selected
With the upcoming conclusion of its current contract with PricewaterhouseCoopers, STRS Ohio issued a request for proposal (RFP) for actuarial consulting services in November 2012. Proposals were received from seven firms. Staff reviewed the proposals based on criteria outlined in the RFP and selected four firms to make presentations to the Ad Hoc Actuarial Search Committee of the State Teachers Retirement Board. At the March meeting, the ad hoc committee recommended that the board authorize the executive director to negotiate a contract with the recommended firm. In making its recommendation, the committee noted that the firm offers expertise in a number of areas, including pension liability analysis, health care plan design and a broad understanding of national trends in the public and private sectors. The board concurred with the committee’s recommendation and approved a motion authorizing the executive director to negotiate, and subsequent to review by the board of a contract summary, execute a contract for the period April 1, 2013, through March 31, 2018.
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