US - The US$11bn Kansas Public Employees Retirement System (KPERS) has tendered for an actuary on the back of the completion of its current contract with Milliman USA Consultants and Actuaries.
KPERS is the umbrella organisation that administers three state-wide pension groups - the single employer Kansas Retirement System for Judges and the multi-employer Kansas Police & Firemen’s Retirement System and KPERS.
The three defined benefit plans are separate with different membership groups, actuarial assumptions, contribution rates and benefit options.
“The purpose of this request for proposals (RFP) is for the Kansas Public Employees Retirement System (KPERS) to solicit proposals from qualified firms to provide actuarial consulting services for retirement and ancillary benefit programmes administered by KPERS,” the retirement system said in its tender notice.
The fund said it hopes to appoint the new actuary by mid September with the new contract beginning on January 1 next year. The search is being conducted in-house.
KPERS has about 148,000 active employees, 59,000 retirees and 41,000 inactive members. Participating employers include the State of Kansas, school districts, counties, cities, public libraries, hospitals and other governmental units.
Deadline for tender is July 22.
The fund’s asset allocation stands at 18.5% international equities, 24.4% fixed income, 34.5% domestic equities, 7% real estate, 5.3% alternatives and 0.3% cash.
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