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Committee renews two‑year actuarial contract with Osborne Carrero at same maximum price
Summary
A joint retirement committee voted to renew its current actuarial services contract with Osborne Carrero and Associates for two years beginning July 1, keeping the $175,000 maximum unchanged and referring final approval to the Legislative Council.
Committee members voted to renew the contract for actuarial services with Osborne Carrero and Associates Inc., keeping the existing terms and a $175,000 maximum cap.
The renewal matter was presented by Jill Thayer, Bureau of Legislative Research, who said the proposed contract is identical to the current agreement, which expires June 30, and would extend services from July 1 through June 30, 2027. "Our current contract will expire on June thirtieth of this year," Thayer said. "This contract is identical to the current contract that we have. ... The maximum contract amount is the same at $175,000."
The nut graf: The renewal keeps the committee’s actuarial work with the incumbent firm and preserves the same price ceiling and billing methods (per‑project and hourly), while Legislative Council will conduct the final approval at its first meeting after the session.
Why it mattered: The committee relies on actuarial work to evaluate pension liabilities and fiscal impacts of proposed changes to state retirement systems. Maintaining continuity with the incumbent actuarial firm preserves existing processes for valuation and bill analysis for the immediate future.
Committee discussion was brief. Committee members asked for clarifications and expressed general support for retaining an in‑state firm. Senator Hammer observed that Osborne Carrero was selected following a competitive process in 2015 and noted that having an in‑state actuary was a positive factor. Jody Carrero of Osborne Carrero and Associates confirmed the firm bills on both per‑project and hourly bases and that the new contract mirrors the expiring one.
The committee moved to approve the contract by voice vote. The chair instructed staff that the renewal will be forwarded to the Legislative Council for final approval; Jill Thayer confirmed, "Legislative Council will have the final approval of their first meeting after the session."
The meeting record does not show a roll‑call tally; the motion passed on a voice vote. The committee did not adopt amendments to the contract during the meeting.
Members and staff may expect continuity in actuarial point‑of‑contact and billing practices while Legislative Council completes its review.
