Retirement board hears presentation: Gabriel Roeder Smith & Company to assume county actuarial work after Korn Ferry exit

The Greene County retirement board met in conjunction with the Aug. 13, 2025 commissioners’ session to consider a transition of pension actuarial services from Korn Ferry to Gabriel Roeder Smith & Company (GRS).

Judy Kerman of GRS explained that Korn Ferry decided to exit the public‑sector pension actuarial business and that GRS has been vetted to take over the work. Kerman told the board that Korn Ferry agreed to permit GRS to hire Korn Ferry employees who worked on the county’s account and to provide GRS with access to the proprietary programs and materials needed to complete in‑progress work. Those arrangements, Kerman said, would allow a smoother, more seamless transition.

Presenters identified themselves as GRS representatives Chris (on the line) and Michael Spadaro. Chris explained he and Spadaro have been responsible for the county’s actuarial reports (through their roles with Korn Ferry) and said the same staff would continue producing valuation reports and related services under GRS with no change to current fees. GRS described itself as a long‑standing actuarial firm focused on public‑sector pension and OPEB work; presenters said the firm maintains a client‑service portal, a research department, and offers one free educational session per client per year.

A board member noted that the retirement board had previously taken affirmative action (per the agenda) to continue the relationship with GRS, at Korn Ferry’s recommendation. GRS representatives offered to provide a one‑page agreement mirroring the material terms, fees and conditions of the county’s current Korn Ferry contract to formalize the transfer; the presenters also offered a roster of clients and representative newsletters upon request.

GRS representatives stated the transition would not change current fees, noted the firm’s long experience with public‑sector clients, and outlined client-service features including secure data transfer and a research portal for technical memos and educational materials. The presenters invited GRS staff to meet in person with board members to review the 2025 contribution information and other plan‑specific details.

The retirement board record on Aug. 13 shows the board agreed to continue with GRS under the recommended transition approach; the board retains the right to issue an RFP or seek competing bids in the future.

Speakers and staff flagged that any formal agreement should be reviewed by county solicitors before execution. GRS said it has already transitioned several other counties and would send the proposed one‑page engagement letter, client list and sample research materials for the board’s review.

No fee increases or changes to the scope of actuarial services were reported in the meeting; presenters described the offer as continuity of service with additional client portal features and research support.