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Lackawanna County pension board votes to issue RFQ for new actuary after Korn Ferry exit
Summary
With Korn Ferry exiting actuarial services, the Lackawanna County Pension Board voted to issue a request for qualifications (RFQ) to select a new actuarial firm; Korn Ferry recommended GRS, but the board opted for an RFQ and set staff to manage the process with a target to decide by the October meeting.
The Lackawanna County Pension Board voted to issue a request for qualifications to find a new actuarial firm after long-time provider Korn Ferry signaled it is leaving the business.
Board members said Korn Ferry has advised the county and recommended another firm, GRS, and several people who worked at GRS formerly worked at Korn Ferry. Board members discussed two paths: accept GRS based on the recommendation and continuity of personnel, or run a formal RFQ to solicit competing proposals. The board voted to release an RFQ.
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