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Retirement Study Council votes to hire PTA/KMS/Bolton for PERS actuarial audit
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Summary
The Retirement Study Council voted unanimously to hire PTA/KMS/Bolton to conduct the PERS actuarial audit after staff recommended the firm’s methodology best matched the RSC’s October RFP; the council recorded an 8–0 vote in favor.
The Retirement Study Council voted to select PTA/KMS/Bolton to conduct the PERS actuarial audit and directed staff to engage the firm immediately.
An unidentified council member told members the ORSC received four proposals in response to a October request for proposals and said two — PTA/KMS/Bolton and Chiron — were substantially superior. The presentation noted Chiron’s not-to-exceed price at $115,400 and PTA/KMS/Bolton’s at $129,000, but the presenter said PTA/KMS/Bolton’s proposed methodology, work product and timeline “exactly” matched what the RSC outlined in the RFP. “With that, mister chairman, I move the ORSC select PTA slash KMS slash Bolton to conduct the PERS actuarial audit and direct ORSC staff to engage forthwith,” the member said.
A presiding member seconded the motion. The director called the roll for a recorded vote; members responded yes and the director announced the motion carried. The recorded roll-call entries show unanimous support (8 yes, 0 no, 0 abstain). The council did not receive any substantive questions before the vote.
Why it matters: The actuarial audit will review PERS practices, assumptions and valuation methods used to measure liabilities and set contribution and benefit metrics. Council members emphasized selecting a vendor that follows the RSC’s requested scope and timeline.
What happens next: ORSC staff were directed to engage PTA/KMS/Bolton promptly under the terms outlined in the RFP; the council did not specify a contract number, timetable for work products, or an explicit completion date during the meeting.
