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Pension board moves to terminate GRS, explores KFG after accounting errors
Summary
At a special meeting, the City of South Miami pension board discussed terminating actuarial/administrative provider GRS with 30 days' notice and heard a presentation from a prospective firm, Brad's team, citing accounting errors including partial recovery of $5,000 and roughly $12,000–$14,000 outstanding.
At a special meeting of the City of South Miami pension board, members debated whether to end the board's engagement with actuarial/administrative provider GRS and consider hiring an alternative firm. A committee member said the board had found mistakes in GRS work and pressed for termination; the board recorded a unanimous voice vote to proceed.
The committee member who led the discussion cited a specific case involving a retiree, Denise Moses, saying the board recovered roughly $5,000 and that about $12,000–$14,000 remained unaccounted for. The committee member said the pattern of errors undermined confidence: "If they're not gonna stand by the first one, I'm gonna guarantee they're not gonna wanna stand by the second one," the committee member said.
Brad, a representative of the firm the board considered as a replacement, described his company's experience providing actuarial and administrative services to public pension plans and said his firm maintains layers of review and quality control. "I don't think that any of our clients would say that there's ever been any kind of conflict of interest perceived or otherwise," Brad said, arguing that in his contracts the administrative arm does not handle the money and that multiple reviewers reduce error risk.
Board members pressed Brad about capacity and turnaround times. He said the firm handles roughly 85–95 plans where it provides both actuarial and administrative services and that turnaround on special projections depends on the client's timeline and workload.
A motion to terminate GRS with 30 days' notice was introduced during the meeting. The transcript does not name who formally moved or seconded the motion; the chair called for ayes and the record shows board members answering "Aye," described in the record as unanimous. The transcript does not include a numeric roll-call or named vote tally.
The transcript does not record a final, signed contract award to the replacement firm; the discussion concluded with procedural follow-ups and authorization for certain members to handle administrative matters.
Why it matters: The board's decision affects administration of pension benefits and actuarial projections that inform contribution and funding decisions. The board flagged both recovered funds and outstanding discrepancies as the immediate rationale for the change; the replacement firm's assurances about internal review and liability terms were part of the board's assessment.
Next steps: The board recorded approval to proceed (voice vote). The transcript does not show completed contracting paperwork or a formal executed agreement with a replacement firm.
