Get email alerts on the Actuary Selection topic
No spam. Unsubscribe anytime.
Committee hears how SCRS chose GRS for a one-time parallel valuation
Summary
SCRS staff and actuaries described a one-time parallel valuation of the South Carolina Retirement System, explaining that GRS was selected from three bidders to replicate and test the earlier Kavanaugh McDowell 07/01/2010 valuation and to run experience and structure analyses.
The Judiciary committee opened a review of the South Carolina Retirement System with SCRS leadership and its contracted actuarial firm on hand to explain a one-time parallel valuation and experience study. Chair called on Bill Bloom, whom he introduced as head of the South Carolina Retirement System, to lead off the presentation.
"We sent out invitations to 14 different firms, and we got 3 that said they would accept the opportunity to bid," Bill Bloom said, describing the procurement. Bloom introduced SCRS staff in the room and the two external consulting teams: GRS (actuarial) and PCA (investment consultant).
Bloom and GRS explained the firm was hired to perform a confirmation valuation using the Kavanaugh McDowell assumptions as of 07/01/2010, an experience study and an optional structural analysis and benefit-modification modeling. GRS was chosen because it partnered with PCA for asset-liability modeling, submitted a competitive bid and committed to a rapid parallel valuation schedule.
Committee members questioned why only three firms bid and sought assurances about independence and scope. Bloom said several firms declined because they no longer accept government plan work or for timing reasons. The panel said the GRS engagement was explicitly a one-time contract while a separate procurement will be used for 2011–2016 actuarial services.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
