Illinois State Universities Retirement System (SURS), Champaign, is seeking a firm to audit work done by its actuarial firm Gabriel Roeder Smith, Pensions & Investments reports. The retirement system, which serves over 70 employers in Illinois, has floated a request for proposal for the purpose.
The audit would include analyzing the fund’s 2011 yearly valuation to check that the results presented are actuarially sound, reasonable and consistent with industry norms. The appraisal would also include analyzing the correctness of actuarial assumptions, including its assumed rate of return. The fund cut its assumed rate of return to 7.75 percent from 8.5 percent in October 2010.
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