Fact check: GRS has been RI’s pension actuary since 1997October 31st, 2011 at 3:01 pm by Ted Nesi under Nesi's Notes
At last Thursday’s joint finance committee hearing, Sen. Frank Ciccone asked how long the state’s current pension actuary – Texas-based Gabriel, Roeder, Smith & Co. – has held the gig.
Nobody was sure, so here’s the answer, senator: 14 years.
Rhode Island has retained four companies to conduct actuarial assessments of its pension system over the past 62 years, according to a 2004 summary by former Treasurer Paul Tavares.
It’s unclear who, if anyone, served as the actuary during the pension’s first 14 years in operation, from 1936 to 1949. But here’s who’s done the job since then:
- 1949-1977: A.A. Weinberg of Chicago (apparently defunct)
- 1977-1991: Martin E. Segal Co. (now The Segal Company)
- 1991-1997: William M. Mercer Co. (now Mercer, a division of Marsh & McLennan Cos.)
- 1997-present: Gabriel, Roeder, Smith & Co. (formerly Watson Wyatt Worldwide)