Personnel/Budget

The Council also has its own consulting actuary, Milliman, and its own investment consultant, Evaluation Associates, a subsidiary of Milliman. Milliman conducts reviews independent of the actuaries employed by each system as needed, whereas Evaluation Associates conducts a semiannual review of the policies, objectives, and criteria of the systems' investment programs. Further, in the past the Council has engaged the services of the William M. Mercer Company to undertake a comprehensive disability study of the Police and Fire Pension Fund and, most recently, independent actuarial audits of the Police and Fire Pension Fund and the Highway Patrol Retirement System. The Council has also contracted with Independent Fiduciary Services to complete independent fiduciary audits of the State Teachers Retirement System and the Police and Fire Pension Fund. These consulting arrangements provide tremendous credibility, expertise, and independence to the Councils various oversight responsibilities.

Each year the Council adopts an annual budget for the period July 1 through June 30 that is paid out of the investment earnings made on the assets of the five state retirement systems, which total over $186 billion. By law, each system pays a proportionate share of the Council's annual expenses; the Council receives no legislative appropriations.