A Letter-to-the-Editor from Milliman Chairman Brad Smith appears in the September 19, 2011 issue of Pensions & Investments magazine. The letter deals with the anticipated fallout from a recent 4 – 3, split decision in which the Maryland Court of Appeals ruled against Milliman in a lengthy dispute over a coding error.
We believe the letter raises very important and timely questions for plan sponsors, actuaries, retirees and everyone else who has a role or a stake in public plan pensions. We further believe it is more than coincidental that the Maryland Retirement System is now working with its third actuarial firm since Milliman's contract was not renewed; a situation that has implications for other states and other retirement systems.
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