The state of Alaska is suing Mercer Consulting for $1.8 billion claiming the firm failed to provide proper service and advice, a charge the company vehemently denies.
Mercer, a subsidiary of New York-based Marsh & McLennan Companies, parent company of Marsh insurance brokerage, was the actuarial firm for Alaska's Public Employees Retirement System and the Teachers Retirement System from the 1970s to 2006.
According to the 27-page complaint filed by the state, Mercer was responsible for calculating the funding necessary to keep its plans financially viable. The state says Mercer was negligent in not making the correct calculations and miscalculated what would be needed to keep the funds from falling into deficit.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
