Alaska Settles Pension Lawsuit For $500 Million with state Actuary
Alaska’s Attorney General, Dan Sullivan, announced last month that Alaska has settled a breach of contract and professional malpractice lawsuit against its former actuary for $500 million. The settlement between the Alaska Retirement Management Board and Mercer Inc. may be the largest of its kind. Mercer had been the actuary for the state’s Public Employees’ Retirement System and Teachers’ Retirement System pension plans. Of the total amount to be paid, $100 million will come from liability insurance. Mercer will pay the rest.