PIERRE, S.D. (KELO) — For the first time in decades the South Dakota Retirement System will have a different group as its outside actuary and consultant.

Trustees voted 12-0 Tuesday to choose Cavanaugh Macdonald Consulting of Kennesaw, GA. The firm doesn’t have a South Dakota office.

The company officially takes over July 1 from Buck Consultants, which didn’t have a South Dakota office either and is based in Secaucus, NJ.

Cavanaugh Macdonald’s initial contract would be for five years with two possible five-year extensions, according to Rob Wylie, the system’s executive director.

He said Cavanaugh Macdonald might have two people attend the trustees’ June 5-6 meeting with the South Dakota Investment Council.

Wylie said Tuesday that CavMac was the only applicant that offered to independently replicate the system’s 2018 numbers. He said the last time was five years ago.

Doug Fiddler, a senior internal actuary for the system, said CavMac included the 2018 replication in its proposal. “This is nothing but a plus,” he said.

Fiddler joined SDRS in 2014 after previously working on the account for Buck Consultants.

State government employees automatically participate in the system. Local governments and school boards have the option whether their employees take part. The Legislature sets laws for the system.

The system has more than 88,000 members, including more than 41,000 who are active contributors and more than 28,000 people receiving benefits.

Through the June 30 end of the 2018 budget year, the system had more than $12 billion invested and, for the year, had collected nearly $250 million and paid more than $540 million in benefits,

Trustees and the system’s top staff on April 4 interviewed representatives for the two finalists: Cavanaugh Macdonald; and Gabriel, Roeder, Smith and Company based in Southfield, MI.

Six companies including Buck Consultants comprised the starting field.

CavMac also has a past connection to Buck Consultants: Larry Langer, who works from the Chicago office and previously was part of Buck’s team on the South Dakota account.

Wylie said Tuesday that Langer and Patrice Beckham from the Omaha office would be CavMac’s main team for SDRS going forward.

SDRS currently contracts with Buck Consultants for $90,000 annually.