The IBA and bank unions had jointly appointed the two actuaries - D Basu and Prasad Sharma - in April to independently assess the cost involved in the process.
"Based on the outcome of the meeting, which will be held in the presence of the two actuaries, we would decide on our future course of action," All India State Bank Officers' Federation's General Secretary G D Nadaf said.
The IBA had said that implementation of a second option for pension would burden the government with an additional Rs 26,000 crore, while bank unions had pegged the amount at Rs 4,700 crore.
Unions, however, later reached a consensus with the IBA to appoint two actuaries, at a high-level meeting with top bankers, early this year.
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The actuaries have been asked to consider various financial and non-financial parameters in order to sort out the wide disparity in the estimates and are expected to come out with recommendations to both bodies in the Kolkata meeting.
The implementation of one more pension scheme would enable those officers who joined between 1993 and 1995 to come under the pension umbrella.