When it’s time to terminate your plan, you can trust us to help you take the necessary action, which is, no doubt, a complicated process.As actuaries, we assist with the entire process of winding-up the operation of a plan to submitting required IRS and PBGC paperwork and finally distributing the plan’s assets. These services include:
Preparation of amendments and resolutions (for review by legal counsel) to freeze or terminate the plan
Preparation of plan amendments (for review by legal counsel) necessary to bring plan into compliance prior to termination
Drafting §204(h) notices that inform participants of the intent to freeze or terminate a plan (for review by legal counsel)
Drafting Notice of Intent to Terminate (for review by legal counsel) in compliance with PBGC requirements
Drafting employee benefit calculation and information notices
Completion of IRS Form 5310 and the final Form 5500
Completion of PBGC Form 500, Schedules EA-S and REP-S and required attachments
Calculation of final benefit amounts and preparation of distribution paperwork
Completion of PBGC Form 501, post-distribution certification
Completion of Forms 1099-R and 945, if requested
Completion of Forms 1099-R and 945, if requested
Representation before IRS and PBGC auditors, if necessary
Plan Documentation
We reduce the administrative burden and financial risk of the required plan document and related forms for your retirement plan(s).As actuaries, we ensure you are compliant, while streamlining the process. Our plan documentation services include:
Preparation of new plan documents
Drafting proposed language for individually designed plans and client-requested changes to plan documentation
Plan Document and Administrative Policies
Summary Plan Description
Ancillary Beneficiary Forms
Salary Deferral Agreement, if applicable
401(k) Safe Harbor Notice, if applicable
Participant Loan Policy, if applicable
Consultation with the client’s attorney to assist in plan preparation.
Preparation of plan for submission to the IRS
Plan amendments
Plan restatements
Plan Design
We make sure your retirement plan fits the diverse needs of your employees, while also meeting company goals and objectives.As actuaries, we walk you through the entire plan sponsor process, from plan design and choosing the right investment options to plan administration and more.
Provide studies of costs and benefits of different types of retirement plans, including defined benefit, defined contribution, age-weighted, new comparability, cash balance, and floor-offset plans
Recommend the best plan design and perform any necessary testing to ensure compliance with applicable portions of the Internal Revenue Code
Review benefit provisions and projected financial costs to ensure that the plan is meeting your goals for retirement planning
Recommend amending future benefit provisions to align with your objectives, when applicable
Retiree Valuations
Let us handle it for you! As actuaries, we have a thorough understanding of FASB and GASB standards and will do the hard work for you. We provide actuarial accounting, funding, and financial reporting valuations and guidance for employers who sponsor pension and other post-employment benefit (OPEB) plans.
FASB ASC Topic 715 retiree healthcare valuations
FASB ASC Topic 965 retiree healthcare valuations
GASB 43/45 retiree healthcare valuations
GASB 77/78 retiree healthcare valuations
Experience Reporting
Make intelligent data-driven decisions and optimize every aspect of your benefit plans. We utilize powerful visualization tools to deliver insights how and when you want them!
Reporting of health plan costs, integrated with other budget components as desired, on a monthly, quarterly, annual, or ad hoc basis
Monitoring of key healthcare-related benchmarks
Government Programs
We have extensive experience in the Public & Government Health sphere with programs such as Medicare, Medicaid, and the ACA-Exchange Marketplace. As actuaries we routinely analyze the impact of legislative mandates, as well as proposed legislation, and offer unbiased solutions to plan sponsors, regulators, and other governmental decision makers regarding state and federal health programs. This includes:
Pricing
Bid Support
Reserving
Feasibility Studies
Population Health
And more
Self-Funded Health Plans
Let us help you save time and money.As experienced healthcare actuaries, we provide insights to minimize financial risk, ensuring informed decisions that are aligned with your goals and budget. We help you determine your best options for self-funding your employee health benefits through the following services:
Rate renewals
Funding and budget projections
Reserve setting, including IBNR and premium stabilization reserves