What do Pension Actuaries do?
Actuaries help their clients determine, assess, and plan for the financial impact of risk. By using complex mathematical and statistical models, pension actuaries are able to evaluate and predict the cost associated with future events, such as the retirement, disability, termination, or death of benefit plan participants. Taking these contingencies into account, actuaries are able to provide recommendations to their clients to appropriately manage and budget for these future costs.
Actuarial Valuations
Preparation of full valuation reports delivering all required calculations and metrics to assist clients in properly funding their benefit plans.
Defined Benefit Pension Plans
- Plan Funding Recommended or Required Contribution Calculations
- Financial Statement Reporting under GASB 67/68 or ASC 715-30
- In-person attendance at Board Meetings to present and discuss results
Post-Retirement Medical Plans (OPEB)
- Recommended Contribution calculations for funded OPEB Plans
- Full valuations or AMM valuations, performed biennially with alternating roll-forward measurements
- Financial Statement Reporting under GASB 74/75 or ASC 715-60
- Presentation of results to clients
Additional Services
- Discussion and development of funding policies and strategies
- Completion of multi-year projections of costs
- Plan administration assistance, including: benefit calculations, benefit statements, experience studies, and data management.
Actuarial Audit Support
Provide complete due diligence and professional independent review of actuarial reports prepared by the Plan Sponsors consulting actuary.
Actuarial Specialist Support to Auditors
- Review of plan assumptions for reasonableness and to ensure the plan assets and liabilities are being reported correctly on the financial statements
- Provide report to auditors detailing potential findings
- Available for audits under: ASC 715-30, ASC 715-60, ASC 960, ASC 965, GASB 67/68, GASB 74/75
Actuarial Valuation Audits
- Level 1, 2, or 3 actuarial audit of consulting actuary valuation reports
- Examine the consulting actuary’s methods and assumptions for reasonableness and internal consistency
- Provide report to Client with recommendations
QDRO Benefit Calculations
It is a very stressful time for individuals experiencing a divorce. Most often, the division of martial property includes employee benefit plans. We can help attorneys with actuarial calculations determining the value of employee benefits to ensure the proper division of benefits to both parties of the divorce through the means of a Qualified Domestic Relations Order (QDRO, QILDRO).
Firethorn Actuarial Consulting 