Retirement and Actuarial
FIRIS knows that a retirement program is an integral part of your organization’s total compensation strategy. FIRIS provides the full array of services for managing defined benefit plans, including the following:
- Comprehensive actuarial, advisory and financial management services for on-going plans
- Analysis of advantages and disadvantages of freezing and ultimately terminating a defined benefit pension plan, including developing replacement plans, funding and expense projections, investment consulting services, communication services, actuarial services and compliance assistance
- Termination services, including actuarial valuation, communications, compliance, assistance with purchasing annuities and/or providing rollover solutions for lump-sum distributions
FIRIS’s actuarial professionals provide comprehensive consulting and valuation services for various defined benefits (qualified and non-qualified) pension plans, as well as retiree medical and life obligations.
Our support extends beyond traditional services by continually working with plan sponsors on various projections and analyses, as well as “what-if” scenarios. We add value beyond the numbers by providing:
- Accounting Disclosure & Expense Calculations
- Retirement Plan Risk Management
- Defined Benefit Plan Freeze Analysis
- Financial Assistance Including Forecasts
- Retirement Calculations
- Communications Assistance
We blend actuarial experience and benefit design with a full knowledge of how these programs impact corporate cash flow and financial statements to arrive at value added services.
Defined Benefit Plan Freeze Analysis
A recent surge in high-profile pension plan freezes has prompted many companies to examine the potential benefits of following this action. However, a plan sponsor must fully understand all of the pros and cons of pursuing a cessation of future benefits for employees, including comprehending life in a post-freeze world. FIRIS can help you by analyzing the advantages and disadvantages of freezing and ultimately terminating a defined benefit pension plan, including developing replacement plans, funding and expense projections, investment consulting services, communication services, actuarial services and compliance assistance.
We also provide termination services (including actuarial valuation, communications, compliance, assistance with purchasing annuities and/or providing roll-over solutions for lump-sum distributions):
|Description||Freeze Scenario||Plan Termination Scenario|
|Actuarial Support||Cash flow and expense projections; preparation of post-frozen valuations and required support; analysis of Highly Compensated Employees’ benefits (how to make-up the shortfall)||Termination calculations and required governmental filings|
|Financial Management||Cash-flow, expense and balance sheet projections; determination of funding-up to achieve 100% funding||Cash-flow, expense and balance sheet projections; determination of funding-up to achieve 100% funding|
|Investment Coordinator||Assistance in setting the financial management strategy||Assistance in setting the financial management strategy; assistance in purchasing annuities and/or lump sum rollover opportunities for participants|
|Plan Management||Managing the plan to a desired point (end-game) that meets the Plan Sponsor’s business objectives||Coordinate all activities in winding-up the Plan, including communications and compliance|