Edward H. Friend, FSA, President and CEO
Years of Experience: 47
Education
·
Graduated magna cum laude from
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Elected to
Phi Beta Kappa and Sigma Xi, the honorary scientific society
Professional Certification and Credentials
·
Fellow,
Society of Actuaries
·
Enrolled
Actuary under ERISA, holding Enrollment Number 14
·
Fellow,
Conference of Actuaries
·
Member,
·
Associate,
·
Serves as
member of the California Actuarial Advisory Panel
·
Has served
as: President, Conference of Actuaries in Public Practice; Vice-President,
Special Areas of
Expertise
·
Leadership
o
Founded
Edward H. Friend & Company in 1961 and served as President until July 1983,
when the 50-employee firm was sold to Johnson & Higgins which later created
a consulting subsidiary, Foster Higgins
o
At the
time of sale, Ed Friend had been directing that segment of Edward H. Friend
& Company which serviced more than 100 public sector systems and
occasionally serviced the U.S. Government, including the Office of Personnel
Management, the Pension Benefit Guaranty Corporation, and other agencies. Mr. Friend supervised these actuarial
services and drafted most of the recurring and special reports
o
From 1983
through 1989, Mr. Friend served as National Director of Public Sector Services
and National Public Sector Practice Leader with Foster Higgins
o
In
December 1989, Mr. Friend left Foster Higgins to found on January 2, 1990 the
first national employee benefits consulting firm dedicated to the public sector
-‑ EFI Actuaries
·
Writings
and Speaking Engagements
o
Frequent
author, contributing pioneering materials to the field of public sector pension
funding as well as general government benefit areas; example: article on Balancing Public Budgets: Are Public Pension
Funds in Jeopardy? in
o
For the
100th anniversary of the actuarial profession, authored a highly regarded
treatise: Weaving Solutions to National
Problems on an Actuarial Loom
o
Sponsored
by Labor Management Relations Service (LMRS) of the United States Conference of
Mayors and in cooperation with the International City Management Association
(ICMA), produced annual national surveys of Employee Benefits for Full Term
Personnel of U.S. Municipalities
o
Commissioned
by the National Education Association to prepare a 95-page treatise on How to Understand an Actuarial Valuation
o
Speaker
before the National Association of State Retirement Administrators, National
Conference on Public Employee Retirement Systems, Government Finance Officers
Association, Florida League of Cities, and many similar organizations
o
Organized
and chaired 15 national conferences, attracting prominent speakers and
attendees from all over the nation, including State legislators. Conferees addressed public pension and health
care issues of the day. Themes included
Public Pensions in an Era of Fiscal Distress and Public Retiree Health Care and
COLA Issues. Another, with the theme Learn
from Past Wrong Turns, covered leading edge issues of current concern to
trustees of public retirement systems
Relevant Professional Experience
·
State and
City of New York – Re-design and structural implementation of New York State
and New York City pension plans.
·
·
·
City of
·
Pension
Benefit Guaranty Corporation - Design of initial analytic procedure for pricing
benefit obligations flowing from inadequately financed pension systems of
bankrupt companies
·
Northern
Mariana Islands - Services as actuary for the NMI retirement system
·
U.S. Small
Business Administration - Pricing of a lease guarantee program to determine
premium payable by small companies to ensure their leases so that landlords
would provide rental space in prime locations to new and high-risk enterprises
·
Overview
of Foster Higgins public sector employee benefit activities (300 public sector
clients with gross billings of approximately $4 million)
·
Upon
founding EFI Actuaries, Consulting Actuary to CalPERS (succeeded by Robert T.
McCrory)
·
Co-designer
of CASSY (Patented Asset Allocation System)
·
Initial
principal actuary for over 50 municipal retirement systems.