Gregory M. Stump, FSA, Senior Vice President
Years of
Experience: 11
Education
·
B.S.,
Mathematics,
Professional Certification and Credentials
·
Fellow,
Society of Actuaries
·
Enrolled
Actuary under ERISA
·
Fellow,
Conference of Consulting Actuaries
·
Member,
·
Served as
a member of the Connecticut Post-Employment Benefits Commission in 2010
Special Areas of
Expertise
·
Plan
design cost and risk analysis, including development of client specific
software regarding special benefit programs, such as early retirement windows
·
Forecasting
and projections
Relevant Professional Experience
·
This System consists
of three plans for Teachers, Police Officers, and Fire Fighters. The following projects and studies have been
completed for the Board and individual systems:
o
Annual
actuarial valuations to determine required contributions to the Plans. A presentation of these results is given, followed by a formal valuation report with
accompanying exhibits and actuarial certifications.
o
Cost study
and projections for the Police Officers’ Retirement System involving
introduction of a new tier of benefits and combining of various provisions for
existing tiers.
o
Cost study
and projections for the Fire Fighters’ Retirement System involving potential
changes in benefit provisions pertaining to COLA, pay averaging, benefit
multipliers, and eligibility requirements
o
Testifying
before City Council to explain calculations related to cost studies for Police
and Fire members
o
Development
of cost impact of proposed legislation
o
Work in
conjunction with Federal government to reconcile data, benefit payments, and
special situations involving split of liabilities between the District and the
US Treasury Department
·
This System in made up
of four separate plans covering federal court employees, including Supreme
Court Justices: The Court of Federal
Claims, the Judicial Officers’ Retirement Fund, the Judicial Retirement System,
and the Judicial Survivors’ Annuities System.
The first three plans listed cover various judges and court officials
and have varied benefit provisions. The
fourth plan is a special optional arrangement whereby judges can purchase
additional dependent coverage. The
following projects have been performed for the systems:
o
Annual
valuations for each plan, wherein actuarial costs and liabilities are
determined
o
Forecasts
showing projected costs over a five year period for each plan
o
Correspondence
with auditors regarding valuation results and member data
o
Special
calculations involving receivable contributions for the Judicial Survivors’
Annuities System
o
Cost and
liability impact determinations involving potential opt-in and opt-out
provisions for the Judicial Survivors’ Annuities System
·
Town of
Vienna, Virginia
The Town sponsors two
separate plans, one covering sworn police officers and the other covering
non-uniformed employees. The police plan
participants are also members of the statewide Virginia Retirement System, and
have their Town benefits offset by benefits from this system. The following actuarial studies have been
done for the Town:
o
Annual
valuations for each plan
o
Individual
benefit calculations regarding a one-time optional plan election which would
allow participants to convert their accrued benefits to account balances.
o
Study of
retirement rates and their potential cost impact for Police officers
·
San Juan
Water District
This Plan provides
pension and retiree healthcare benefits through CalPERS. The District is a member of a CalPERS Risk
Pool. The following studies have been
conducted for the District:
o
Initial
valuation of retiree healthcare benefits (provided through CalPERS), and
accompanying GASB 45 implementation
o
Conducted
deterministic and stochastic cost management and stability analysis involving
analysis of various strategies to manage contributions over short and long-term
time periods; this study took into account not only standard costs incurred by
the plan, but the interplay with the risk pool, and related implications
(special side funds, phase out of normal cost, benefit surcharges)