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EFI provides the following actuarial services:

(click on Links for samples of work product)

Actuarial Valuations and Actuarial Audits

• The centerpiece of traditional actuarial consulting services is the annual actuarial valuation of the pension and/or post-retirement healthcare plan. In this valuation, plan liabilities and costs are computed, an analysis of experience during the past year is prepared, and all relevant accounting information (GASB 25/27 or GASB 43/45) is presented.

Actuarial Projection Studies

• Traditional actuarial studies leave boards in the dark about the risks associated with their pension plans. While an actuarial cost or liability is computed, it is predicated on one set of fixed assumptions. Though assumptions are based on data and analysis and usually represent best estimates of future asset returns and demographic behavior, actual experience can and will vary.

  EFI has been and continues to be a pioneer in the analysis of the risks facing public retirement systems, conducting deterministic and stochastic projection studies (reflecting a range of possible future costs) on open and closed group bases. We feel strongly that the usual representation of plan liabilities and costs is necessary, but not sufficient, for informed decision making.

Actuarial Experience Studies

• The key information determining the assumptions adopted by the Board to compute actuarial liabilities and costs comes from a periodic actuarial experience study. Such studies are vital for exploring past rates of death, disability, retirement, and termination among active and inactive plan participants.

  EFI has been a leader in preparing careful, detailed experience studies, with well-designed graphic displays to enable the board to understand what is happening among their members, and what is likely to happen in the future.

Plan Design/Cost Analysis

• Design/Analysis/Implementation of fixed cost post-retirement medical programs (Retiree Medical Trusts)
• Pricing impact of changes in benefit programs
• Pricing impact of adding a new group or benefit structure
• Measuring impact of changes in asset methods
• Analysis of Pension Obligation Bonds, DROP plans, etc.

Asset Allocation/Management

• Optimization analysis
• Run asset allocation software classes
• Development of proposals for alternate uses of surplus

Benefit Calculations & Statements

• Individual calculations
• Employee benefit statements
• Software development for in-house optional benefit calculations

Communications

• Presentation to groups of employees on behalf of the Board.
• Representation of the Board and/or staff at legislative hearings.
• Service on Professional Commitees Servicing Clients.
• Represent the Board or staff at forums.
• Manage actuarial sessions at retreats.
• Prepare employee booklets.
• Trustee orientation settings