Articles | October 28, 2019

Actuarial Services—Forecast Plan Funding Requirements

Our experts will work with you to build sustainable, robust retirement plans with our actuarial services.

Segal's actuarial services can help retirement plan sponsors forecast plan funding requirements, identify available options and explore alternatives for plan funding, measure assumptions and highlight changes and trends.

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 Our actuarial services include the following

  • Annual actuarial valuations for funding and accounting purposes
  • Assisting clients in developing funding strategies, including achieving desired funding targets
  • Analyzing alternatives in funding methods, asset smoothing methods and amortization of unfunded liabilities
  • Developing actuarial assumptions and preparing experience studies
  • Financial risk mitigation studies

Questions about actuarial services? We have answers.

Get in touch and start a conversation about how we can help you with actuarial services.

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How we'll work with you to build a better plan

Our established method for performing an actuarial valuation defines the sequence, methodology and quality control for the project. We have found that these procedures ensure a quality actuarial product and communicate the results in a clear manner.

Our procedure includes the following steps.

Initial preparation

We set up files, including plan documents for all plans, previous valuations, and any other relevant materials, and prepare a summary of the benefit plans and the present assumptions.

Gathering and reviewing participant data

We gather participant data and run it through standard "edit and distribution" programs to verify completeness and reasonableness. This includes complete census information on active, terminated and retired participants, as well as a complete statement of plan assets and a financial reconciliation to the prior valuation date.

Developing or revising, and then testing, all computer programs.

We tailor our actuarial computer programs specifically to the benefit provisions applicable to your plan. We continuously make programming adjustments as necessary to take into account changes in benefits, contributions and actuarial assumptions. We go through extensive testing of valuation applications before, during and after processing the actual valuations to assure that the programs perform as expected.

Reviewing assumptions against experience

Our experts assess developing trends and analyzes actuarial gains and losses since the previous valuation. We then discuss any unusual results with the plan, if necessary.

Completing the actuarial calculations

At this stage, we run final versions of computer valuation programs, prepare work sheets and tables, and submit all hand calculations to a checker to verify mathematical accuracy.

Reviewing the actuarial valuation

This review is conducted by one of the Supervising Actuaries and encompasses the entire process, including participant and financial data preparation, calculations and programs. The Supervising Actuary assumes responsibility for the completeness and correctness of the actuarial results.

Presenting the report

We present our actuarial valuation report to our client and meet with them to discuss the report, its findings, the reasons for changes and any other relevant matters. We then follow up with the client on any action arising from the report.

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.

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