Case Study: Actuarial Consultants Creating In-House Annuity and Pension Team
Client Need:
A benefits administration firm engaged Acumen to identify a seasoned actuarial consultant to establish in-house pension and annuity consulting capabilities for their group clients. The position was newly created and required a consultant with deep expertise in both pension and annuity services specifically with a background in public and multiemployer sectors. Additionally, these consultants needed to have experience working with ProVal, the software selected to support the administration team.
Responsibilities include a range of retainer and non-retainer services such as:
- Actuarial Certification of Zone Status (PPA) and Funding Valuations (ERISA/ASC 960)
- Initial Design/Compliance of Rehabilitation Plan and Contribution Recommendations
- Withdrawal Liability Calculations
- Plan Design Recommendations and Drafting Amendments (Annuity & Pension)
- Regulatory and Legislative Updates with Compliance Guidance
Our Approach:
Due to the complexity and dual focus required by the client seeking actuaries with proven expertise in both pension and annuity disciplines we recognized the specialized nature of the request. Our team prioritized Enrolled Actuaries with experience supporting multiemployer groups to first establish pension-related services. Once that foundation was in place, we planned to add a secondary consultant an FSA to build out the annuity consulting capabilities. Within a few weeks, we had sourced and screened qualified candidates, ultimately presenting a team approach to the client due to the need for dual expertise. We placed an EA with over 20 years of experience in pension and OPEB work across private, public, and multiemployer sectors, and paired them with an FSA bringing 15+ years of experience in retirement and annuity consulting. Together, they formed the foundation of the client’s new in-house retirement and annuity actuarial team.
Outcome:
The annuity consultant was quickly onboarded and made an immediate impact completing an SPD review that supported a pitch for a new client. Shortly after, the pension actuary began developing internal processes for onboarding additional group clients and administering services in-house. The client has been highly impressed with the team’s deep industry knowledge, ability to integrate quickly, and proactive approach to building a scalable actuarial services unit. This partnership has positioned the firm to enhance client offerings and drive new revenue streams by bringing actuarial capabilities under one roof.