Foster & Foster is an independent national actuarial consulting firm founded in 1979 by Ward and Eileen Foster. In that first year, the firm had one consultant with revenues of $1,500. Today we have offices across the nation and provide consulting and actuarial services to over 300 funds representing over 1,000,000 participants.
In 2005, Brad Heinrichs acquired Foster & Foster from its founders and has taken many steps to expand and diversify the business. For example, we expanded our services to provide actuarial services to other post employment benefit (OPEB) plans as required by Government Accounting Standards Board Statements No. 43 and 45. In order to meet Foster & Foster’s high quality standards, we hired two credentialed health care actuaries, including Michael Merlob, an FSA with 20+ years of experience in valuing postretirement medical and disability programs, to perform the work.
Additionally, the firm opened an office in Lincolnshire, IL to diversify our client base and service our Midwest clients. We hired a Fellow of the Society of Actuaries to manage these clients and run the office.
Also, we were the first provider in the State of Florida to develop an online benefit calculator. This tool allows participants to log on to our website and instantaneously run a benefit estimate without having to wait for the actuary or administrator to run the numbers.
Finally, in July 2010, Foster & Foster acquired a health care consulting firm located in Oakbrook Terrace, IL. This acquisition expands the firm’s presence outside the pension and postretirement medical world and gives us the capability to provide active health and welfare consulting services to our clients. Our Taft-Hartley consultants have over 100 years of experience with funds in a variety of industries and locales. This focus on the unique needs of jointly trusteed funds allows us to use our in-depth knowledge of ERISA plans to provide expert advice.