Foster & Foster has been providing actuarial services to public entities since 1979. In fact, we perform nearly 1,000 actuarial valuations each year for public sector retirement plans, which is more than nearly any other actuarial firm in the country. In addition to pension actuarial valuations, we also assist clients in evaluating their Other Postemployment Benefits (OPEBs) for purposes of GASB 43/45 reporting. We even provide independent consulting services surrounding their active medical plan. With over 200 years of public sector experience, our actuaries and consultants are equipped to tackle the issues facing the public sector.

In addition to traditional actuarial valuation services and reporting, we are often asked to help answer the following questions:

Pension Questions

  • Is our current plan sustainable over the long-term?
  • Is 8% a reasonable expected rate of return assumption?
  • What is a 25 year projection of City funding requirements?
  • What impact will a Deferred Retirement Option Program (DROP) have on the plan?
  • How much money is actually saved by closing, freezing, or terminating the plan?
  • What is the impact of adding a Cost of Living Adjustment (COLA) to the plan?
  • What would be the impact of adding a second tier to the plan for all future new hires?
  • How do we reduce our Unfunded Liability?
  • How will the new GASB rules impact our City or bond rating?

Medical Questions

  • How do we reduce our OPEB liability?
  • How do we maximize our benefit offerings while minimizing expenses?
  • How would a Medicare Advantage plan reduce our OPEB liability?
  • At what rate should we expect our OPEB liability to grow?
  • Should we fund these obligations?
  • How big do we need to be in order to consider self-insurance?
  • How often should we perform an RFP for health-related services?