The Actuarial Practice at Municipal Finance Partners, Inc. is bringing a valuable new perspective to County Pension Plans across the Commonwealth of Pennsylvania, which are governed by Act 96 of 1971. In the eight years we have been working with County Employees’ Retirement Systems, we have become a leader in the field. We have been acclaimed for our unique brand of personalized service.
We have accomplished the following for our clients:
- Increased understanding of the actuarial valuation process by the Retirement Board. It is our philosophy that a better-informed client will lead to better results and that decision-makers will feel more comfortable with the decisions they have to make.
- Employee appreciation of their benefits. Given the high cost of retirement benefits and the scarcity of these types of benefits in the private sector, it is important that your employees understand their benefits and their value.
- Increased efficiency in administration. Our turnaround of benefit requests is well in excess of industry standards (nearly immediate). Individual form design, automating benefit processing procedures and reducing the response time for benefit requests will help streamline the administration process and save critical personnel time.
- Comprehensive review of your actuarial assumptions and methods.We don’t think that actuarial assumptions should necessarily be the same for every County across the Commonwealth. We study a plan’s experience and work with our clients to develop a model to stabilize contribution levels and properly fund the benefits promised to their members.
- We have developed a web-based application that will allow your plan members to estimate their retirement benefits at various dates, project the impact of future service or pay increases, and determine all of the optional forms of benefit payments available to them. We provide this free of charge to our County clients.