Actuarial Services
October Three is a full service actuarial service provider covering everything you need to manage your plan efficiently. From plan design to ensuring compliance and plan optimization strategies to plan termination, we take care of you every step of the way.
What are Actuarial Services
Actuarial services encompass a range of financial and risk management solutions tailored to the specific needs of pensions and employee benefits. Whether it's calculating funding requirements, analyzing investment strategies, or ensuring compliance with regulatory standards, actuarial consulting services provide essential support for businesses seeking to optimize their benefit programs and safeguard their financial stability.
Actuarial services for pensions and employee benefits involve financial analysis and risk assessment to ensure the sustainability and effectiveness of pension plans and other employee benefit programs. Actuaries, experts in risk management and financial forecasting, provide invaluable guidance to businesses and organizations in designing, managing, and optimizing these benefit schemes.
Actuarial consulting services play a crucial role in helping businesses navigate complex regulatory requirements, assess financial liabilities accurately, and make informed decisions regarding pension and benefit strategies. By leveraging actuarial expertise, companies can better understand and mitigate risks associated with their retirement plans.
Why Use October Three for Actuarial Services
At our core, we are a firm of actuaries. Our seasoned, credentialed actuaries (including 3 former presidents of the Conference of Consulting Actuaries) provide comprehensive actuarial services around a variety of plan issues. Some of the projects we consult on are:
Forecasts and Projections
We help you understand how actuarial calculations evolve due to changes in underlying interest rates, short- and long-term asset returns, alternate asset allocation strategies, plan design improvements, and demographic experience.
Compliance Support
We are experts in navigating the complex nondiscrimination, compliance and reporting requirements for defined benefit plans.
Managing Risk
We give you the full picture of where your plan is at today and options available to reduce risk today and into the future.
Plan Termination Support
We simplify the often time consuming process of terminating a plan, providing assistance with regulatory filings, termination calculations, and independent annuity provider search and analysis.
Consulting On New Or Pending Legislation
Get assistance navigating through complex rules to develop solutions and plan designs that create a “win-win” for you and your employees.
Actuarial Valuations and Support
Our actuarial services will help your business with continued support through funding and accounting calculations and disclosures.
Actuarial Services Resources
Explore our resources below to better understand how an actuarial service can help your business streamline and take control over your retirement liabilities.
Pension Finance Update - April 2024
Pension finances were mixed during April, as higher interest rates largely offset the impact of lower stock markets for both model plans we track. Plan A improved less than 1% last month, ending April up more than 6% this year, while Plan B slipped a fraction of 1% in April but remains up more than 1% through the first four months of 2024.
Minimum funding 2024 – interest rate relief is over (for now)
For more than a decade, “interest rate relief” has cushioned the effect of declining interest rates on defined benefit plan liability valuations, by providing a floor on rates equal to the average of rates over the prior 25 years. Recent increases in interest rates have, however, brought them in line with the 25-year average, rendering relief inapplicable.
Actuarial Services FAQ
What is a Pension Consultant?
+A pension consultant is a professional who provides expert advice on pension plans and retirement benefits. They help with plan design, funding analysis, investment management, regulatory compliance, employee communication, and risk management. Their expertise assists businesses and individuals in optimizing pension strategies and achieving retirement goals.
What Is the Role of an Actuary?
+The role of an actuary is to manage the financial risk of a business by using models to review the likelihood of an event that could impact the business financially. Actuaries also create pension and benefit plans for businesses, as well as insurance policies.
Why Are Actuarial Services Important?
+Actuarial services are essential to ensure the financial security and stability of a business. By safeguarding against unforeseen financial losses and ensuring future financial commitments are met, actuarial services precisely evaluate risk and offer guidance on its management.
Who Needs Actuarial Services?
+Businesses that operate with significant financial risks, insurance companies, pension funds, and government agencies are all types of businesses that would benefit from actuarial services.
How Do Actuaries Calculate Risk?
+Actuaries calculate risk by using a combination of statistical analysis, various types of prediction methods and models, and financial theory to assess risk. By using a combination of trends, historical data, and other relevant financial information, actuaries are able to estimate the likelihood of a financial risk or event for a business.
Can Actuaries Provide Strategic Advice for Financial Planning?
+Yes, actuaries provide informative and strategic consulting for financial planning based on their ability to assess financial risk and develop strategies to mitigate them.
Contact Tom Miano
Ready to call in the actuarial experts? Contact us today to learn how our actuarial services can better support your needs.