Public Pension Funds

Actuarial and Consulting Services For Public Pension Funds

For the past 31 years, Goldstein & Associates has concentrated in providing actuarial and consulting services for public pension funds.  The following are some of the services that we provide for public pension funds.

Actuarial Valuations

Actuarial ValuationsWe perform actuarial valuations of public pension funds on an ongoing basis to determine the financial condition and contribution requirements of the pension funds.  Our actuarial valuations are performed in compliance with all necessary legislative and accounting requirements. 

In our actuarial valuations, we perform a gain and loss analysis whenever it is feasible in order to show why liabilities and costs have changes since the last valuation.

We produce our actuarial reports in a format that communicates information clearly and concisely.  The whole report is written in a clear and straightforward manner so that the concepts involved and conclusions drawn can be readily understood.

Experience Studies

The choice of actuarial assumptions plays an important role in determining the values obtained in an actuarial valuation.  To insure that the actuarial assumptions are appropriate, they need to be reviewed periodically and revised if necessary. 

We perform experience reviews on a regular basis to determine if actuarial assumptions are in line with the recent experience of a pension fund.  Based on the results of our experience analysis, we make recommendations for any needed changes in actuarial assumptions.

Funding Projections

In addition to performing regular actuarial valuations, we frequently a perform long-term projections of expected revenues, benefit payouts, and actuarial liabilities under a pension fund. It is possible to carry out this type of long-range forecast through a more flexible valuation technique called a projection valuation.  Projected populations are obtained for future years and actuarial valuations are performed on the projected populations.  Projected benefit payments, contributions, and liabilities are obtained for each year of the forecast period.

This type of funding projection can be useful in long-term investment planning and in examining expected trends in future funding levels and contribution requirements.       
Retiree Health Insurance Projections

The cost of financing retiree health care benefits has become an increasingly important concern for governmental employers and public pension funds.  We have performed actuarial valuations and projections for a number of retiree health care programs in order to estimate liabilities and projected benefit payments under such programs.

Projecting costs for a retiree health care program is similar to an actuarial valuation of a pension plan.  But in a number of ways, projecting retiree health insurance costs is more complex than estimating costs involved with pension benefits.  In addition to the regular actuarial assumptions needed for pension valuations, certain new assumptions are needed, particularly in relation to future trends in medical care costs.