Below you'll find a list of all posts from 2022
The census data that KBC requests to prepare your valuation includes individually-identifiable information which is classified by HIPAA as protected health information (PHI). KBC takes the security of your information and PHI very seriously, and we stress the importance of uploading any documents that contain, or may contain, PHI to our secure website. At KBC, we use Citrix ShareFile which …
Christmas and Hanukkah are less than a month away! As we pick up food and decorations for the festivities, we are also thinking of the perfect gifts for friends and family. This year, in particular, we want to make the holidays special. For that reason, we need to pay close attention to the gifts purchased or made for children. Here …
If you are currently funding your post-employment benefits through a Trust or equivalent arrangement, an important item to consider is how much to contribute annually. This, of course, can depend on a number of variables and may rely heavily on what you have budgeted for both the current and future fiscal years. Regardless, your actuary should provide you with an …
Implicit rate subsidy is measured as the difference between an individual’s actual incurred costs for coverage (i.e., total incurred claims) and the premium rate charged to the individual for such coverage. In general, premium rates for a group plan are based on the total expected costs of all participants covered in the group. While, in most cases, each participant is …
Can’t prepare until information is known as of fiscal year end (roll-forward blog already that we can use/update? A common question we get from clients is when they can expect to receive their table updates for the year. As some background, “table updates” are tables provided to you in years when a full valuation is not prepared. Basically, the liabilities …
If you have ever seen your OPEB liability fluctuate dramatically from one valuation to the next, then it’s likely due to one of the following reasons: 1) changes in your OPEB plan design, 2) changes in the actuary’s assumptions, or 3) differences between expected and actual experience. The first and second are pretty self-explanatory in that they are a byproduct …
Other Post-Employment Benefits, or “OPEB” for short, is defined by GASB as any post-employment benefit other than pensions or compensated absences. These types of post-employment benefits are at the complete discretion of the employer including if any OPEB benefits are provided or not, what classifications are offered benefits, and the eligibility requirements in order to receive them upon retirement. OPEBs …
If you offer a self-insured health or dental plan, an important and essential aspect of the plan is the incurred but not reported reserve (IBNR). Essentially, IBNR is an estimate, generally determined as of the plan year end, of all covered claims that have occurred but have not yet been reported. For example, say an individual is in a car …
If your health or dental plan is self-insured, then you know that there are some key differences in comparison to a fully insured plan. For public school districts in Wisconsin that self-insure their sponsored health or dental plans, there is one other emerging requirement. Wisconsin Statute §120.14 and the Wisconsin Department of Public Instruction (DPI) state audit guidelines require that …
Key Benefit Concepts (KBC) provides several unique actuarial services including attestation of self-insured health and dental plan financial soundness and/or adequacy of incurred but not reported (IBNR) reserves. Wisconsin Statute §120.14 state audit guidelines that school district audits should include information concerning the school district’s self-insured health and dental plans. Specifically, a footnote with a date of actuarial certification attesting …
