What is HIPAA?

Key Benefit ConceptsAbout Us, Actuarial

HIPAA is the Health Insurance Portability and Accountability Act which was established in 1996 to protect the privacy and security of health information and provide individuals with certain rights to their health information. Safety, Security, Privacy, Confidentiality These are more than words; these are important aspects of KBC’s services.  Our employees are thoroughly trained in HIPAA privacy compliance.  We use …

Preparing Valuations Early for Plan Reporting

Key Benefit ConceptsActuarial, Services, Standard

As alluded to in an earlier blog (“GASB Requirements – Timing and Frequency of Actuarial Valuations”), there may be certain situations in which it is necessary to begin the valuation process earlier than usual.  Specifically, this may occur when plans are being administrated through trusts or equivalent arrangements that meet the criteria outlined within the respective GASB statements. For Plan …

GASB Requirements – Timing and Frequency of Actuarial Valuations

Key Benefit ConceptsAbout Us, Actuarial

The current Governmental Accounting Standards Board (GASB) statements pertaining to Pensions and Other Post-Employment Benefits (OPEB) require that an actuarial valuation of the total liabilities be performed at least biennially for accounting and financial purposes.  For such actuarial valuations, the total liabilities should be determined as of a date no more than 24 months (GASB 67 and 74) or 30 …