Actuarial Services

Expert, data-driven analysis and financial assessment to develop the best strategies for your benefit programs

As an experienced actuarial firm, we monitor today’s ever-changing healthcare and pension landscape.  Our consultants think outside the box to explore unique and innovative approaches to addressing your active and post-employment benefits.  Our goal is to understand your overall objectives and long-term goals, and provide you with timely, accurate consulting in the creation and management of sustainable benefit programs for your organization and its employees.


  • OPEB Actuarial Valuations (GASB 74/75)
  • Supplemental Pension Valuations (GASB 67/68/73)
  • Coordinate/Assist with Financial Reporting
  • Cash Flow Projections
  • Funding Projections

Health Plans

  • Self-insured health plan attestations
  • RDS actuarial equivalence attestations
  • Reserve setting (IBNR & claim stabilization)
  • Calculation of premium equivalent rates
  • Premium stabilization reserves
  • Trend calculation and analysis
  • Funding and budget projections
  • Evaluation of cost-to-value stop-loss levels


  • Cash Flow Projections
  • Budget Projections
  • Funding Projections

What is an Actuary?

An actuary is a business professional who utilizes their strong mathematical, statistical and analytical skills to quantify and manage risk related to the uncertainty of future events. To become an actuary, one must pass a series of rigorous exams to earn an actuarial designation, of which there are different levels and different actuarial organizations.

Although health care is the most common benefit, we offer actuarial services that include other benefits such as sick leave, paid time off (PTO), salary continuation plans and health reimbursement accounts. With changes in regulations and development of professionals and resources, we have grown to be a leader in the actuarial valuation of post-employment benefits (OPEB and supplemental pensions). We specialize in valuations for public employers in compliance with the Governmental Accounting Standards Board (GASB).

What is OPEB?

Other Post-Employment Benefits (OPEB) is defined by GASB as any post-employment benefit other than pensions or compensated absences.  This can include healthcare benefits, dental, vision and life as well as continued insurance coverages or HRA contributions used for premium reimbursements or other eligible expenses.

Any employer that participates in a single employer, agent employer or cost-sharing employer defined benefit OPEB plan is required to measure and disclose an OPEB liability based on the benefits provided to current active and inactive employees.  Our actuarial valuations not only include all necessary disclosures, notes to the financial statements, and required supplementary information, but also include additional exhibits that provide a variety of benefits to our clients.  These exhibits are modeled directly after the examples provided within GASB’s statements, making them both easy to understand and easy to use without need for further modification by you or your auditor!

GASB Statements

Key Benefit Concepts LLC is a leader in actuarial valuations
of post-employment benefits in accordance with current GASB statements

GASB Statements 74 & 75

GASB statements 74 and 75 replaced statements 43 and 45 as they relate to the accounting and financial reporting of post-employment benefits and benefit plans other than pensions and pension plans (i.e., OPEB and OPEB plans).

GASB Statements 67, 68 & 73

GASB statements 67, 68 and 73 replaced statements 27 and 50 as they relate to the accounting and financial reporting of pensions and pension plans.

Funding Projections

As part of the post-employment benefit actuarial valuations, we include a 30-year pay-as-you-go projection of expected cash flow.

The Governmental Accounting Standards Board (GASB) requires public entities to identify and include their post-employment liability in their financial statements. At this time, however, GASB does not require public entities to fund this liability.

Since many government employers currently provide post-employment benefits on a pay-as-you-go basis, we include in our valuation reports an illustration of the expected pay-as-you-go retiree benefit payments. Furthermore, we have been able to aid our clients by using these cash flow projections as a benchmark to compare to the expected cash flow projections of specific plan design considerations. This allows you to determine whether the change in expected cash flow will yield the outcome you are looking for and whether the revised benefit is sustainable over the long-term.

Other Actuarial Cash Flow Projections

There are many other types of benefit obligations and cash flow projections that can be determined such as sick leave benefits earned, expected rates of payout, and whether it be at termination or retirement.

Similarly, we can determine projected lost wages, 401(k) or 403(b), or pension benefits due to illness or injury.

Cash flow projections can be provided for many types of benefits identifying costs of benefits earned, expected benefits earned into the future (with or without assumptions of new hire replacements), and rates at which such benefits would be paid out.