Securely Sending Census Data/Information

Key Benefit Concepts Actuarial, Video

Cybersecurity and securely transmitting and storing sensitive information has come to the forefront of many businesses in recent years. There are many risks that come with exchanging data electronically, especially when it includes Protected Health Information (PHI).  Without using a secure website or providing such information securely/locked via email, the potential exists for sensitive information to fall into the wrong …

What is Protected Health Information (PHI)?

Key Benefit Concepts Actuarial, Services

Protected Health Information or PHI, is individually identifiable health information held or transmitted in any form or medium by HIPAA covered entities and business associates, subject to certain limited exceptions. PHI includes information, whether oral or recorded in any form or medium, that relates to the past, present or future physical, mental health, condition of an individual, the provisions of …

Maintaining Confidentiality and Privacy in the Business Office

Key Benefit Concepts Actuarial, Services

Everyone knows maintaining confidentiality and privacy in the business office is paramount and there are specific regulations such as HIPAA and FERPA, etc., that govern how to handle private information. Below is our recent article published in ASBO International’s April 2022 edition of School Business Affairs magazine, written by Linda Mont, CSRM, RHU (managing member here at KBC) and Lynn …

Get the Scoop on Post-Employment Table Updates!

Key Benefit Concepts Actuarial, Services

GASB statements require an actuary to update the tables of your organization’s post-employment valuation in the year between valuations. Table updates are just that – updates to the tables provided in the prior year’s valuation.  That means a new valuation is not completed, but rather the tables illustrating obligations, etc. are updated to include in the organization’s financial reports for …

Are You Looking for a New Valuation in 2022? Let’s get Started!

Key Benefit Concepts About Us, Actuarial

It’s 2022 and KBC is here to help you! If you are looking for a proposal for a post-employment valuation, you have come to the right place! When it comes time to obtain a post-employment valuation proposal, the process can sometimes become overwhelming. However, Key Benefit Concepts has a process that will help ease “the pain” of the process in …

Decrement Rate Assumptions – How are they Determined?

Key Benefit Concepts Actuarial, Services

How are they determined? As discussed in a previous post (Decrement Rate Assumptions – What are They?), the background and definition of decrement rate assumptions were established. However, you may be wondering how do we determine the probability of these decrements? Because we serve public employers, their employees are members of a state pension plan. For Wisconsin, this is the …

Are You HIPAA Complaint? If Not, Do you Know Where to Begin?

Key Benefit Concepts About Us, Actuarial

Most of you know the importance of HIPAA compliance. If you are not compliant and an audit occurs, it can be very costly and determinantal to your company. Sometimes it is a struggle making sure everything is compliant and if it is not, you may not know where to begin. That’s where Key Benefit Concepts can help! Key Benefit Concepts …

When You Are Insured Through ETF and Pay them Directly

Key Benefit Concepts Actuarial, OPEB

Even if you don’t offer an OPEB plan to your retirees and they are only allowed to self-pay medical premiums directly to a state plan (e.g., the ETF plan in Wisconsin), there may still be a liability that needs to be valued. It’s similar to a group health plan that’s fully insured, and retirees pay you, the plan sponsor, the …

Importance of an Accurate Benefit Summary

Key Benefit Concepts About Us, Actuarial

Actuarial valuations of post-employment benefits are an important tool for your auditor to complete your financial statements and are required under specific GASB statements. In order for us to provide the most accurate valuation, it begins with the initial steps of the valuation process. The first step in preparing a proposal for a new post-employment valuation is confirming the benefit …

Discount Rate- How its Determined

Key Benefit Concepts Actuarial, OPEB

The determination of the discount rate in your OPEB valuation begins with the following question, “Do you pre-fund your OPEB plan through an irrevocable trust?” If the answer is yes, there is a little more that goes into setting the discount rate. If not, GASB 75 makes it very clear how to go about it. For those who do not …