Safety and Security are of the Utmost Importance!

Key Benefit Concepts Actuarial, Services

Safety, Security, Privacy and 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 Business Associate Agreements, a secured site for uploading data and cybersecurity features in our emails, computers and servers.  We work diligently to protect all data in our care and to assure that …

Social Media and it’s Importance to KBC in 2023!

Key Benefit Concepts About Us, Actuarial

In today’s world things have changed quickly. The younger generations have turn to social media or computer sites to basically find their information. The information that is found on the sites will then allow the customer to help make a decision in what opportunities they want to pursue. KBC is trying to also keep up with the new ways of …

It’s 2023! I Need A New Valuation – Where do I Begin?

Key Benefit Concepts Actuarial, Services

If you are looking for a proposal for a post employment valuation in 2023, 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 3 easy steps for current …

Importance of Using our Secure Website

Key Benefit Concepts Actuarial, Services

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 …

Safety Tips this Holiday Season 2022

Key Benefit Concepts About Us, Actuarial

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 …

A Refresher on the Actuarially Determined Contribution (ADC)

Key Benefit Concepts Actuarial, Services

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 – What is it?

Key Benefit Concepts About Us, Actuarial

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 …

Timing on Preparing Table Updates

Key Benefit Concepts About Us, Actuarial

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 …

Factors that Impact Differences in Experience Gain/Losses

Key Benefit Concepts Actuarial, Services

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 …

What is OPEB?

Key Benefit Concepts Actuarial, OPEB, Video

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 …