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 …

Discount Rate- It’s Impact

Key Benefit Concepts Actuarial, OPEB

If I were to offer you $1 today or $1 five years from now, which would you choose? I’m sure you’re thinking about taking $1 today, and that’s the correct choice. Reason being that you could take that $1 today and earn interest by investing it for the next 5 years, leaving you with more than the $1 you could …

Safety, Security, Privacy and Confidentiality

Key Benefit Concepts Actuarial, Services

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 only those intended to have …

Roll-forward Information needed to Complete Valuations/ Table Updates

Key Benefit Concepts Actuarial, OPEB

Key Benefit Concepts prepares valuations in two ways – as a roll back or a roll forward.  Roll back refers to a valuation with a measurement date that is 12 months prior to the reporting date, whereas roll forward refers to a valuation with a measurement date the same as the reporting date.  While preparing a valuation as a roll …

The Longevity of Assumptions Used in an OPEB Valuation

Key Benefit Concepts Actuarial, OPEB

One thing that most, if not all, assumptions included in your valuation have in common is that they are long-term assumptions that span over the entire duration of the valuation. Oftentimes, this is 30+ years. While some of your actual experience, such as salary increases or medical premium increases, for the subsequent year may not match the assumptions, it is …

Funding your Post-Employment Benefits

Key Benefit Concepts Actuarial, OPEB, Services

The statements issued by the Governmental Accounting Standards Board (GASB) related to post-employment benefits do not require entities who provide Pension or Other Post-Employment Benefits (OPEB) to fund such benefits via an irrevocable trust.  However, if you currently do or are considering setting up a Trust to begin funding your post-employment benefits, there are a few important things one should …

Census Information as of the Valuation Date

Key Benefit Concepts Actuarial, OPEB

Census data can often be requested and provided after the valuation date of the report as actuarial valuations are performed throughout the year. Since clients keep accurate records of current retirees receiving post-employment benefits which are generally updated frequently, some retirees may be left off the information provided as their benefits have ended at the time the census data is …