Run for Education
Key Benefit Concepts, LLC is an actuarial and employee benefit consulting firm. We work with employers to promote and encourage wellness. We also work with many public entities (including the 3 school districts that held runs our first year - 2017) providing actuarial and employee benefit consulting services. Our offices are in the community and we discovered that we need more fun runs –an opportunity for the serious runner as well as the total amateur to participate. Thus, we started the Run for Education Series, which includes a 5k run/walk and Children’s run.
KBC organizes these runs (actually no problem walking or pushing a stroller) to encourage health and wellness in our community and to bring our community – school personnel, students, parents and business - together to enjoy the weather, the school district campuses and to have fun!
2018 Run for Education
In 2018, KBC hosted its second annual Run for Education Series – 5k run/walk and Children’s fun run. We had perfect weather for the event and the school districts, participants and volunteers all did a great job joining in for some community fun.
The two runs provided proceeds to Muskego-Norway School District and Kettle Moraine School District.
2019 Run for Education
As with last year's events, all participants of both races (5k and Children’s race) received a goodie bag, t-shirt, finishers medal and a chance to win some great door prizes from local businesses.
And also, as with last year's events, runners that completed both races received a lunch bag! We hope you take some time to view our photos to see how much fun everyone had at our 2018 Annual Run! We look forward to seeing you at the 2019 Series! To stay up to date on the series, visit our website at www.runforeducationwi.org.
What is an Actuary?
Actuaries analyze the potential cost of uncertainty, mostly to mitigate risk and minimize loss. Using statistical and mathematical models, they predict and quantify outcomes for their clients.
Although health care is the most common benefit, KBC offers actuarial services to 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, KBC has grown to be a leader in the actuarial valuation of post-employment benefits (OPEB, pensions and supplemental pensions). KBC specializes in valuations for public employers in compliance with Government Account Standards (GAS).
What is OPEB?
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 employers that participate in single-employer or agent multiple-employer defined benefit OPEB plans are required to measure and disclose an amount for annual OPEB cost on the accrual basis of accounting. KBC’s 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 the government entities and/or the auditors.
Run for Education
Encouraging for school personnel,
students, parents and business
KBC provides valuations of post-employment benefits as well as consulting services to evaluate and restructure post-employment benefits. In this process, we have found government entities that find it more appropriate to provide a non-elective 403(b) contribution/plan. Some include an annual employer match with a vesting schedule. The amount of contribution or match may increase based upon the employees’ years of service. Out of a need for good record keeping, KBC has expanded its pension services to include such post-employment 403(b) recordkeeping. Please contact us if your organization is interested in this service.
GASB Statement 74 & 75
GASB Statement 74 and 75 recently replaced the GASB 43 and 45 Statements as they relate to accounting of OPEB.
KBC has been coordinating the transition of the valuation process, services, and accounting with our clients and their auditors. In preparation for a smooth transition to the new requirements, KBC has modified the actuarial method used to entry age normal and is able to provide valuations based upon current requirements or early (or now current) compliance with the new Statements.
You will find that our reports are extremely thorough and easy to read. We welcome the opportunity to provide a proposal for your next valuation.
How Can You Engage Your Employees and Community?
5K races take a lot of man power and time to put together and volunteers are essential on race day. You can become involved in many different levels.
Wellness is an important aspect of life. These events are great ways to promote good health that will encourage people to get involved. Consider setting up a team or company challenge, which incorporates 1, 2 or 3 of the races.
We also have many sponsorship opportunities available. In order to make these events a success, we are seeking out companies and organizations that have an interest in positively affecting local families and business. In return for the support, sponsors will receive various forms of promotion, advertisement, and recognition.
Your sponsorship helps to defray the cost of organizing the event. Funds received from sponsorships are used to purchase t-shirts, awards for registered race participants, race timing, insurance, etc. All proceeds will benefit the respective school districts designated services.
If your company is unable to provide monetary donations, do not worry! We have several opportunities that you can still sponsor our event while getting your name out to potential clients! From door prizes to goodie bag items we have a sponsorship available for anyone!
If you are interested in gaining more exposure for your business and would like to partner with the Wisconsin Run For Education, please download and complete the sponsorship form below or email firstname.lastname@example.org to further discuss any sponsorship opportunities.
As previously mentioned, volunteers are very important on race day to assure safety to our participants and spectators. A minimum of 25 volunteers are required for each event. If you are interested in volunteering, please visit our website and click on the volunteer button below.