Implicit Rate Subsidy- Determining an Assumption

Key Benefit Concepts Uncategorized

Implicit Rate Subsidy – Determining an Assumption Since Implicit Rate Subsidy (IRS) from continued medical coverage is considered an OPEB that requires valuation (per GASB), only offering the the ability to self-pay to continue medical coverage in retirement would technically be considered an OPEB even though the individual is paying the full premiums required. In these cases, the only OPEB …

I Need a New Valuation- Where do I Begin?

Key Benefit Concepts Uncategorized

I Need A New Valuation – Where do I Begin? 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 …

Implicit Rate Subsidy – What is it?

Key Benefit Concepts Actuarial

Implicit Rate Subsidy, or “IRS” for short, is the difference between individuals’ actual incurred costs for medical coverage (i.e., incurred medical claims paid by the insurer, in the case of a fully-insured health plan) and the individuals’ total premiums charged for such coverage. In essence, premium rates are determined for a group medical plan based on the total expected medical …

Table Updates

Key Benefit Concepts Services

Get the Scoop on Post-Employment Table Updates 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 …

KBC Services and Information

Key Benefit Concepts Services

Key Benefit Concepts: Services and Information What makes KBC unique in this endeavor is that we are a true consulting firm.  KBC is not affiliated with any investment firms, or sale of any investment vehicles or services.  Thus, we are truly dedicated to determining what a public entity’s goals are and assisting them in achieving and maintaining a program that …

One-Word Resolutions for 2021!

Key Benefit Concepts Wellness

“Character is the ability to carry out a good resolution long after the excitement of the moment has passed.”              By Cavett Robert New Year’s Day: a new year and a fresh start. As 2020 has come to a close, we look to 2021 as a year to hope and dream again. 2020 was probably one of the most difficult years …

Safety Tips this Holiday Season

Key Benefit Concepts Wellness

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 …

6 Ways to Help Reduce Stress in Your Life!

Key Benefit Concepts Wellness

“Set peace of mind as your highest goal, and organize your life around it.” ~ Brian Tracy According to Gallup, Americans experience more stress than a majority of the world.  With events going on currently, even more people are feeling both the physical and emotional symptoms of stress. Use these six easy ways to help reduce the stress in your …

June 2020 Wellness Awareness Month: Firework Safety

Key Benefit Concepts Wellness

More than likely this summer, family and friends will be gathering together to celebrate numerous occasions. And what better way to celebrate than adding in some fireworks! While this may add some fun and excitement to an event, fireworks can be extremely dangerous and deadly if not used properly. With June being national firework safety month, we thought it would …