Service with a Smile

Key Benefit Concepts About Us, Services

Are there certain people in your work life where each call you make to them seems to go directly to voicemail, and then you’re stuck waiting for a call back?  This can be extremely frustrating, which is why there’s no need to worry about that with KBC.  During office hours, someone is routinely available to answer the phone.  Even if …

Going to a Conference? Look for KBC!

Key Benefit Concepts About Us, Conferences

The impact of COVID-19 led to the cancellation of most in-person conferences in 2020 and many so far in 2021.  Key Benefit Concepts (KBC) enjoys being affiliate members of many government employer associations.  We look forward to sponsoring, attending, speaking and most of all having a booth at conferences throughout the United States.  Why?  Because we get an opportunity to …

Determining Your Annual Implicit Rate Subsidy Amount

Key Benefit Concepts Actuarial, OPEB

Now that you have a bit more background on the concept of Implicit Rate Subsidy, how should this amount be determined annually related to your current retiree population?  Since the amount isn’t actually paid to retirees and rather an implicit cost, it can often be missed in the OPEB payments being reported on the financial statements. There are a few …

Implicit Rate Subsidy- Determining an Assumption

Key Benefit Concepts Actuarial, OPEB

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 Actuarial, OPEB, Services

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 3 easy steps for current clients and 4 easy …

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 …