Over the last 40 years there have been remarkable changes in employee benefit plans in all sectors. Pension plans have had to cope with ERISA funding and qualification requirements on the federal level, and even further constraints on the statewide level. Health plans have had to manage medical costs and an evolution of delivery systems. During this time Foster & Foster has been a leader in providing creative cost containment and plan design ideas to our clients to meet their objectives. As we offer services to both pension and health & welfare plans, we can provide clients with seamless integration of participant benefits.
We do not dilute our expertise by trying to cross-sell other services in investment, compensation, legal, or systems technology.
We provide a wide range of health fund consulting and actuarial services. We understand that the services required may vary from client to client and we tailor both services and reports to each individual client.
Health & Welfare Services/Post-Retirement Benefit Plan Services
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- Develop strategies to meet the goals of our Boards of Trustees. These include minimizing the cost of providing benefits, adjusting plan designs to retain the fiscal strength of the fund, and designing programs to improve the health of the members.
- Attend Trustees meetings and special meetings with other plan professionals in an advisory capacity.
- Prepare an annual report, including a summary of income and disbursements and a projection for the upcoming year.
- Calculate contribution rates, employee self-pay rates, COBRA rates, and retiree rates.
- Prepare an annual SOP 92-6 report or OPEB report, and calculate other appropriate reserves and claims trend factors.
- Prepare the annual attestation for the Medicare Part D RDS (retiree subsidy) application.
- Assist the plan in complying with applicable state and federal legislation and regulations, including the Affordable Care Act (health care reform).
- Assist the plan with design, budgeting, funding, reserve requirements, communications, administration, national and industry trends and public policy.
- Negotiate with insurance companies and other service providers regarding renewal terms.
- Assist in drafting administrative forms, procedures, notices and waivers.
- Provide informational assistance with government audits, lawsuits or other legal matters.
- Calculate incurred but not reported claims liability and the extended eligibility liability for the annual audit.
- Apprise the plan of benefit trends.
- Advise the plan with respect to claim appeals, coordination of benefits questions and questions regarding the administration of COBRA.
- Analyze the effect of possible or proposed changes in the plan and make recommendations for alterations, including benefit schedule and eligibility rule changes.
- Prepare Plan Documents, as well as amendments thereto, as well as Summary Plan Description booklets and notices of changes for distribution to participants.
- Prepare recommendations and calculations related to plan mergers and/or spin-offs.
- Arrange for audits of medical or prescription drug claims.
- Prepare bi-annual or quarterly newsletters to participants.
- Obtain fiduciary liability insurance or fidelity bond for the Fund.
- Prepare requests for proposals for insurance, including but not limited to life and stop-loss insurance.
- Prepare requests for proposals for services providers, including but not limited to PPOs, PBMs, EAPs, and dental and vision PPOs, including analysis of the responses received.
Pension Plan Services
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- Prepare annual actuarial valuation and review, including Schedule MB.
- Prepare annual Pension Protection Act (PPA) zone certification and associated work.
- Prepare interactive projections and PPA zone strategies.
- Calculate withdrawal liability and related services.
- Calculate individual retirement benefits for retiring employees.
- Calculate design and pricing of benefit schedule and improvements.
- Prepare reports regarding cost containment and funding options.
- Apprise plans of trends in benefit design and legislation.
- Provide plans with administration support.
- Prepare IRS tax qualifications.
- Prepare Plan Documents, as well as amendments thereto, as well as Summary Plan Description booklets and notices of changes for distribution to participants.
- Prepare bi-annual or quarterly newsletters to participants.
- Assist the plan with application and interpretation of plan provisions and rules.
- Prepare recommendations and calculations related to plan mergers and/or spin-offs.
- Prepare calculations for Qualified Domestic Relations Orders (QDROs).
- Process retirement, disability, and withdrawal benefit calculations for participants.
- Calculate the impact of plan changes on the sponsor's funding requirements and the individual's retirement benefits.
- Perform deterministic or stochastic contribution projections.
- Perform experience studies.
- Provide statistical ranking schedules so that plans know how they stack up against their peers.