Competitive RFP process to evaluate and select actuarial firms for large defined benefit plans. We assess technical capabilities, team experience and compatibility, and fees. Beyond fee savings, we help plan sponsors increase transparency around fees, eliminating surprise billing and reducing out-of-scope charges.
Assessment of the existing actuarial engagement against the current market, including fees, service scope, and contract terms. We help plan sponsors identify opportunities to reduce fees, tighten fee controls, and strengthen governance.
Negotiation support for actuarial service contract renewals, including scope of services review, fee negotiation, and enhanced contract terms such as key personnel guarantees and performance standards.
For clients who retain an external actuary and administrator, Curcio Webb provides independent oversight and review of actuarial and administrative work product.
Project support for DB and DC plan sponsors including data clean-up, missing participants consulting, pension risk transfer consulting, plan termination support, complex profit sharing allocations, and operational reviews and corrections.
IRS, DOL, and PBGC compliance, including funding valuations, annual certifications, government filings, and year-end accounting.
Strategic advisory, design, and project execution on risk reduction projects such as annuity purchases and lump sum windows.
End-to-end actuarial support for defined benefit plan terminations, including asset sufficiency analysis, project design and execution, benefit calculations, administration, accounting support, and regulatory filings.
Actuarial valuation and consulting for postretirement medical and life insurance benefit programs, including FASB, IFRS, and GASB compliance.
Data remediation and quality improvement for defined benefit plans, including identification and correction of missing or inconsistent participant records, historical data reconciliation, and preparation for plan termination or administration transitions.
What plan sponsors most often ask us as they evaluate this discipline.
We suggest every three to five years, particularly if the plan has undergone significant changes in participant count, plan design, or complexity, or if there has been significant organizational change at the incumbent firm. Many plan sponsors have retained the same actuary for decades without a formal fee review – and most are paying more than they need to.
Key considerations include funded status, the desire to reduce balance sheet volatility, the administrative burden of maintaining the plan, and favorable annuity market pricing. We help plan sponsors evaluate the cost and benefit of various de-risking strategies and manage the project through completion.
Yes. For smaller plans that fall below the threshold typically served by global consulting firms, our in-house actuaries provide direct consulting services. Our actuaries have decades of experience working with plans of all sizes, having previously worked at the large global firms.
We provide direct actuarial services for plans typically under 3,000 active participants. For larger plans, we manage the actuarial consultant search and benchmarking process. This structure allows us to maintain independence while staying current with the skills and knowledge needed to evaluate firms that serve the large-plan market.
A standard defined benefit plan termination typically takes 10 to 24 months from board resolution to final distribution, depending on the plan’s complexity, participant count, data quality, and the plan sponsor’s desire for an IRS determination letter. We support clients through every phase.