How One School District Settled Union Negotiations with a Salary Schedule Analysis

Employee costs are the largest expense in a school district’s budget and, as of late, they’re a hot topic. In 2018-2019, staff salaries and benefits made up 80 percent of a school’s expenditures according to the National Center for Education Statistics (NCES). Staff costs are usually established based on a salary schedule or matrix. A … Continued

Sidebar – Offer #6 School Compensation

Should You Offer a Roth 401(k) Option?

Bottom Line Up Front Offering a 401(k) plan can help small businesses recruit and retain top talent and provide significant tax breaks and deductions. Finding the best retirement plan for your business requires an in-depth look at what your goals are, where your business is at, understanding what each plan has to offer, and more. … Continued

5 Signs a Cash Balance Plan is a Good Fit for Your Small Business

Bottom Line Up Front Most business owners who adopt a Cash Balance plan are looking to accelerate their retirement savings and take advantage of the huge tax deduction benefits But not every business is a good fit for a cash balance plan The top 5 signs that a CB plan is right for your business … Continued

Sidebar – Offer #5 Financial Advisors

9 Things to Review for Your OPEB Census Audit

Bottom Line Up Front You may be asked to review census data used for the OPEB valuation under GASB 74/75 as part of an annual audit process. While actuaries will ask for any number of census data, there are several key elements that have an impact on OPEB liabilities so it’s important to understand what … Continued

How Your OPEB Long-Term Rate of Return Is Determined

Bottom Line Up Front The long-term rate of return is the expected average income and capital appreciation for a municipality’s investments over the lifetime of all currently active and retired plan members. An actuary’s long-term rate of return assumption is based on a review of the investment policy (mix of investments), expected inflation rate, expected … Continued

What It’s Like Being an Actuary

Name: Kurtis ThompsonDesignations: ASA, MAAAPosition: Consulting ActuaryEducation: Bachelor of Science in MathematicsLocation: Colchester, ConnecticutYears at Odyssey: 9 years How Does Someone Interested in a Career as an Actuary Get Started? To start an Actuarial career, you need to pass exams. Having a math or business background is certainly helpful, but not necessary. If someone can … Continued

How Much Can I Contribute to a Cash Balance Plan?

Bottom Line Up Front Cash balance plans are considered a Defined Benefit plan which adheres to a different set of rules and allows for a much larger contribution limit than a 401(k). The actual maximum amount someone can contribute annually to a cash balance plan varies from person to person based on their age and … Continued

The Difference Between a Stabilization Fund and an OPEB Trust

Bottom Line Up Front A Stabilization Fund and an OPEB Trust are both funding tools set up by Municipalities to set aside funds. While a Stabilization Fund is a regular component of the balance sheet, an OPEB Trust is specifically for Other Post Employment Benefits. The biggest difference between these two funding tools is that … Continued