Lindey Loftin, an actuarial analyst in Horizon’s Washington, DC office, was featured in a recent story by National Public Radio’s (NPR’s) “All Things Considered.”  The story discussed employment (and unemployment) trends among the millenial generation, and it highlighted Lindey as a recent college graduate who chose to enter the actuarial profession.

Below is an excerpt from the story.  The entire piece can be read and listened to on the NPR website.

“Educated and Jobless: What’s Next for Millenials?”

All Things Considered (NPR)

November 12, 2011

The Occupy Wall Street protests in several cities around the country have turned a spotlight on the growing frustration among the millennial generation, a group that has suffered crushing student loan debt and high rates of unemployment.

Lindey Loftin is part of that generation, but the 27-year-old is not unemployed. In fact, she says she loves her job, is well paid and has no college loan debt. Her employer actually paid for a portion of her education.

As an actuarial analyst, Loftin works on data for pensions, and her story raises a lot of questions about the strategy of young, educated job-seekers. Very few students today choose a career the way Loftin did: with cold, calculated, cost-benefit analysis.

Loftin, who plays the cello, told weekends on All Things Considered guest host Jacki Lyden she originally considered going into music education or becoming a performance major.

“But I also knew that I was good in the math field, and I looked into the actuarial profession and saw that, well, that’s a lot better of a chance,” she says. “When I was researching the career as a student, it always ranked high up there: low stress, great pay and good rate of employment.”

According to research from Georgetown University, the actuary field ranks 150th in popularity among 173 fields studied. But, it also ranks No. 1 in employability.

Congratulations, Lindey, on a job well done representing the future of the actuarial profession!

We are pleased to announce that four consultants from Horizon Actuarial will be presenting at the 57th Annual Conference of the International Foundation of Employee Benefits Plans (IFEBP).  The 56th Annual Conference will be held from Sunday, October 30 through Wednesday, November 2, 2011 in New Orleans, Louisiana.

Cary Franklin

Trustees Masters Program

“The Trustees Masters Program is the pinnacle event for advanced level trustee networking and education. It is designed to build on trustees’ existing knowledge base and experience through peer exchange and group exercises over an intensive two days.” Cary will be leading the following sessions during the Program:

• Using Fund Professionals Wisely (Saturday 9:45 a.m. – 12:00 p.m.)
• Pension Breakout: Case Studies (Sunday 9:45 a.m. – 12:00 p.m.)
• Open Issues Forum (Sunday 1:00 a.m. – 3:30 p.m.)

Annual Conference

Session 314-1: Workshop – New FASB Rules and Their Impact (Panelist)
The content for this session is designed to meet intermediate level audience needs. Hear the latest disclosure requirements for participating employers of multiemployer plans. • What do they mean to administrators? • How will timeliness of information be handled? • What information will be disclosed, and what does it mean to creditors? • Explaining it to employers
1 Monday, 1:30 – 2:45 p.m.
2 Tuesday, 1:15 – 2:30 p.m.

Session 503: Can You Make Your Return Assumption? (Co-Speaker)
The content for this session is designed to meet advanced level audience needs. • Are return assumptions too optimistic now? • What comes first: your investment policy or your return assumption? • Why remain at or change a 7.5% return assumption? • What is the risk in attaining these goals? • How do you measure risk? • What risk is appropriate for a benefit fund?
2 Tuesday, 10:30 – 11:45 a.m.

Session P-ACCT2: Dealing with New Disclosures for Multiemployer Plans (Panelist)
(Joint Session With Accountants/Attorneys) • Accounting and auditing pronouncements • FASB update • Withdrawal liability disclosure • Timing and data
1 Tuesday, 7:30 – 8:45 a.m.

Stan Goldfarb

Session 307: Workshop – Unwinding a Plan (Co-Speaker)
The content for this session is designed to meet advanced level audience needs. • Steps to ending a plan • Impact on participating employers; i.e., withdrawal liability or excise tax • Determining whether the plan is subject to partitioning • How to negotiate with PBGC • Mitigating potential lawsuits • Ongoing trustee responsibilities and obligations
1 Monday, 10:45 a.m. – 12:00 p.m.
2 Tuesday, 9:00 – 10:45 a.m.

Jason Russell

Session 503: Can You Make Your Return Assumption? (Co-Speaker)
The content for this session is designed to meet advanced level audience needs. • Are return assumptions too optimistic now? • What comes first: your investment policy or your return assumption? • Why remain at or change a 7.5% return assumption? • What is the risk in attaining these goals? • How do you measure risk? • What risk is appropriate for a benefit fund?
1 Monday, 1:30 – 2:45 p.m.

Session 315: Correcting Funding Shortfalls (Speaker)
The content for this session is designed to meet advanced level audience needs. Whether you are green and potentially headed to yellow or are currently yellow, this session is for you. • Understand the difference between a rehab plan and a funding improvement plan. • Determine your contribution and benefit reduction strategies. • Track your plan’s progress or make modifications. • Explore the results of various approaches through modeling.
1 Monday, 3:00 – 4:15 p.m.
2 Tuesday, 7:30 – 8:45 a.m.

Aruna Vohra

Session 207: Plan Design and Administration Trends in a World Shaped by Health Care Reform (Panelist)
The content for this session is designed to meet basic level audience needs. Hear a panel discuss changes and approaches they have seen in the last year. • What is most prevalent? • What provisions and benefit levels are getting the most attention? • What changes to plan rules, eligibility and access are being made? • What is the status of grandfathering plans? • Learn from others on what they are considering.
1 Tuesday, 2:45 – 4:00 p.m.
2 Wednesday, 7:30 – 8:45 a.m.

We are proud to be hosting our fourth annual reception for our clients and friends at the 57th Annual Conference of the International Foundation of Employee Benefit Plans (IFEBP) in New Orleans, Louisiana.

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Fourth Annual IFEBP Reception
Hosted by Horizon Actuarial Services, LLC

Monday October 31, 2011
6:00 pm to 9:00 pm

Musée Conti Wax Museum
917 Rue Conti

Heavy Hors D’oeuvres • Open bar • Live music • Museum Guides

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RSVP to RSVP@horizonactuarial.com

For further information, contact Elizabeth Wagster
615-377-8075 or elizabeth.wagster@horizonactuarial.com

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>> PRINTER-FRIENDLY INVITATION <<

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We are proud to be hosting our third annual reception for our clients and friends at the 56th Annual Conference of the International Foundation of Employee Benefit Plans (IFEBP) in Honolulu, Hawaii.

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Third Annual IFEBP Reception
Hosted by Horizon Actuarial Services, LLC

Monday November 15, 2010
7:00 pm to 10:00 pm

Moana Surfrider Resort
Diamond Lawn and Terrace
2365 Kalakaua Avenue

Casual attire • Heavy Hors D’oeuvres • Open bar • Live music

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RSVP to RSVP@horizonactuarial.com

For further information, contact Elizabeth Wagster
615-495-8969 or elizabeth.wagster@horizonactuarial.com

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>> PRINTER-FRIENDLY INVITATION <<

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We are pleased to announce that five consultants from Horizon Actuarial will be presenting at the 56th Annual Conference of the International Foundation of Employee Benefits Plans (IFEBP).  The 56th Annual Conference will be held from Sunday, November 14 through Wednesday, November 17, 2010 in Honolulu, Hawaii.

Cary Franklin
Session 311: Funding Plans in a Declining Industry (SPEAKER)
Analyzing the demographics and statistics of the plan • Managing negative cash flow • Partitioning: What is it, and how is it done? • Identifying and exploring various options • A look at a case study
1 Tuesday, 7:00 – 8:15 a.m.
2 Tuesday, 2:30 – 3:45 p.m.

Stan Goldfarb
Session 351: Round Table – FASB Disclosure Requirements (PANELIST)
This round table discussion will cover new FASB disclosure requirements for employers participating in multiemployer plans.  The discussion will include perspectives from employer trustees, accountants, and actuaries.
1 Monday, 10:00 – 11:15 a.m.
2 Tuesday, 2:30 – 3:45 p.m.

Session OF1: Open Forum – Ask the Actuary (PANELIST)
1 Tuesday, 10:00 – 11:15 a.m.

Jason Russell
Session 508: Is Your Investment Assumption Return Still Reasonable? (CO-SPEAKER)
This panel discussion will cover varying perspectives and address • An overview of the challenges in the economy and capital markets • Review of how assumptions impact pension funding • What is the reasoning for assuming returns above 6%, per year? Is it irresponsible? • What needs to be considered when setting an assumption rate? • How often can it or should it be changed? • Time periods and obstacles • Recent trends
1 Monday, 6:45 – 8:00 a.m.
2 Wednesday, 8:30 – 9:45 a.m.

Aruna Vohra
Session 207: Ten Steps to Healing a “Sick” Health Plan (PANELIST)
• Developing a data dashboard for trustees • What the data does and doesn’t tell you • Addressing quality and outcomes • Curbing costs before they start • Managing diseases • Determining effective networks and pricing • Changing behaviors • Plan provisions • Great ideas you can implement
1 Monday, 10:00 – 11:15 a.m.
2 Tuesday, 8:30 – 9:45 a.m.

Larry Weitzner
Session 706: Selecting and Transitioning to a New Administrator (PANELIST)
• Selecting a new administrator • Time frame for making a transition • Communication to stakeholders • Transition of data and paper records • Data conversion and verification • Use of an administrative committee or the trust co-chairs
1 Tuesday, 2:30 – 3:45 p.m.

Session P-ACCT2: Pension Plans – New Challenges and Issues (PANELIST)
• Cash vs. accrual basis of accounting • Calculation of the liability • Handling withdrawal liability • What should be recorded? What should be reserved? • Auditor responsibilities • Communication issues with clients and the impact of drastically changing standards – Footnote disclosures – Audit opinions
1 Monday, 2:30 – 3:45 p.m.

[originally posted September 22, 2010; updated October 15, 2010]

On Monday, September 27, 2010, Cary Franklin spoke at the annual conference of the National Coordinating Committee for Multiemployer Plans (NCCMP) in Hollwood, Florida.  Cary, an actuary and managing consultant in Horizon’s Los Angeles office, delivered a presentation on the Pension Relief Act of 2010 and its effect on multiemployer pension plans.

Charlie Storke, an attorney from Trucker Huss, and Josh Shapiro, an actuary from the NCCMP, joined Cary in delivering the presentation.

The presentation discussed the evolution of the funding relief provisions over the past several months before eventually being signed into law on June 25, 2010.  It also discussed certain areas where the law is ambiguous and where guidance from the IRS may be needed in order to apply the special funding relief rules.

Cary Franklin (center) discusses the Pension Relief Act of 2010 at the 2010 NCCMP annual conference with Charlie Storke (left) and Josh Shapiro (right).

Kevin Culp, a consulting actuary in Horizon’s Washington, DC office, recently completed the educational requirements necessary to earn the designation of Fellow of the Society of Actuaries.

Congratulations to Kevin on this great accomplishment!

The Mechanical Contractors Association of America (MCAA), Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA), The Association of Union Constructors (TAUC), the International Council of Employers of Bricklayers and Allied Craftworkers (ICE-BAC), and the Finishing Contractors Association (FCA) held three days of meetings with federal lawmakers, regulators, and federal procurement leaders in Washington, D.C. from May 3-5, 2010.

Horizon’s Cary Franklin and Stan Goldfarb were among the speakers at the conference, and they discussed issues facing multiemployer pension plans such as possible funding relief and FASB disclosure issues.  The following is an excerpt  from the MCAA’s May/June, 2010 bulletin regarding the topics discussed by Cary and Stan.

Horizon Actuarial Services principals Stan Goldfarb and Cary Franklin and SMACNA legislative staff Dana Thompson prepare the multiemployer benefits program, which spanned health plan changes and pension funding reform, and on proposed new FASB pension liability disclosure rules.

“Cary Franklin of Horizon Actuarial Services discussed pension funding relief, noting that extended authorization relief makes sense because it realigns funding requirements with funding policies, gives the same end result at 30 years, and eliminates the need to frontload pension funding.

“His colleague with Horizon Actuarial, Stan Goldfarb, covered the proposed new FASB draft proposal on disclosure of multiemployer defined benefit plan liability.  Expected new requirements may include a new footnote disclosure of potential withdrawal liability and other quantitative and qualitative funding information.  He emphasized that this is not the same as balance sheet recognition. Discussions and questions focused on the substan substantial detriment the FASB proposal poses for contributing employers and potential impairment to access to both surety and financial credit. Moreover, discussion focused on the practical infeasibility of the new FASB disclosures.”