The McKeogh Company is proud to announce that Mandy Notaristefano, Jim McKeogh and Emily Lucini are presenting at the International Foundation of Employee Benefits – 2023 Annual Conference in Boston, MA. Mandy and Jim are co-presenting on Tuesday October 3rd and Wednesday October 4th in a session titled “Liability-Driven Investment to Manage the Risk of Unfunded Liabilities”. Emily is presenting on Tuesday October 3rd in a session titled “Special Financial Assistance Investment Strategies”. Additional information about the International Foundation of Employee Benefits can be found here: www.ifebp.org
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We are hiring!
The McKeogh Company is hiring! We have openings for Actuary/Consultants and entry level positions. We offer a competitive pay and benefits package and an opportunity to work for a small regional firm that is nationally competitive. Please see below for job specifications. Interested candidates should send their resume and cover letter to Carolyn Courtney at carolyn.courtney@mckeogh.com.
Actuarial Analyst – Entry Level
Required Qualifications:
- Bachelor’s degree or equivalent work experience
- Ability to work independently and as part of a team
Preferred Qualifications:
- Detail oriented with strong organizational skills
- Skilled in Microsoft Office Excel and PowerPoint (or comparable programs)
- Strong problem-solving, quantitative, and analytical skills
- Strong communication skills, both written and oral
- Willingness to pursue ASA/FSA designations of the Society of Actuaries
Actuarial Consultant
Required Qualifications:
- Associate or Fellow of Society of Actuaries (candidates who are close to ASA will also be considered)
- Minimum of 5 years of actuarial experience, preferably within the employee benefits industry
- Strong problem-solving, quantitative and analytical skills
- Ability to work independently and as part of a team
Preferred Qualifications:
- Skilled in Microsoft Office Excel and PowerPoint (or comparable programs)
- Experience in retiree medical valuation work
- Detail oriented with excellent organizational skills
- Health insurance experience
- Familiarity with multiemployer plans
- Basic knowledge of compliance and regulations in the benefits arena
Responsibilities May Include:
- Analyzing data
- Measuring post-retirement benefit obligations
- Proactively advising clients and providing superior client service
- Contributing to the creation of benefit plan analysis, design, cost savings and funding strategies
- Playing a key role in vendor procurement, negotiation, implementation, and optimization activities
- Ensuring client compliance adherence by managing completion of reports and administrative actions for clients including Form 5500 filings, policy checking and delivery, monthly reporting of client and carrier information, summary plan descriptions and certificates
- Preparing basic financial/underwriting exhibits as requested including but not limited to financial projections, large claim analysis, specific stop loss analysis, demographics analysis, IBNR, etc.
- Reviewing financial analyses including but not limited to developing pricing and contribution strategies, modelling plan design alternatives and calculating reserves
Benefits Consultant
Required Qualifications:
- Bachelor’s degree or equivalent work experience
- Minimum of 5 years of experience in the employee benefits industry
- Strong problem-solving, quantitative, and analytical skills
- Self-motivated and able to juggle multiple priorities
- Ability to effectively communicate results and recommendations
- Ability to work independently and as part of a team
Preferred Qualifications:
- Skilled in Microsoft Office Excel and PowerPoint (or comparable programs)
- Experience in retiree medical valuation work
- Detail oriented with excellent organizational skills
- Basic knowledge of compliance and regulations in the benefits arena
- Familiarity with multiemployer plans
- Underwriting experience
- CEBS designation, or Life or Health Insurance Agent License
Responsibilities May Include:
- Analyzing data
- Measuring post-retirement benefit obligations
- Contributing to the creation of benefit plan analysis, design, cost savings and funding strategies
- Playing a key role in vendor procurement, negotiation, implementation, and optimization activities
- Ensuring client compliance adherence by managing completion of reports and administrative actions for clients including Form 5500 filings, policy checking and delivery, monthly reporting of client and carrier information, summary plan descriptions and certificates
- Preparing basic financial/underwriting exhibits as requested including but not limited to financial projections, large claim analysis, specific stop loss analysis, demographics analysis, IBNR, etc.
- Reviewing financial analyses including but not limited to developing pricing and contribution strategies, modelling plan design alternatives and calculating reserves
PBGC – Special Financial Assistance Non-Priority Group Application Process
On March 8, 2023, the Pension Benefit Guaranty Corporation posted guidance for eligible multiemployer plans seeking to apply for Special Financial Assistance during the non-priority group application period, which began on March 11, 2023. In recognition of its capacity constraints, the PBGC has temporarily closed the e-Filing portal and is accepting requests to be placed on a waiting list for plans seeking to apply for SFA. Additional guidance on the non-priority group application process can be found on the PBGC’s website: https://www.pbgc.gov/arp-sfa/sfa-application-guidance-non-priority-group-plans
PCORI Fee Increase Announced
The applicable dollar amount to determine the fees which help fund the Patient-Centered Outcomes Research Institute (PCORI) will increase from $2.79 to $3.00 for plan years ending after September 30, 2022 and before October 1, 2023 according to IRS Notice 2022-59 issued by the Internal Revenue Service (IRS) on November 14, 2022.
For more information on the PCORI fee download the TMC Newsletter here: https://www.mckeogh.com/wp-content/uploads/Health-News-01.10.2023-PCORI-Fee-Increase.pdf
2023 Facts & Figures
The Facts & Figures page has been updated to include the employee benefit plan limits for 2023.
Download a PDF of the data from 2019-2023 HERE.
2023 Medicare Parts A and B Cost Sharing Amounts
The Centers for Medicare and Medicaid Services (CMS) released the 2023 premiums, deductibles and coinsurance amounts for Medicare Part A and Part B. While cost sharing for Medicare Part A services will increase in 2023, cost sharing for Medicare Part B services will decrease.
Medicare Part A covers inpatient hospital, skilled nursing facility, hospice, inpatient rehabilitation and some home health care services. The inpatient hospital deductible covers the first 60 days of Medicare-covered inpatient hospital care and will increase from $1,556 in 2022 to $1,600 in 2023. For the 61st through 90th day of a hospitalization, the coinsurance amount will increase from $389 per day in 2022 to $400 per day in 2023. After the 90th day, lifetime reserve days may be used after paying a coinsurance amount of $800 per day, which is an increase from the 2022 amount of $778 per day. The daily coinsurance for days 21 through 100 of extended care services in a skilled nursing facility will increase from $194.50 per day in 2022 to $200 per day in 2023.
Medicare Part B covers physician services, outpatient hospital services, some home health services, durable medical equipment and other medical services not covered by Medicare Part A. The standard monthly premium for Medicare Part B coverage will decrease from the 2022 amount of $170.10 to $164.90 in 2023. The annual deductible for Part B beneficiaries will decrease from $233 in 2022 to $226 in 2023.
Plans that reimburse Medicare-eligible retirees through a Medicare Supplemental benefit will need to make the necessary decisions and adjustments to the plan of benefits to incorporate these changes to Part A and Part B cost sharing amounts.
TMC Update – Mandy and Karen to present at IFEBP Conference
The McKeogh Company is proud to announce that Karen Crossin and Mandy Notaristefano are presenting at the International Foundation of Employee Benefits – 2022 Annual Conference in Las Vegas, Nevada. Karen’s session on Monday October 24th is titled “Specialty Benefits”. Mandy’s session on Tuesday October 25th is titled “Investment Returns vs. Actuarial Assumptions”. Additional information about the International Foundation of Employee Benefits can be found here: www.ifebp.org
TMC Update – Jim at the Conference of Consulting Actuaries
The McKeogh Company is proud to announce that Jim McKeogh was a presenter at the Conference of Consulting Actuaries 2022 Annual Meeting in Austin, Texas. Jim’s session on October 17, 2022 was titled “Dueling Actuaries”. Additional information about the Conference of Consulting Actuaries can be found here: https://www.ccactuaries.org/
2023 PBGC Premium Rates
The Pension Benefit Guarantee Corporation announced the 2023 premium rates. The per-participant flat premium rate for plan years beginning in 2023 is $96 for single-employer plans (up from a 2022 rate of $88) and $35 for multiemployer plans (up from a 2022 rate of $32).
For plan years beginning in 2023, the variable-rate premium for single-employer plans is $52 per $1,000 of unfunded vested benefits (UVBs), up from a 2022 rate of $48. The variable-rate premium is capped at $652 times the number of participants (up from a 2022 cap of $598). Plans sponsored by small employers (generally fewer than 25 employees) may be subject to an even lower cap. Multiemployer plans do not pay a variable-rate premium.
Current and historical PBGC Premium Rates can be found here: https://www.pbgc.gov/prac/prem/premium-rates
MEPP Risk Rating – The Passer Rating for Multiemployer Pension Plans
Jim McKeogh, FSA, explains the need for a measurement, similar to the NFL passer rating, that will assess a multiemployer pension plan’s risk with one single metric. Click below to read his conversation with editor Kathy Bergstrom published in the July/August 2022 issue of Benefits Magazine.
MEPP Risk Rating: One metric to quantify the risk associated with a multiemployer pension plan
Reproduced with permission from Benefits Magazine, Volume 59 No. 4, July/August 2022, pages 8-10, published by the International Foundation of Employee Benefits Plans, Brookfield, Wis. All rights reserved. Statements or opinions expressed in this articles are those of the author and do not necessarily represent the views of positions of the International Foundation, its officers, directors or staff. No further transmission or electronic distribution of this material is permitted.