Actuarial Consulting


Post-employment benefit practices vary from employer to employer. Both eligibility and benefit provisions are quite diverse. This provides an opportunity for plan sponsors to carefully evaluate the features of their benefit package. Our GASB Assist actuaries provide the support plan sponsors need to explore their options. Our proprietary tools provide the quantitative measures needed to complete a benefit plan review. The actuarial consulting services that are available include:

  • Forecasts for your future budget needs, including:
    • Annual contributions required to fund retiree benefits
    • 10-year, "pay-as-you-go" cost projections
    • Recommendations for managing your OPEB plan liabilities
  • Sensitivity analysis to illustrate the impact of changes in assumptions on the value of plan liabilities (e.g., healthcare trend rates, investment rate assumptions, etc.)
  • Analysis to illustrate how pre-funding the OPEB obligations would affect the valuation results
  • OPEB plan reviews, including recommendations to:
    • Modify the eligibility or benefit features
    • Moderate the cost of providing the benefit plan
    • Document informal operating procedures
  • Participation in meetings to review the valuation results (whether by phone or in person)

GASB 45 Actuarial Valuation and Related Actuarial Consulting Services
The Government Accounting Standards Board (GASB) issued standards and guidance to implement financial reporting requirements for state and local governments who maintain Other Post Employment Benefits (OPEB). Information about Silverstone Group, the GASB 45 process and available services follow.

Consider Silverstone Group for GASB 45
SilverStone Group is considered a good choice for GASB 45 services for these reasons:


  • Qualifications – The assigned actuaries and consultants are fully qualified.
  • Experience – Actuarial services related to the financial reporting of Other Post Employment Benefit (OPEB) plans have been provided for over 15 years.
  • Responsiveness – The assigned actuaries and consultants place the highest priority on delivering quality work with adequate time margins to satisfy reporting deadlines.
  • Commitment – Our clients are an important extension of our actuaries and consultants.
  • Economy – We respect the desire for quality work at a reasonable cost.


Professional Credentials & Experience
The actuaries of Silverstone Group have the qualifications and experience to address the financial reporting requirements of GASB 45. We are qualified to issue a Public Statement of Actuarial Opinion and to undertake this project by observing Precept 2 of the Code of Professional Conduct of the American Academy of Actuaries.

The GASB 45 Process
Communication is the key to the effective delivery of actuarial consulting services. We will initiate each GASB 45 engagement with a pre-valuation discussion. This discussion will provide the opportunity to clarify and confirm the features of the OPEB plans. Our reports will present the detailed results of the GASB 45 valuation. The reports will include adequate descriptions of the GASB process and the terminology used to present the results. Written reports will be supplemented by discussion during a post-valuation conference call. We will also be available to meet in your offices to present and discuss the results, as desired.

The Services that are available have been separated into Core and Optional Services. The Core Services include everything neededto satisfy the GASB 45 reporting requirements.SilverStone Group will:


  • Derive the actuarial value of benefits, separately identifying amounts for active and retired employee
  • Evaluate experience and select assumptions related to turnover, retirement age, mortality, projected post retirement benefit increases, inflation rate, amortization period and investment return
  • Display GASB 45 financial information and footnote disclosures:
    • annual required contribution, as a dollar amount and a percentage of payroll
    • annual OPEB cost as a dollar amount and a percentage of payroll
    • reconciliation of net OPEB obligation during the current year and projected net OPEB obligation at the end of the year
  • Include descriptions of:
    • benefit plan provisions
    • actuarial methods and amortization policy
    • actuarial assumptions
    • claims and member data used in the valuation
  • Provide an Actuarial Certification in compliance with Actuarial Standards Practice of the American Academy of Actuaries
  • Provide electronic and paper copies of written reports that document the services performed and determinations reported

Additional Optional Services may be selected and include the following:

  • Information necessary to forecast future budget needs including:
    • annual required contributions needed to fund retiree benefits
    • ten-year “pay-as-you-go” cost projections
    • recommendations for managing the OPEB plan liabilities
  • Models or mechanisms for forecasting changes in assumptions and their general effect on potential liability
  • Attend on-site meetings to discuss result of valuations or optional services

With fewer than 100 employees
An Alternative Measurement Method may be used when there are fewer than 100 eligible employees. If the alternative method is selected to comply with GASB 45, simplified assumptions are reflected to derive the desired financial disclosures. By selecting the alternative method, the plan sponsor gives up several levels of “sophistication” and forgoes an actuarial certification. But the cost to complete the required financial disclosures may be less. If eligible, additional information can be provided.

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