Milliman combines the insights of experienced pension actuaries with the unique competencies of health actuaries to provide clients with unmatched expertise in retiree medical consulting. In addition to providing accounting disclosures, our health consultants can assist clients with reducing retiree medical costs by improving the efficiency of the current benefit structure, or, if necessary, through plan redesign.
Complete disclosure, assured compliance
Whether your company is a large corporation reporting under FASB 106, a collectively bargained fund under the jurisdiction of SOP 92-6, or a government agency seeking to understand the implications of GASB 45, Milliman retiree medical consultants will work closely with you and your accountants to ensure accurate, complete disclosure. We bring decades of experience in both pension and health consulting to tackle compliance issues from both perspectives.
Designs for the future
Rather than relying on rules of thumb and prepopulated worksheets to calculate potential retiree health costs, Milliman uses cutting-edge forecasting techniques, developing hypothetical scenarios so clients can weigh outcomes and choose the best options. Armed with this knowledge, our clients can prepare themselves for costs that might otherwise seem unmanageable.
Our sophisticated systems model many different benefit and assumption scenarios on the fly, which can shorten the decision-making process and save on consulting fees. We help our clients understand the complex health and welfare issues involved, so that they are able to make informed decisions.
GASB 45: understanding before deciding
We provide our experience and expertise to government agencies that are facing the challenge of complying with GASB 45. One such client is a city with 1,500 active employees and 500 retirees. Our consultants made the initial calculations to forecast its retiree medical costs in years ahead. Initially, the expense the city would be required to report under GASB 45 seemed prohibitive. However, we outlined options for establishing a trust to prefund retiree medical benefits, which provided the city with flexibility in complying with GASB 45 reporting.