Category: General

The last two days we’ve discussed the time value of money, and mortality. Both of these concepts are key to developing the annual contribution that the sponsor of a DB LOSAP must make each year. They are also used to determine the present value of all of the promised benefits, which is a key component…

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Life expectancy, or mortality, is an integral part of determining how much a sponsor of a defined benefit plan must contribute to the trust fund to pay for the promised benefits. In actuarial science, the mortality assumption is not just the answer to the question “how long will I live?”. It is instead more of…

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The time value of money is a core principle in the world of finance. It is also an important factor in actuarial calculations. In general the time value of money is the idea that money is money available to you today is more valuable than that same amount paid at a later date. The reason…

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Something else we see an awful lot really just comes down to paying attention! Have you had a significant life event – marriage, child(ren) born, divorce or parents die? All of these events could impact your beneficiary designation. In particular, if you get divorced, you should immediately update your beneficiary. Even if you want to…

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In the last post we discussed the importance of designating a beneficiary. If you have completed a beneficiary designation form – great!  However, there are still some common mistakes we have seen over the years that must be avoided. Even if you have completed a form, you may want to review that designation. ​One mistake we…

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One of the main purposes of a LOSAP is to reward those who volunteer their time at the local fire department or ambulance. In the overwhelming majority of cases, this means paying the volunteer when he/she reaches the age of entitlement. However, a provision must be made in the event a volunteer dies before reaching…

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The General Municipal Law defines a Defined Benefit Plan and Defined Contribution Plan as follows: 2.“Defined benefit plan” means any service award program that provides to eligible volunteer firefighters, a benefit that is definitely determinable under the program without reference to the amount contributed to the program on the participant’s behalf or to any income,…

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A little background on me, from December 1998 to September 7, 2001, I worked at One Park Avenue in NY. My wife worked for a company that took care of plants in office buildings all over metro NYC, including the Twin Towers. My last day of work was the Friday before 9/11 – I was…

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General Municipal Law § 217 (h) states the following regarding military leave: ​(i)  A participant whose volunteer fire service is interrupted by full-time extended obligatory military service or by a single voluntary enlistment not to exceed four years in the armed forces of the United States shall be considered on military leave. During such period of military…

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