Article 11-A of the NYS General Municipal Law requires the sponsor(s) of a Defined Benefit (DB) plan to engage the services of an actuary. By partnering with Firefly, you are engaging directly with our actuaries to continually assess the funding status of your LOSAP. Our actuarial services include:
Calculating the annual required contribution for the sponsor
Helping the program sponsor identify and manage the risks associated with LOSAP
Performing an additional actuarial valuation for applicable accounting standards
Preparing and certifying the benefit amounts payable from the LOSAP
Preparing actuarial cost estimates for proposed plan amendments
Explaining the important actuarial components of the LOSAP in a straight-forward manner
Administration
Firefly is a Third-Party Administrator (or “TPA”) that specializes in providing LOSAP services. We assist the local government sponsor and the fire department to administer all aspects of their program. This includes:
Enrolling firefighters
Determining eligibility
Tracking service and vesting
Maintaining beneficiary forms
Annual statement mailing
Plan documentation
Consulting
We strive to keep our clients and their affiliates informed on the latest guidance from the Office of the State Comptroller and any changes in the applicable laws and regulations that govern LOSAP. Our consulting services include determining the cost and discussing the appropriateness of changes to the LOSAP with the sponsoring Board.
Auditor Support
We communicate directly with your internal and/or external auditors. This saves time for the treasurer or comptroller in preparing the financial statement and/or the audit process. We will:
Furnish your auditors with copies of the annual report and asset statements.
Prepare the State-required audit footnote.
Prepare GASB 73 disclosures if necessary.
We will also answer any questions from the auditor.
Compliance Support
Firefly is not a legal firm and we do not provide legal advice, but we do assist you and your local attorney by being experts of the General Municipal Law, NYS Rules & Regulations, and the applicable section of the Internal Revenue Code.
We assist the local sponsor by drafting necessary documents such as the Plan Document, Point System, Board resolutions, and voter propositions.
We can work directly with your attorney or provide these services directly to the Board for review with your attorney.
Trustee Support
We assist the Board in monitoring and reconciling the LOSAP assets.
We receive duplicate copies of investment statements, then reconcile and balance the investment income and benefit distributions.
We provide a periodic accounting of the Trust Fund, at least annually.
We verify and confirm all benefit payments were made correctly.
We calculate the rate of return on the plan assets and track historical returns.
We are also available to be part of the process of selecting a custodian, portfolio/asset manager, and paying agent.
Calculating the annual required contribution for the sponsor
