Matthew
Proceed with caution if engaging with…
Proceed with caution if engaging with this firm for any actuarial work. Their projections ignore compliance requirements. An illustration was sent to me for a cash balance plan where total compensation is $460k, and employer contributions are $191,900 which is 41.7% of total W2 compensation (an obvious violation of the 31% rule). - This site does not allow images to be attached but I would have attached proof of this obvious error if allowed. When I requested clarification, a senior consultant and partner at the firm replied via email telling me that their actuaries are pros and that I can have a meeting with them for a fee to educate me. I agreed to the fee. They did not honor that fee and when I followed up, suggested that I needed to take a class and educate myself. Every other source, actuary, and professional has told me that this attached projection is not compliant or correct. To me it is sloppy inaccurate work. Furthermore, when questioned upon that inaccurate work, the incredibly dismissive attitude when confronted on the inaccurate work should be avoided.