Testimonials

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Zausner Foods Corp.

From the mid 1980s to 2000, there were no required contributions to our Pension Plan. The investment and interest rate marketplace of the 2000-2002 time period hurt our Plan’s funded status and put us back in the position of periodic contributions. The contributions to our Plan resulted in attention from our company ownership towards the Plan.

With guidance from Markley Actuarial, we have taken control of our Pension Plan and retirement program with the following steps:

  1. We developed and followed a 5 year schedule of Pension Plan contributions. As the five year period nears its conclusion, it is clear that the schedule helped with our budgeting process, guided our tax planning and provided communication to all parties regarding the funding requirements of the Plan. This year, we will develop our next 5 year schedule of contributions.
  2. We proceeded through a Request for Proposal process to select an investment manager for both our Pension and 401(k) Plans. We selected Vanguard. We have had favorable investment results, reduced our investment fees and participants now have internet access to their retirement plan information.
  3. We reviewed the design of our retirement program. We slightly modified the Pension formula and the 401(k) match to meet our goals of increased participant responsibility for their retirement, employer cost and replacement ratios for participants.

Recognizing the uncertainty of changes in funding rules and accounting changes in the retirement marketplace, we continue to look forward to the future with a well funded Pension Plan that meets our company goals and objectives.

Neffsville Vet Clinic

Markley Actuarial has provided services to our retirement program for 20 years. I recently retired as a veterinarian and our Profit Sharing Plan benefit will play a critical role in my financially secure retirement.

Several changes have been made to the Profit Sharing Plan over the years to help our practice prosper and allow my retirement. Markley Actuarial has guided us through the following changes:

  1. The Plan design was revised to permit a greater portion of owner’s income to be saved for retirement on a tax deductible basis.
  2. Plan changes were made to a more efficient investment account design, which saved substantial administrative and investment expenses.
  3. As a part of the ownership exchange planned before my retirement, contributions were made to the Plan on my behalf on a tax deductible and income deferred basis.

The final measure of the success of the Profit Sharing Plan and my retirement is that my partners are able to proceed with a substantial expansion of our practice so soon after my retirement.

Russ Nyland

New York Wire Company

I am very pleased to have the opportunity to provide this testimonial for Markley Actuarial Services in recognition of the outstanding contributions they have made to the ongoing health of our employee benefit plans.

Markley Actuarial began providing actuarial services to our Company Pension Plan in 1999. At the time, our Pension Plan was frozen, underfunded, and subject to additional funding requirements. Markley Actuarial listened to our goal of the eventual termination of the Plan. Our goal became their goal and when the stock market gains of the late 1990’s caused our plan to become sufficiently funded, they were quick to advise us of the feasibility of plan termination. Thanks to Markley Actuarial’s timely advice, we were able to proceed quickly with a decision to terminate the Plan.

Because Markley Actuarial is independent of the investments, they provided objective advice without concern of losing revenue from investments. They prepared the necessary governmental filings and coordinated the purchase of a group annuity for retirees and beneficiaries. For us, this was an especially key component of their service because of our ignorance of the options available. Decisions were made with a higher degree of comfort because of our confidence that we had access to the appropriate options and their respective “pros and cons.”

Markley Actuarial continually monitored both the assets and the liabilities of the plan and kept us aware of the status of both as we got closer to the termination. Their adherence to a defined schedule also helped us keep our focus throughout the entire process. Because of their guidance, we were able to successfully terminate the plan.

In addition, since that time, they have provided a valuable resource to us for any specific or general questions/concerns that we may have concerning any existing benefit plans. I would recommend this firm highly based on the level of knowledge, efficiency, and professionalism that they have exhibited to us over the last 7 years.

Walter J. Senkowski
Chief Financial Officer

New York Wire Company

As the Human Resource Manager, our communication to employees was vital to successfully terminate our Pension Plan. Markley Actuarial not only handled the termination of the Plan from an Actuarial perspective, they also guided me through the process by clearly communicating the required steps needed from an HR perspective.

Markley Actuarial prepared the necessary participant statements/notices, participated in employee meetings, and answered all of my questions in a timely matter. They also went above and beyond by helping me with complicated participant issues such as locating missing participants, dealing with historical records and the large amount of data that accompanied the termination of our Pension Plan. Not only did they help me with a smooth transition for current employees, they also coordinated the purchase of a group annuity for retirees and beneficiaries.

Their step-by-step guidance through this conversion helped make my job easier which resulted in making an effortless transition for our employees as well.

Lori Rhinehart
Human Resources Manager

Rayco Process Services, Inc.

Our business is a family run steel fabrication specialty business. Although we are small, we are frequently working for and with very large employers. Our employees spend significant periods of time out of town working on our company projects.

Because of the unique nature of our business, we have distinct goals and needs. Markley Actuarial has been responsive to our needs in the employee benefit area.

Our company retirement plan was effective in 1984. Markley Actuarial started their services to the Plan a few years later. The Plan has over 80% 401(k) deferral participation by our employees.

Because of our long affiliation with Markley Actuarial, we have worked with many of their dedicated professionals. Each has been accurate, knowledgeable and responsive to our needs.

We strongly recommend Markley Actuarial to other employers.

Maximizing Retirement Plans for Non-Profits

Scenario 1

Issue: A local private school (k-12) engaged Markley Actuarial to simplify their retirement program which consisted of both a 403(b) and a 401(k) plan. Their program required a double-duty workload; two documents, two sets of employee communications, two 5500 filings!

Solution: Markley Actuarial successfully guided them to combine the two separate plans into a single 403(b) Plan. The 401(k) Plan benefits were rolled into the 403(b) Plan producing a retirement program that required only one document, one employee statement, and one 5500 filing. The school realized a reduction in administrative time of over 50% and reduced the number of service providers and fees, which made the task of combining plans well worth the effort. Today, the single plan is easy to administer and the employees receive clear consolidated communication of their retirement savings program.

Scenario 2

Issue: A large regional health care provider employed the services of Markley Actuarial to consolidate two separate retirement plans - a Cash Balance Plan and an employer matching 403(b) Plan. The client wished to reduce the funding volatility and financial risk of the Cash Balance Plan without reducing the level benefits for employees.

Solution: Markley Actuarial worked with the client to freeze their Cash Balance Plan and to develop a customized employer contribution approach to the 403(b) plan based on employee ages. This replaced the benefits employees would have received under the Cash Balance Plan had it continued. Markley Actuarial created an employee communication package that illustrated the minimal impact that the new plan design had on their future retirement savings. Today, the client has a stable and predictable employer contribution to their 403(b) plan.

Hope for Frozen Pension Plans

In 2003 our firm began services to a sponsor with two newly frozen defined benefit plans.  At the time, the combined plans were significantly under funded.  The plan sponsor’s goal was to terminate both plans as soon as possible.  Throughout 2004 to 2007, we monitored the funded status of the plans on a termination basis and went out into the marketplace to acquire group annuity quotes.

As the funded status of the plans improved in 2006 and 2007, we closely monitored the assets and the markets for annuities and found that in August the plans were close to fully funded.  We alerted the sponsor, who quickly purchased annuities to settle the liabilities of the plans.  We were all pleasantly surprised to find that no additional contribution was needed to buy the annuities.

This satisfied plan sponsor got rid of the risk of potentially large contributions carried by the plans and managed to time it all perfectly.  Markley Actuarial’s personalized service and attention to detail helped make it happen.