Testimonials
Browse our testimonials or select one of the following topics:
Risk Management in Pension Plans
Successful Retirement Planning
RISK MANAGEMENT IN PENSION PLANS
New York Wire Corporation
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.
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. Because of their leadership, we were able to successfully terminate the plan.
Walt Senkowski, V.P. of Finance
New York Wire
Laurel Health System, Wellsboro, PA
Markley Actuarial provides recurring actuarial services for our 1500 participant Pension Plan and our post retirement medical program and is assisting us in developing a Risk Management plan for these programs.
Laurel Health’s relationship with Markley Actuarial (MA) began in 2007. Our Cash Balance Pension Plan had become underfunded and too costly for our organization and we needed to restructure our retirement program. Working within a short time frame, MA recommended a plan design to freeze our Pension Plan and improve our 403(b) Plan to the appropriate committees of our board and approval followed. MA was also able to provide 15 year projections of Pension and Post retirement medical cost and liabilities, which have been critical as we seek funding for expansion projects within our organization.
Through 2008, Laurel Health used the services of a national actuarial organization for recurring actuarial services. Through a proposal process and based on our experience in working with Markley Actuarial through the restructure of our retirement plan, we selected Markley Actuarial to be our recurring actuary. Needless to say, 2008 has been a challenging year and Markley Actuarial has provided recommendations that permit Laurel Health to fund the Pension Plan to meet the Pension Protection Act requirements while continuing needed health care services in our community and consider expansion projects.
We look forward to working with Lisa Pfautz, John Markley and their associates to meet our financial goals of the future.
Ronald M. Gilbert, Jr., CPA
Chief Financial Officer
Laurel Health System
Lancaster Newspapers, Lancaster, PA
In 2007, the management of Lancaster Newspapers was concerned about the impact and potential volatility of the Pension Protection Act. To assist us in making several difficult decisions regarding our Pension Plan and related retirement programs, including post retirement medical benefits, we considered proposals from several actuarial firms. The experience with our ongoing nationally known actuarial firm was satisfactory, but we were looking to make changes to our plans so that they would be customized to our needs. We were also looking for a more personalized relationship with our actuary.
During the proposal process, Markley Actuarial provided clear and graphic presentations relating to the specifics of our Plan, and helped us to better assess the risks involved with the Plan. Markley representatives very professionally outlined various options for our team, asked for our input, and answered our questions. This provided us with information that we needed to begin the retirement program review process. We selected Markley Actuarial to work with us on the project because we were comfortable with their knowledge, guidance and approach to our problems and concerns.
During the meetings to consider the redesign of our retirement program, we asked lots of questions. We received answers that were understandable and that helped us to shape our new Plans, based on our predetermined objectives. The resulting Plan design meets the needs of our organization, including related companies. Markley Actuarial was also an important player in designing and presenting a clear employee communication package.
For 2009, we selected Markley Actuarial to be our recurring actuarial firm for our 1,500 participant Pension Plan and other retirement benefits. They helped guide us through the challenging times of the past two years, and we are currently working with them regarding Risk Management for our Pension Plan. We look forward to continuing our work with Markley Actuarial to meet future needs.
Dennis A. Getz, Executive Vice President & CFO
Lancaster Newspapers, Inc.
Fulton Financial Advisors, Lancaster, PA
Fulton Financial Advisors and Markley Actuarial worked together to assist a common Defined Benefit Plan client reach their goal of minimizing risk. The strategy implemented to reduce their risk, asset liability matching, has been very successful from the time of implementation in 2006. I am pleased to provide this description that lead to the successful implementation of this strategy.
Our client and Markley Actuarial contacted Fulton Financial Advisors with the goal of reducing the risk in their Pension Plan. The Plan was underfunded and our common client committed to increasing contributions to the Plan to fund the unfunded liability. However, they never again wanted to face a significantly underfunded Plan. Based on the assumptions of the Plan, Markley Actuarial provided expected benefits to be paid from the Plan for the next 50 years plus. Recognizing accounting rules and Pension Protection Act, Fulton Financial Advisors had instructions to provide investments that matured in a manner timely to pay the expected benefits on a year by year basis. In other words, Fulton Financial Advisors was matching the assets (investments) with the liabilities. This was the first time that a client and their actuary had approached us with this risk reducing strategy. To accomplish this goal, Fulton Financial Advisors primarily utilized Treasury instruments.
Through the turbulent times of 2008, our common client’s Pension Plan had a positive return. By working together, we have another satisfied common client!
Larry E. Watkins, Senior Vice President, Senior Portfolio Manager
Fulton Financial Advisors
SUCCESSFUL RETIREMENT PLANNING
Neffsville Veterinary Clinic, Neffsville, PA
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:
- The Plan design was revised to permit a greater portion of owner’s income to be saved for retirement on a tax deductible basis.
- Plan changes were made to a more efficient investment account design, which saved substantial administrative and investment expenses.
- 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, D.M.V.
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.