Jump to content
SSRRS

How much information must be given

Recommended Posts

Thank you in advance for any help in this matter. Client with DB floor offset plan left and went to new firm. The new firm is asking for written explanation of how the offset calculation (ie accrued benefits after offset was determined). Question: How much work and time are we required to spend in explaining how the plan was administered.  2. Can there be a charge for our time etc. in putting together this information? Thank you.

Share this post


Link to post
Share on other sites

AAA code of conduct (which is incorporated by reference in the ARA code of conduct), Annotation 10-5:

Quote

When a Principal has given consent for a new or additional actuary to consult with an Actuary with respect to a matter for which the Actuary is providing or has provided Actuarial Services, the Actuary shall cooperate in furnishing relevant information, subject to receiving reasonable compensation for the work required to assemble and transmit pertinent data and documents.

 

Share this post


Link to post
Share on other sites

C.B. Zeller, thank you very much for your quick and efficient help and knowledge on the matter. 

Share this post


Link to post
Share on other sites

FWIW,  you might want to augment your service agreement to add a provision outlining that there will be a charge for such a service, that it must be paid in advance, and the amount of that charge.  That way, the client cannot claim surprise when you ask for the money.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...