How much information must be given

[SSRRS]

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.

[C. B. Zeller]

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.

 

[SSRRS]

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

[Ilene Ferenczy]

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.

[SSRRS]

thank you very much