Choose the individual who will sign your funding work—not merely a consulting firm—then test that person’s Enrolled Actuary status, experience with your plan’s funding problem, command of assumptions and asset valuation, communication, continuity, conflicts, and written fee scope. For a U.S. private defined benefit plan covered by ERISA, those checks provide a more reliable selection process than a generic “best actuary” list or an unexplained low quote.
This guide is for plan sponsors, committees, and finance leaders selecting an actuary for annual funding calculations and related support. It does not rank firms or establish a universal fee, because neither is prescribed by the governing standards.
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What a pension actuary does for a defined benefit plan
The actuary estimates the plan’s liabilities and determines the employer contribution required under the applicable funding rules. The Internal Revenue Service describes the job this way: “Pension actuaries also calculate the required amount of an employer’s annual contribution to a defined benefit plan to ensure that current and future plan benefits are available to the participants.” The work can also support required reporting, projections, contribution strategy, benefit changes, and discussions with auditors or regulators.
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Funding work is specific to the plan
A candidate should be able to discuss the features that drive your results, such as:
- Single-employer or multiemployer structure.
- Ongoing, frozen, or terminating status.
- Benefit formulas, early-retirement subsidies, lump sums, or other unusual provisions.
- Participant demographics, payroll, turnover, retirement patterns, and data quality.
- Funding method, credit balances, benefit restrictions, and contribution timing.
- Recent amendments, mergers, acquisitions, settlements, or changes in investment policy.
Experience with a plan that looks similar on paper is useful, but it is not a substitute for explaining how the candidate would address your particular assumptions, data, and statutory deadlines.
Verify the person’s Enrolled Actuary status
For actuarial services required under ERISA, Enrolled Actuary status is a key credential. The IRS defines an Enrolled Actuary as someone who has met Joint Board qualification standards and has been approved to perform the specified actuarial services. Ask for the name of the individual who will sign the work and verify that person’s current enrollment through official IRS information. A firm’s marketing statement that it “has enrolled actuaries” is not enough if the proposed signer is someone else.
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Obtain these names in writing:
- The responsible actuary who signs the funding calculations or required actuarial statement.
- The actuary doing the day-to-day analysis.
- The independent reviewer or quality-control actuary.
- The person who will cover the engagement if the lead is unavailable.
Ask how changes in personnel are communicated and whether a successor will have access to the valuation history. A current credential with no clear ownership can still leave the sponsor unsure who is accountable for a deadline or an error.
Understand the professional opinion
The statutory pension-reporting language in 29 U.S.C. requires an enrolled actuary for specified annual-report actuarial statements. It also requires assumptions and techniques sufficient to form an opinion on whether the reported items are, in aggregate, reasonably related to the plan’s experience and reasonable expectations and represent the actuary’s best estimate of anticipated experience. This is a professional opinion about the actuarial work; it does not transfer responsibility for plan data, document interpretation, or sponsor decisions to the actuary.
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Compare candidates on the issues that change your result
1. Relevant plan and funding experience
Ask candidates to describe comparable engagements without requesting confidential client information. “Comparable” should mean comparable funding issues, not merely the same number of participants. Probe for experience with frozen plans, volatile funded status, benefit restrictions, large lump-sum elections, complex optional forms, or an impending transaction if those conditions apply to you.
Request two or three references for plans with a similar structure. Ask references whether the actuary met filing and contribution deadlines, explained changes from one valuation to the next, handled data corrections, and responded when results were unfavorable. Do not treat a reference list as proof of superior performance; use it to test the claims made in the proposal.
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2. Assumption selection and sensitivity
Assumptions can materially change liabilities and required contributions. Ask the candidate to explain each material demographic and economic assumption, the evidence or expectation supporting it, who selects it, and how often it is reviewed. Ask for a sensitivity illustration showing how a plausible change in a key assumption affects liabilities, funded status, and contributions.
Actuarial Standards Board ASOP No. 27 addresses selecting assumptions for defined benefit obligation measurements, including funding valuations and projections. It does not mean the actuary must simply adopt an assumption chosen by another party. A strong proposal explains the decision process, identifies assumptions supplied by the sponsor or investment adviser, and shows where professional judgment remains.
3. Asset valuation method
Ask what asset value will be used in the funding valuation—such as a market-related or other permitted method—why it is appropriate, and how the method affects contribution volatility and disclosures. Request an example of the reconciliation from trust or custodian data to the value used in the valuation.
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The Actuarial Standards Board’s guidance on selection and use of asset valuation methods for pension valuations makes this a distinct professional issue. The guidance notes that ASOP No. 4 governs if there is a conflict. Confirm the currently applicable standard text for your valuation date rather than relying on an old proposal template.
4. Data controls and plan interpretation
Require a written data specification. It should identify the participant fields, census date, payroll or service information, payment history, asset statement, and supporting documents the actuary needs. It should also state who resolves missing dates, duplicate records, inconsistent marital status, unusual benefit elections, and differences between the administrator’s system and the plan document.
Ask how the actuary records assumptions about ambiguous provisions. If the plan document, amendment, summary plan description, and administration practice do not align, the actuary should flag the issue rather than silently choose an interpretation. A qualified benefits attorney may need to resolve the legal question.
5. Communication and decision support
Request a redacted sample report and a live walkthrough. You should be able to find the contribution recommendation, minimum or required amounts, funded-status measures, assumptions, asset value, data limitations, changes from the prior year, and material qualifications without decoding unexplained acronyms.
Ask how the team handles questions from the sponsor, auditor, investment committee, and government agencies. Clarify whether calls, scenario modeling, and explanations for the board are included or billed separately. Good communication is not cosmetic: an unexplained assumption or unexplained year-over-year change can delay a decision even when the mathematics is correct.
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Define the engagement before comparing fees
Obtain comparable written proposals. A price comparison is meaningful only when the deliverables, data responsibilities, deadlines, and included support are comparable.
| Proposal area | What to specify | Why it matters |
|---|---|---|
| Core valuation | Funding valuation date, methods, assumptions, contribution calculations, and actuarial statement | Prevents a low quote from omitting required work |
| Data services | File format, census cleansing, reconciliations, and who resolves exceptions | Shows the sponsor’s internal workload and error risk |
| Reporting and filings | Valuation report, schedules, Form 5500 support, auditor responses, and filing deadlines | Separates a calculation-only engagement from a compliance-support engagement |
| Modeling | Included projections, assumption sensitivities, amendment estimates, and transaction scenarios | Prevents surprises when management asks “what if?” |
| Plan changes | Amendment, merger, termination, benefit-settlement, or other special-project pricing | Identifies work that may trigger additional fees |
| Service levels | Primary contact, review process, response targets, and escalation path | Tests whether the team can meet your decision calendar |
| Continuity | Named backup, reviewer, transition process, and retention of prior-year files | Reduces dependence on one individual |
| Fees and expenses | Annual fee, billing schedule, assumptions behind it, pass-through costs, and change-order rules | Lets the committee compare total expected cost rather than a headline number |
There is no reliable universal market fee benchmark in the available federal and actuarial standards. Treat a fee as a negotiated price for a defined scope, not as evidence that one provider is better or worse.
Use a structured interview
Give each finalist the same plan summary and questions. Record the answers and any conditions attached to them.
- Who will sign the funding calculations? Provide the individual’s full name, role, and current Enrolled Actuary status, and explain how you verify it.
- Which comparable plans and funding issues has this team handled? Ask for examples involving your plan type, frozen or ongoing status, unusual benefits, or current transaction.
- What data do you need from us? Request a field-level checklist, validation steps, exception process, and deadline calendar.
- How will you select and explain assumptions? Ask who proposes, reviews, approves, and documents each material assumption.
- How will you value assets? Request the method, rationale, effect on results, and disclosures that will appear in the report.
- How will you show uncertainty? Ask for sensitivity or scenario examples and an explanation of which changes are decision-useful.
- What exactly is included in the annual fee? Identify filings, auditor support, calls, projections, and special projects that are excluded or separately priced.
- Who reviews the work? Get the reviewer’s name, review timing, and process for correcting a discovered error.
- What happens if the lead actuary leaves? Ask for the transition plan, file access, and replacement approval rights.
- What other services do you provide? Require disclosure of administration, investment, legal-support, or implementation services and any related conflicts.
Evaluate proposals with a decision matrix
Do not let a polished presentation outweigh a weak scope. Set weights before scoring and document why a candidate received each score. Adjust the weights to your plan’s complexity and internal capacity.
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|---|---|---|
| Credential and accountability | Is the signer identified and currently enrolled? Is review coverage clear? | Enrollment verification and staffing chart |
| Plan experience | Has the team handled the same structure and funding challenges? | Relevant examples and references |
| Technical approach | Are assumptions, asset valuation, methods, and sensitivities explainable? | Sample report and interview answers |
| Data and controls | Are responsibilities, validations, and exception handling explicit? | Data specification and workflow |
| Communication | Can decision-makers understand results and limitations? | Walkthrough, response commitments, escalation path |
| Continuity | Is there a qualified backup and orderly file transition? | Continuity plan and retention terms |
| Scope and value | Does the fee cover the support your calendar requires? | Comparable proposal and change-order schedule |
| Conflicts and discretion | Are other services disclosed and roles separated? | Conflict statement and engagement terms |
Keep the scoring record with the committee’s selection materials. If the lowest fee wins, document what was included and why the omitted services are not needed. If the highest fee wins, document the additional scope or risk reduction that justifies it.
Check conflicts and ERISA fiduciary boundaries
The U.S. Department of Labor states that “Attorneys, accountants, and actuaries generally are not fiduciaries when acting solely in their professional capacities.” That statement does not answer every plan-specific question. Fiduciary status depends on the functions performed and any discretion or control exercised.
Ask whether the proposed actuary will only calculate and advise, or will also select investments, direct assets, interpret plan provisions, administer benefits, approve transactions, or implement decisions. Require the firm to describe how it separates those roles, discloses compensation, manages conflicts, and obtains approvals. Have ERISA counsel assess the arrangement when the actuary’s role goes beyond professional calculations.
Prepare your organization for a clean first valuation
Before requesting proposals
- Collect the current plan document, amendments, trust or custodial statements, prior valuation, latest filing, participant census, and contribution history.
- List upcoming events: amendments, workforce changes, mergers, settlements, freezes, or possible termination.
- Identify the sponsor executive, committee, administrator, investment contact, auditor, and legal adviser who must review results.
- Set the decision date, contribution payment deadline, audit timetable, and filing deadline.
During onboarding
- Sign an engagement letter that names the responsible actuary, reviewer, deliverables, assumptions process, deadlines, fee terms, confidentiality obligations, and change-order rules.
- Approve a data calendar with a census cutoff and a documented owner for every input.
- Resolve plan-document questions before the actuary finalizes the valuation; record legal interpretations separately from actuarial assumptions.
- Agree on how draft results, corrections, and final approval will be documented.
At each annual cycle
- Reconcile the new census and assets to the prior year and investigate material changes.
- Review every changed assumption, method, and participant or asset adjustment.
- Read the limitations and qualifications, not just the contribution figure.
- Have the actuary explain drivers of change and requested sensitivities to the committee.
- Confirm the final report and required statements are delivered to the people responsible for payment, audit, and filing.
Red flags and how to respond
- No named signer: Pause selection until the accountable individual and reviewer are identified.
- Credential described only at firm level: Verify the actual signer’s enrollment independently.
- “Standard assumptions” with no explanation: Request the basis, approval process, and sensitivity of results.
- Asset value omitted from the proposal: Ask which method will be used and what disclosures follow.
- Unclear data ownership: Require a field-level checklist and exception workflow.
- Very low fee with broad exclusions: Reconcile the deliverables against your filing, audit, and board-support needs.
- Guaranteed contribution outcome: Treat this as a warning; actuarial results depend on plan data, assumptions, experience, and applicable rules.
- Pressure to accept an interpretation without documentation: Obtain a written plan interpretation and legal advice where necessary.
- One-person dependency: Require a backup, reviewer, and transfer of working papers.
- Undisclosed implementation role: Ask whether the actuary exercises discretion or control and have counsel review the fiduciary implications.
When legal or specialist advice is needed
An actuary can identify the financial effect of a plan provision, but legal counsel should address whether the provision means what the sponsor believes it means. Involve ERISA counsel for ambiguous amendments, fiduciary questions, prohibited-transaction concerns, plan termination, mergers, settlements, or disputes over required contributions. Involve the auditor early when the valuation will support financial statements. These professionals have different responsibilities; hiring one does not eliminate the need for the others.
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Final selection checklist
- The signer’s current Enrolled Actuary status is verified.
- Signer, day-to-day contact, reviewer, and backup are named.
- The team has demonstrated experience with your plan structure and funding circumstances.
- Assumption selection, evidence, approval, and sensitivity reporting are explained.
- Asset valuation method, rationale, and disclosures are specified.
- Data fields, validation, exception resolution, and plan-document ownership are assigned.
- Deliverables, filing and audit support, response times, continuity, and special-project pricing are written.
- Other services, compensation, conflicts, discretion, and fiduciary boundaries are disclosed.
- References have been checked against the claims that matter to your plan.
- The committee has documented its scoring, trade-offs, and reason for selecting the engagement.
For an ERISA-covered private defined benefit plan, the best choice is the actuary who can be held accountable for the work, demonstrate relevant technical judgment, make assumptions and asset methods understandable, and provide a dependable service process at a clearly defined cost. Verify current rules, IRS enrollment, Form 5500 instructions, and applicable Actuarial Standards of Practice for the valuation date, and obtain plan-specific legal advice where the issue is legal rather than mathematical.
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