Nervous about Learning a New System
We need to get trained quickly so we can be productive in ASCASC Solution:
ASC’s Onboarding Team made learning a new system fun and effective. We attended online training sessions led by the DB Support Actuaries, and after each instructional period, we worked on practice exercises. Best of all, by the end of the training, we started working on our takeover cases. ASC even gave us session recordings and training workbooks that we can use to train new employees so that we can stay focused on our work. Our entire team was impressed with the onboarding process!Conversion Process Anxiety!
We had a few hundred DB plans and were nervous about converting them to ASC ASC Solution:
ASC’s Conversion Team took our stress away. They built conversion wizards that created plans in ASC, set key plan level settings, and imported participant data. After that, it was quick to change a few settings to get each plan’s result within the 2% threshold requirements. A few plans needed help meeting the threshold, and ASC’s Support Team gave us custom solutions that helped us to the finish line. We even successfully converted one of our plans that had fully subsidized early retirement and pre-retirement death benefits using the DB system’s multidecrement programming!Takeover Nightmare!
We received a takeover case that has not had valuations completed for many years.ASC Solution:
We asked ASC’s Support actuaries if their DB System can run valuations using the laws in effect during those prior years, and we were relieved when they said it could!! The system even maintains funding rates needed for MAP-21, HATFA, and BBA. We were able to set up a 7+2 extended amortization that was allowed under PRA 2010 and complete all these valuations one after another.More Funding Methods
PPA funding requirements can vary significantly from year to year, and one of our plan sponsors was laser-focused on managing plan cost volatility from year to year.ASC Solution:
We ran test cases using the various pre-PPA funding methods available in ASC, so we were able to offer recommendations on achieving more predictable and level annual funding amounts by using the entry age normal funding method. We prepared consulting illustrations showing level contribution amounts as well as the current PPA results. Having a DB valuation software that has been around a while gave us the tools to help satisfy our client’s needs.Advanced Nondiscrimination Needs
Early last year, one of our clients hired their children and they deferred a significant amount. This combo plan needed lots of testing help!ASC Solution:
With the large number of customizable testing options available in the ASC system, we were able to run disaggregated nondiscrimination testing using different methods to illustrate that they pass testing in ASC. We were even able to run preliminary component nondiscrimination testing for this year and consulted with the client on the likely scenarios. Creating copies of our cases in ASC for the various scenarios was quick and didn’t affect our annual valuation process. This year the sponsor understands their options to control their test results.Turning Over a New Leaf
We’ve been doing things the same way for years. We are always open for new and efficient ways of doing our work.ASC Solution:
One of our new employees was watching the training videos that ASC has on their website and learned that we could download the plan document provisions directly into our plans in the ASC DB valuation system. We heard that this option was available, but we didn’t take the time to see how easy it was. We have updated our administration checklists to include that step in our annual process when we bring on new plans!Generational Mortality Projections
We’re a small plan practice, but the CPA for several of our larger plans requested we provide ASC-715 FASB reports.ASC Solution:
We had our actuary contact ASC Support. We learned ASC-715 FASB calculations are already included in our system. Not only can the system run with pre-retirement mortality and turnover assumptions, COLA increases for the pay and benefit limits, we found out that the system even handles 2D generational projected mortality options that the CPA requested.These Success Solutions highlighting ASC’s functionality are based on actual client situations.
