Penflex Actuarial Services, LLC provides actuarial, administrative, and consulting services that are essential for an organization’s Length of Service Award Program (LOSAP). From the initial plan meetings to the establishment and maintenance of the plan, to annual review, the Penflex staff assures the program administration will be in accordance with accepted and approved standards and procedures applicable to LOSAP administration.
Our primary goal is to build LOSAP programs that make sense from a budgetary perspective for the client, while acting as a valuable tool in recruiting, retaining, and rewarding volunteer firefighters and EMS workers.
A sampling of Penflex services for clients include:
Providing education in Length of Service Award Programs (LOSAP)
Guidance and assistance in establishing and administering individual or multiple LOSAP programs
Assist with the required recordkeeping of a LOSAP program
Actuarial review provided by experienced in-house actuarial staff
Referrals to qualified investment specialists
Reconciliation of program assets
Secure file sharing portal to share plan, client, and participant information
E Learning online training platform for volunteers with reporting capabilities
Processing of service award payments
Creation of board resolutions and voter propositions to be reviewed by your legal counsel
Provide annual plan reports for auditors
Provide annual individual participant statements
Contact Penflex today to find out how we can assist you with establishing a new LOSAP plan, reviewing an existing plan or even consolidating two different plans into one new LOSAP plan.