Daniel has 25 years of experience in the employee benefits field, serving primarily public sector clients.
He is lead technical actuary for the Florida Retirement System.
Daniel currently manages pension valuations for more than 20 municipal plans in the Washington state fire and police systems. He also manages LEOFF I retiree medical benefit valuations for most of these same cities.
He has assisted clients with many aspects of defined benefit plans, including:
Experience studies
Projections of future contribution rates
Valuation of pension and retiree medical benefits
Benefit calculations
Analysis of pension plan funding policies
Actuarial audits
Recent projects include GASB 75 retiree medical valuations for 40 clients
Publications and Presentations
Daniel’s recent presentations include:
Actuarial and GASB issues for public plans: How can an actuary help you? National Association of Public Plan Attorneys.
Plan redesign: Debating the pros and cons of current proposals, Public Fund Boards Forum.
Who created America’s public pension problems? Can actuaries help lead the way out?, Conference of Consulting Actuaries
GASB 74 and 75.
His recent publications include:
Setting the discount rate for valuing pension liabilities.
Case study: Maintaining a healthy funded status in defined benefit retirement systems.
Overview of GASB Statements 73, 74, and 75.
Public pension plan funding policy: Effectiveness of amortization methods under deterministic scenarios.
Public pension plan funding policy: Effectiveness of amortization methods under projected investment scenarios.
Public pension plan funding policy: Effectiveness of amortization methods under stochastic returns.
Professional Designations
Fellow, Society of Actuaries
Member, American Academy of Actuaries
Enrolled Actuary, ERISA
Education
BS (Phi Beta Kappa), Mathematics, Stanford University
07 November 2023 - by Daniel Wade, Arthur Rains-McNally, Jessica Gardner
In public pension plan funding, amortization methods with short rolling periods better meet the intent of revised Actuarial Standard of Practice No. 4 (ASOP 4).
Successful implementation of new accounting rules for public postretirement benefit pension plans will require an understanding of a variety of technical concepts regarding various newly required calculations. We take a look at Government Accounting Standards Board (GASB) Statements 73, 74, and 75.
Most systems automatically decrease contribution rates when the market begins to recover, which can cause increased strain on budgets later. Is there another way for a pension plan to meet its funding needs?
