“Charles County is one of our bigger clients'. Along with Loudon County, Virginia they are two of a significant number of local governments which sponsor a LOSAP to help recruit and retain volunteers.
Latham, New York (PRWEB) June 03, 2017
Penflex, Inc., a firm located in upstate New York that provides actuarial and administrative services and is nationally recognized for specializing in Length of Service Award Programs (LOSAPs), has been hired by Charles County, Maryland, for the second time in five years.
Charles County sponsors a defined benefit LOSAP intended to help recruit and retain emergency services volunteers and Penflex will provide an updated actuarial study of the Charles County LOSAP plan and make recommendations for changes which will keep the plan well-funded and in compliance with any state and federal LOSAP requirements.
“This is the second contract with Charles County,” said Penflex President, Ed Holohan “The last contract was in 2012 and some key recommendations we made were adopted by the County. We’re thrilled to be working with Charles County again and look forward to our team of actuaries delivering them the same high level of service as we have in the past.”
Charles County Volunteer Fire and Rescue is comprised of 17 independent volunteer fire and EMS departments located throughout the County and operates under the direction of two volunteer associations.
“Charles County is one of our bigger clients,” Holohan said. “Along with Loudon County, Virginia they are two of a significant number of local governments which sponsor a LOSAP to help recruit and retain volunteers. These governmental sponsors need a firm with dedicated actuaries with decades of LOSAP experience, that’s what Penflex brings to the table.”
As an increasing number of volunteer fire and EMS departments try to respond to a decades long drop in the number of volunteers they are turning to a LOSAP as an effective tool to attract new volunteers and retain current ones. According to the National Volunteer Fire Council 70% of the firefighters in the country are volunteer and it is estimated that they save taxpayers $139.8 billion each year. 2011 saw the numbers of volunteers in the country reach record lows while the average age of existing volunteers continued to increase. According to the latest volunteer fire department profile, done by the National Fire Protection Association, over half of the volunteer fire service is at least 40-years old. Because of this LOSAP programs have become more popular as recruitment and retention tools and Penflex has seen a strong increase in business.
“The addition of Charles County and Loudon County to our client list is only part of the story. We’re seeing interest in these programs all over the country. It’s a big reason why we’ve recently expanded our staff by two additional actuaries. One, Craig Relyea, attained his ASA accreditation while working here, and we’re very proud of that and of him. The other, Kati Young, ASA, EA, MAAA, came to us from Office of the Actuary for the New York State Teachers’ Retirement System (NYSTRS),” said Holohan.
As an Associate of the American Society of Actuaries (ASA), Edward Holohan has the equivalent of his master's degree in the actuarial profession and is a graduate of Siena College in Loudonville, New York. In 1990 Mr. Holohan took three-decades of experience in designing and administering pension plans and founded Penflex, Inc., a professional services and actuarial firm that has operated nationwide for more than 25 years with recurring services clients' in in 8 different states.