Services Offered By Firefly Admin Inc.

Actuarial

Article 11-A of the NYS General Municipal Law requires the sponsor(s) of a Defined Benefit (DB) plan to engage the services of an actuary. By partnering with Firefly, you are engaging directly with our actuaries to continually assess the funding status of your LOSAP. Our actuarial services include:

Calculating the annual required contribution for the sponsor

Helping the program sponsor identify and manage the risks associated with LOSAP

Performing an additional actuarial valuation for applicable accounting standards

Preparing and certifying the benefit amounts payable from the LOSAP

Preparing actuarial cost estimates for proposed plan amendments

Explaining the important actuarial components of the LOSAP in a straight-forward manner

Administration

Firefly is a Third-Party Administrator (or “TPA”) that specializes in providing LOSAP services. We assist the local government sponsor and the fire department to administer all aspects of their program. This includes:

Enrolling firefighters

Determining eligibility

Tracking service and vesting

Maintaining beneficiary forms

Annual statement mailing

Plan documentation

Consulting

We strive to keep our clients and their affiliates informed on the latest guidance from the Office of the State Comptroller and any changes in the applicable laws and regulations that govern LOSAP. Our consulting services include determining the cost and discussing the appropriateness of changes to the LOSAP with the sponsoring Board.

Auditor Support

We communicate directly with your internal and/or external auditors. This saves time for the treasurer or comptroller in preparing the financial statement and/or the audit process. We will:

Furnish your auditors with copies of the annual report and asset statements.

Prepare the State-required audit footnote.

Prepare GASB 73 disclosures if necessary.

We will also answer any questions from the auditor.

Compliance Support

Firefly is not a legal firm and we do not provide legal advice, but we do assist you and your local attorney by being experts of the General Municipal Law, NYS Rules & Regulations, and the applicable section of the Internal Revenue Code.

We assist the local sponsor by drafting necessary documents such as the Plan Document, Point System, Board resolutions, and voter propositions.

We can work directly with your attorney or provide these services directly to the Board for review with your attorney.

Trustee Support

We assist the Board in monitoring and reconciling the LOSAP assets.

We receive duplicate copies of investment statements, then reconcile and balance the investment income and benefit distributions.

We provide a periodic accounting of the Trust Fund, at least annually.

We verify and confirm all benefit payments were made correctly.

We calculate the rate of return on the plan assets and track historical returns.

We are also available to be part of the process of selecting a custodian, portfolio/asset manager, and paying agent.

Get started with
Firefly Admin Inc. today!