For defined benefit (DB) plans, Article 11-A of the General Municipal Law requires sponsors of a DB plan to engage the services of an actuary for the purpose of determining the annual required contribution. Our actuaries will calculate these contributions for the Board, and explain the important actuarial components of the LOSAP in a plain-English manner.
Firefly is a Third Party Administrator, or TPA. We assist the local government sponsor and the fire department to administer all aspects of the LOSAP. This includes enrolling firefighters, determining eligibility, tracking service and vesting, maintaining beneficiary forms…the list goes on!
We communicate directly with your external auditor. This saves the time of the treasurer or comptroller, leaving that person free to handle other aspects of the preparation of the financial statement and/or the audit process. We will provide the auditors with copies of the annual report and asset statements, prepare the State-required audit footnote, and prepare GASB 73 disclosures if necessary. We will also answer any questions from the auditor.
We determine the cost and appropriateness of changes to the LOSAP. We keep our clients up-to-date on the latest guidance from the Office of the State Comptroller and changes in the applicable laws and regulations. We also stay engaged in other peripheral issues that are current to the volunteer fire service in New York, with the Supplemental Cancer Coverage as a recent example.
We are not a legal firm and do not provide legal advice, but we assist you and your local attorney by being experts at the General Municipal Law, NYS Rules & Regulations, and the applicable sections of the Internal Revenue Code. We draft the 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 to the Board for your review with your attorney.
We assist the Board in monitoring and reconciling the LOSAP assets. We receive duplicate copies of investment statements, then reconcile and balance them. We provide an accounting of the Trust at least quarterly. We verify and confirm all benefit payments were made correctly. We calculate the rate of return on the assets and track historical returns. We are also able to be part of the process of selecting a custodian, portfolio/asset manager, and paying agent.