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Westport Hires Actuarial Firm With Municipal Experience

The town approved a contract with the firm Wednesday afternoon.

The hired Milliman, Inc., a global actuarial firm with local ties, to address Westport’s

The town’s  over the next thirty years because of errors made by a previous actuarial firm that was hired without having any prior municipal experience.

“We're delighted that an actuarial firm with significant municipal experience has been selected,” said Board of Finance Chairman Avi Kaner. “Milliman will baseline our pension and OPEB obligations so we can budget far more effectively.”

The firm is a pioneer in the retirement plan industry, providing unparalleled benefits consulting and administration to employers for more than 60 years, according to their website.

“Milliman will also provide us with "value added" expertise enabling us to compare our plans with other municipalities. We will use this information to design affordable plans going forward that will benefit our employees while protecting the taxpayer,” Kaner said. “I thank the Selectman, Finance Department, and members of the search committee for their diligence in selecting an exceptional firm."

Milliman's Employee Benefits practice is a member of Abelica Global, an international organization of consulting firms that serves clients around the world.

“We are familiar with the intricacies of the public sector and the politics that surround them,” Milliman’s website states. “We work diligently to balance the needs of all stakeholders: members, employers, and taxpayers.”

Bart Shuldman December 22, 2011 at 02:42 PM
The issue of benchmarking against other municipalities is we are comparing one bad practice to another bad one. Statisics show that state and local governments are paying their workers (including benefits) significantly higher compensation than the private sector. I would suggest our new firm also benchmark the benefits we offer our municpal emplyees against the private sector also. As an example, I find it difficult to undertsand why a public works employee in Westport who completes 10 years of service, and is age 55 and retires, that Westport tax payers should pay 60% of their medical costs after they retire (including their spouse) until both dies. This is a huge cost to Westport tax payers that will increase significantly as these workers get older. Westport should take the lead and work to end this.

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