Club Vita and Segal have partnered to offer the former’s longevity service to plan sponsors.
The relationship will bring Club Vita’s longevity risk reporting to Segal, whose clients include multiemployer trust funds, public sector plan sponsors and corporate and not-for-profit employers. Segal actuaries will have access to Club Vita’s proprietary longevity analytics to assist with assumption setting. Segal clients in the United States will also have the opportunity to engage Club Vita’s approaches to measuring and managing plan longevity risk, including annual reporting.
The goal for both firms is to enable a plan sponsor or its trustees to become better informed about their pension or retiree health plan, while equipping advisers with tools to more effectively counsel on strategy and tactics.
“This collaboration will also assist with developing a large pool of predictive data, enhance decision-making and aid in improving the security of benefit promises,” says Eli Greenblum, senior vice president and chief actuary of Segal. “This relationship will take us a step further in our mission to deliver solutions that improve lives.”
“Through our collaboration with Segal, we will gain broader coverage across the defined benefit [DB] pension market at a crucial time: The importance of demographic modeling has never been higher and the appreciation of the benefits of risk protection has never been greater,” says Dan Reddy, Club Vita’s U.S. CEO. “Providing clients with the ability to make better decisions will have a direct impact on a plan’s beneficiaries not just today, but for years to come.”