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Old 11-25-2019, 05:26 PM
Joker25 Joker25 is offline
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Default Segal Consulting

What is the general opinion of Segal Consulting within the Pension industry?

It would seem that while this board tends to think that all Pension jobs are going to disappear before a new actuary is old enough to retire, Segal should be in a better position to continue to have a steady workflow since their focus is multi-employer and public plans.

Does anybody have any thoughts on this?
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Old 11-25-2019, 05:42 PM
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Woodrow Woodrow is offline
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People are understandably sheepish about expressing opinions on specific actuarial employers around here.

You might want to delete this and ask about "consulting companies that specialize in multi-employer and public plans" rather than one by name.

But on the topic, while there is concern about having enough employment, actuaries are also concerned about what type of employment. A frozen corporate pension plan will still need an actuary, but the work will be less fulfilling (financially and otherwise). There might be the same situation in the sectors you are looking at even if they don't go away.
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Old 11-25-2019, 05:43 PM
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hostess hostess is offline
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Quote:
Originally Posted by Joker25 View Post
What is the general opinion of Segal Consulting within the Pension industry?

It would seem that while this board tends to think that all Pension jobs are going to disappear before a new actuary is old enough to retire, Segal should be in a better position to continue to have a steady workflow since their focus is multi-employer and public plans.

Does anybody have any thoughts on this?
All I remember was one of their partner came to our career fair and was doing a pretty good job of getting people hyped about pensions. Something along the lines of pensions being the wave of the future because the government will realize people can't save on their own, and will force defined benefit plans on employers again... told us we can cash in on the upside before it gets realized by joining their firm... dude seemed nice but idk anything about the company, and overall im glad im not doing pensions
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Old 11-25-2019, 09:33 PM
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Colonel Smoothie Colonel Smoothie is offline
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I have a follow up question.

Is it pronounced like this?

Spoiler:


...or like this?

Spoiler:
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Old 11-25-2019, 11:28 PM
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Kenny Kenny is offline
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Quote:
Originally Posted by Joker25 View Post
What is the general opinion of Segal Consulting within the Pension industry?

It would seem that while this board tends to think that all Pension jobs are going to disappear before a new actuary is old enough to retire, Segal should be in a better position to continue to have a steady workflow since their focus is multi-employer and public plans.

Does anybody have any thoughts on this?
I have never worked there so can't speak to the culture, but know a number of their actuaries in the public space. The actuaries I know have a good reputation in the industry and regularly speak at national conferences and on continuing education webinars for both actuaries and non-actuaries.

As far as the future of potential work, I don't see the public space drying up anytime soon. Multi, while it may not go away, is a bit more regulated so the work could be significantly more routine. This opinion is based on my personal experience with corporate plans and my understanding of the multi market, I have never worked in the multi market to any worthwhile degree so don't really know for certain.

My experience has been the regulation of corporate plans resulted in a lot of roles that are very routine. Basically pumping out funding and accounting valuations that require limited actuarial knowledge or judgement. There exist some interesting roles but they are generally associated with providing a much broader level of employer benefit consulting than just retirement consulting and are therefore less prevalent.

I will contradict myself by saying PPA did open up the small plan market significantly so there is actual growth there. But I see these roles more like personal wealth advisors or high-net worth tax accounts because the primary purpose of these types of plans is to find ways for (primarily) small professional companies or small business owners to put away more money tax-deferred for themselves while spending as little as possible on their employees. The work is essentially navigating IRS non-discrimination regulations to achieve a desired goal (which can be interesting in its own right).

The public space has very little regulation and where it does, it is on a state-by-state basis, not on a federal level so there is more room for the application of actuarial judgement and the need for consulting. As far as pensions go, imo the sector is more interesting from a consulting perspective because there are actual problems that need to be solved but no one wants to own up to the necessary solutions. Plus, sometimes the solutions actually help people in a direct manner.

ETA: This is purely from a US market perspective.
Quote:
Originally Posted by Colonel Smoothie View Post
I have a follow up question.

Is it pronounced like this?

Spoiler:


...or like this?

Spoiler:
Closer to the former, but with a short a in the 2nd syllable rather than a u.
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Old 11-25-2019, 11:48 PM
Westley Westley is offline
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Yeah, I would have said it's like the first, but you kinda swallow the second syllable. Agree 100% with the rest of the post tho.
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