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A not-for-profit (NFP) professional association located in Chicago, Illinois with about 40 employees

The Situation

BCR had previously worked with the association to conduct a competitive review and assessment of its benefit program and costs relative to similarly-situated organizations and best practices. As a result of this review, the association asked BCR to assist with examining the long-term impact of the pension plan termination on various long-service key employees.

The Deliverables

  • Identify which individuals had a pension shortfall.
  • Calculate pension shortfall arising as a result of the pension plan termination.
  • Develop and present various options to the Board for addressing the pension shortfall.
  • Address impact on Executive Director, scheduled to retire in coming year and provide guidance on financial recognition for years of service to the association.

The Results Achieved

  • Association could determine and understand how its retirement benefits compare to other similarly-situated NFPs.
  • Association had basis for determining whether or not to provide any financial payment to long-service key employees impacted by the pension plan termination and could quantify the impact of the pension shortfall.
  • Association used study results to develop retirement package for outgoing Executive Director.
  • Association used study results to develop retirement package for new Executive Director to aid in attracting and retaining the appropriate individual.