Retirement Planning Trainings
We offer highly-engaging retirement planning trainings for employees, using our state-of-the-art web application MoneyBee. Our goal is to help each attendee build a robust, personalized and holistic retirement plan by the end of the session. In addition to employer benefits, the app also projects Social Security benefits, healthcare costs, real estate strategies, savings, taxes, spouse's benefits and much more. Employees will be able to store their inputs on our secure Amazon Cloud servers and access them later, so they can continue to monitor their progress, update their data and make changes to their retirement strategy.
We offer our trainings free of charge as a way of promoting our app. The app is also free to the public, so your employees will be able to continue using it in the future at no cost. Due to the ongoing epidemic, we currently provide our trainings through webcasts (maximum 200 trainees per session).
We can also pre-load some of your employees data (such as company retirement benefits) with the consent of everyone involved. As pension actuaries, we work with confidential payroll data on a daily basis. We will be glad to share our strict confidentiallity and data protection policies. Alternatively, trainees can bring copies of recent benefit statements from your retirement plans and enter the information manually. They will also be able to fill in any missing information after the training.
You do not need to be a client of MyVal Center to benefit from our free trainings. Nor will there be any pressure to become one.
Please contact us to learn more. We have helped tens of thousands of employees understand and appreciate their employer's retirement benefits and engage into their own retirement planning. We can help your organization too!
MoneyBee Commercial Use
MoneyBee is the most accurate, detailed and realistic retirement planning calculator in the U.S. While it is free to the public, we do charge a fee if you would like to use it in your professional work with clients.
How much does it cost?
Our commercial use fee is currently set at $200 per adviser by year. It allows you to use MoneyBee with an unlimited number of clients for 12 months. It also enables you to set up and save an unlimited number of clients within your own account. For the remainder of the beta period, commercial use is free of charge! We have been in beta testing since August 2018 as we continue to check our math over and over, add new features and improve the user experience.
Who is a commercial user?
Any financial adviser who uses MoneyBee in their work with clients is a commercial user. This includes setting up your clients within your own account (using our client management feature) or helping your clients set up their own accounts. You are not a commercial user if your clients share with you their projected cash flows from MoneyBee (year-by-year deposits and withdrawals), as long as you didn't help them build their MoneyBee model.
How does it work?
Step 1: Go to MoneyBee and create an account, which requires only a valid email address (or you can start as a guest and create an account later).
Step 2: Quickly fill in MoneyBee for yourself or for a hypothetical client. It will give you a feel of how the app works and what it does.
Step 3: If you want to check out our commercial use feature, click "Advisers Only" at the bottom of the menu and check the "Commercial user?" box. You will be prompted that commercial use is free during the beta period and the "Add Client" button will appear. Try adding a couple of clients.
What happens when the beta period is over?
When the beta period is over, we will let you know by email and we will automatically uncheck the "Commercial user?" box for everyone. If you wish to continue your commercial use, simply sign in, go to "Advisers Only", check the "Commercial user?" box again, and provide your payment information. You will be covered for 12 months from your payment date. Any data you have entered during the beta period will be automatically preserved.
Please feel free to contact us with any questions or suggestions either here or by writing to us at moneybee@myvalcenter.com.
Peer Reviews
Most defined benefit actuarial valuations involve a mammoth amount of detail and calculations. While the consulting firm responsible for your actuarial valuation is expected to perform an in-depth internal review of their own results, it is considered good practice to conduct an independent review of your valuation at least every few years. In fact, many public plans are required by law to peer review their actuarial valuations on a regular basis.
MyVal Center is an ideal independent reviewer for a number of important reasons:
- We conduct our reviews in a courteous and professional manner. Our ultimate goal is to enhance quality and strengthen your relationship with your consulting firm, not to undermine your actuaries' credibility or put competitive pressure on them.
- Our efficient internal process allows us to replicate your valuation results and complete our review within only 10% of the time and expense of your original valuation.
- We use our own valuation system, which allows us to perform a truly independent review. Our technology also provides a wide range of auditing features to further enhance the depth and quality of our review.
After we replicate your actuarial valuation and reconcile all material differences, we prepare our comprehensive reconciliation report. Our report will include a clear explanation of each material discrepancy along with our recommendations and suggestions.
Retirement Plan Re-Designs
MyVal Center can also help you evaluate the cost impact of any plan design, demographic, funding, economic or regulatory changes. Our analysis normally includes a complete 15-year cost projection to help you understand the long-term implications of these changes. We project your bottom-line funding and accounting results as well as your raw actuarial statistics to help you focus on the measures that matter the most to your organization. Our cost analysis combines your defined benefit, defined contribution and retiree-medical plans, since plan re-designs often involve trade-offs between these plans. We always use a full-fledged actuarial valuation system (no 'quick estimation tools') to ensure you obtain the most thorough and reliable inputs for your decision-making process.
Even though our analysis is performed with the highest quality and depth, we often surprise our clients with our quick turn-around and our relatively low overall fees. We are often able to perform a complete cost analysis for 10-20 plan design variations within a day or two during intense union negotiations.
Most importantly, you will find in our actuaries loyal partners who will be available around the clock to help you identify creative solutions and to run, check and interpret your cost analysis.
Winners-Losers Analysis
When analyzing the impact of a plan change, actuaries are primarily concerned with evaluating its financial cost to the plan sponsor. However, our clients are equally concerned with how this plan change will affect their employees too. To address this demand, we enhanced our technology to provide complete participant impact analysis. This analysis includes overall statistics on how many participants will be positively or negatively affected by the plan change. It also includes benefit illustrations showing the impact on any individual participant.
We also provide web-based technology, which your employees can use for exact benefit calculations with specific termination dates and complete historical data. Your employees can also use this tool for their comprehensive retirement planning, since it integrates all employer-provided retirement benefits, personal savings and Social Security benefits. Unlike other tools that require users to run numerous scenarios until they find a desired outcome, our retirement planner automatically evaluates hundreds of scenarios and identifies ranges of alternative solutions.