Pension risk transfer services

Annuitization strategies for your pension plan

We are dedicated to making the annuity purchase process simple and transparent for pension plan sponsors and their advisors.

We believe that advising on annuity purchases is a fiduciary function, which is why we sign on as a co-fiduciary in our client engagements.

By combining the thinking and experience from our actuarial and investment professionals, you benefit from our thorough understanding of the insurer marketplace and all aspects of pension plan management. This means you have access to optimal pricing that routinely produces pricing below the mark-to-market liability for in-pay benefits and pricing below a 10% premium for deferred benefits.

Our difference

We partner with you, aimed at achieving optimal results for your objectives:


Fiduciary status

We provide robust and proprietary 95-1 analysis. We sign on as a co-fiduciary alongside the plan’s fiduciaries in recommending the safest available annuity provider. We are also able to help select the insurance provider for your annuity purchase. 

Consultative approach  

By integrating our team of actuarial and investment professionals, we can focus on managing your pension risks. We offer a high-touch consultative service to plan sponsors to ensure the optimal result and a smooth experience for advisors, plan sponsors, and participants.  

Competitive bid process

Annuity providers hold our consistent and transparent process in high regard. This maximizes the number of bidders, increasing competition and ensuring you get the best price possible. 


We work on a fee-for-service basis and never on commissions that are baked into the annuity purchase cost. Your objectives are at the center of all we do – we do not receive any outside compensation from annuity providers. 

You can access these following services for plan terminations and pension de-risking initiatives:

Full annuity placement


Our team takes care of the bid process and all due diligence.

DOL 95-1


We can help with your de-risking strategies as an independent expert working alongside your team.

Strategic advisor and  analysis


Our deep expertise as actuarial and investment professionals means that we can provide insightful analysis for your needs.

Independent fiduciary


We can take direct responsibility for your plan’s investment decisions and implementation, while mindful of your risks.

Speak to our team

Michael Clark

Managing Director & Consulting Actuary

Michael Clark

Managing Director & Consulting Actuary

Michael Clark is a Managing Director and Consulting Actuary in River and Mercantile's Denver office. In his role he consults on all aspects of financial risk management for defined benefit plans as well as retiree medical plans and defined contribution plans. He also has led numerous clients through pension risk transfers as well as other complex, strategic pension projects. Michael leads River and Mercantile’s business in the West as well as Business Development for the US. Prior to joining River and Mercantile in 2013, Michael worked for Mercer as well as October Three. He currently serves as President for the Conference of Consulting Actuaries overseeing the organization’s strategic planning as well as providing leadership to several committees. He also participates in the leadership of the Western Pension & Benefits Council – Denver Chapter. Michael is a frequent speaker at industry and professional association conferences on the topics of pension risk management and pension plan administration and has had several articles published in major trade magazines. He is a Fellow of the Society of Actuaries, an Enrolled Actuary, a Fellow of the Conference of Consulting Actuaries, and a Member of the American Academy of Actuaries. Michael graduated magna cum laude from Brigham Young University with a BS in Statistics.

Conor Fortin

Senior Marketing Associate

Conor Fortin

Senior Business Development and Marketing Associate

Conor Fortin is a Senior Business Development and Marketing Associate in River and Mercantile’s Boston office. Along with managing marketing and public relations for R&M’s US business, Conor also helps design and execute business development related initiatives for all solutions offered by R&M US. He also frequently works on marketing and business development projects affecting the global firm helping keep the River and Mercantile brand and image consistent. Prior to joining River and Mercantile in 2017, Conor spent 4 years at a leading health IT security firm in their Professional Services and Sales divisions. Conor graduated from Elon University with a B.A. in Business Administration with a concentration in Marketing.

Kevin Morrison

Managing Director & Consulting Actuary

Kevin Morrison

Managing Director & Consulting Actuary

Kevin Morrison is a Managing Director in River and Mercantile’s Boston office and leads the US Actuarial Business. As a consulting actuary, Kevin supports clients in all aspects of their retirement programs, including defined benefit, defined contribution, and other post-employment benefit (OPEB) plans. In addition to delivering the recurring annual valuation results and helping clients meet financial reporting requirements under US GAAP, IFRS, and GASB accounting standards, he provides clients with consultative support and cost analysis around plan design, forecasting, de-risking strategies, and plan terminations. Prior to joining River and Mercantile in 2016, Kevin was a consulting actuary with John Hancock Retirement Plan Services and was part of the acquisition of New York Life Retirement Plan Services. Kevin started his actuarial career with Mercer in 2004. Kevin is an Associate of the Society of Actuaries, an Enrolled Actuary under the Joint Board for the Enrollment of Actuaries, and a Member of the American Academy of Actuaries. He received a B.A. in Math and Physics from the College of the Holy Cross.

Adam White

Associate Director

Adam White

Associate Director

Adam White is an Associate Director in River and Mercantile's Boston office. Adam serves as the main contact with annuity providers for all pension de-risking activities and coordinates timing and delivery of all materials between the client, annuity providers, and River and Mercantile. Adam also provides actuarial support for a broad range of client needs including actuarial valuations, benefit calculations, data cleanup projects, government filings, and various other ad-hoc assignments. Prior to joining River and Mercantile in 2015, Adam worked for Delaware Life Holdings for two years as an Actuarial Analyst focusing on fixed and variable annuity experience studies. Adam is an Associate of the Society of Actuaries and an Enrolled Actuary. He graduated from Boston College with Bachelor of Arts degrees in both Mathematics and Economics.

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