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.
We partner with you, aimed at achieving optimal results for your objectives:
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.
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.
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.
We can take direct responsibility for your plan’s investment decisions and implementation, while mindful of your risks.
Speak to our team
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 Immediate Past President for the Conference of Consulting Actuaries 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. He has passed Level II of the CFA program. Michael graduated magna cum laude from Brigham Young University with a BS in Statistics.
Managing Director & Consulting Actuary
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, delivering the recurring annual valuation results, helping clients meet financial reporting requirements under US GAAP, IFRS, and GASB accounting standards, and providing defined benefit administration services. He consults with clients to develop strategies to reduce costs and better manage pension risk, including plan redesign, annuity placements, plan terminations, and other de-risking strategies. 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, a Fellow of the Conference of Consulting 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 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 a Fellow of the Society of Actuaries and an Enrolled Actuary. He graduated from Boston College with Bachelor of Arts degrees in both Mathematics and Economics.