Company Snapshot

  • Founded in 1983
  • Staff of 15 long-serving industry professionals, including three actuaries
  • DALBAR Pension Consultant Certification for fiduciary best practices
  • Helped over 2,000 organizations achieve their pension de-risking goals
  • Acquired Penbridge Advisors in 2018, renamed BCG Penbridge
  • National firm headquartered in Boston with satellite offices across the US

BCG Annuity Placements

Total five-year transactions over $3 billion

“BCG provides an integrated, one-stop solution for plan sponsors looking to address and manage the costs and risks involved in their pension programs.”

Mike Devlin, Principal,
BCG Pension Risk Consultants | BCG Penbridge

BCG Pension Risk Consultants I BCG Penbridge (BCG) is a leading provider of cost management and de-risking consulting services for defined benefit pension plans.

Unparalleled Information & Consulting

  • Independent, unbiased information and advice
  • Actionable analysis for ongoing plan management, de-risking and pension risk transfer (PRT)
  • Leader in defined benefit plan cost benchmarking, pension risk consulting, annuity placements and full plan terminations
  • Implement solutions to meet plan objectives through a balanced, well-informed decision-making process
  • Work with plan sponsors and their advisor(s) to support a well-coordinated strategy

The BCG Difference

BCG brings a totally unique and unmatched offering to our clients. We help plan sponsors objectively evaluate and implement cost management and de-risking solutions for defined benefit plans.

  • De-risking solutions include liability driven investing approaches, purchasing annuities for retirees and/or pursuing full risk transfer through plan termination, as well as the strategic positioning of plan design & structure for optimal attractiveness to eventual annuity providers.
  • BCG also identifies cost savings opportunities and service enhancements that can be achieved through a vendor search for one or more service providers, including the option of total defined benefit plan outsourcing.
  • We work with each plan sponsor client and their advisor(s) to develop a clear, customized path to their desired endgame.

THE BCG PRT INDEX

$37,420,984

October 2020
6.4% Premium over Accounting

Industry Leadership & Innovation

BCG operates the first of its kind customized buyout price monitoring service tailored to the characteristics and features of a specific plan and delivered via an interactive client portal.

Learn More

BCG operates the 1st and only one-of-its-kind Defined Benefit Expense Survey and DB Expense Benchmarks Reports.

To get a handle on your DB plan's expenses, click here:

Survey Registration


Defined Benefit Plan Services

Defined Benefit Expense Survey

BCG conducts the only industrywide survey to capture all the costs associated with maintaining a U.S. corporate defined benefit pension plan. The survey process helps sponsors to identify the full range of plan expenses and to improve plan governance and efficiency.

Take Survey

DB Expense Benchmarks Reports

BCG DB Expense Benchmarks Reports allow plan sponsors to compare the expenses of their plans with those of other plans that participate in the BCG Defined Benefit Expense Survey. Benchmarks Reports can identify areas where plan sponsors may look for better cost efficiency in the operation of their plans.

View Sample Report

Vendor Price Discovery and Search

For any category in a BCG DB Expense Benchmarks Report where plan expenses appear relatively high, BCG can provide an estimate of current market pricing for services in that category. BCG can also evaluate the cost savings and service enhancements that can be achieved through a bundled services arrangement and will assist with the search for qualified providers. To learn more, Contact Us.

PRT Analysis

BCG’s PRT Analysis is ideal for plan sponsors that want to gain a better understanding of their plan’s liabilities and, correspondingly, their PRT options, expected costs, expense savings, implementation considerations, and next steps. This is the most extensive analysis BCG offers, and thus requires detailed information. To request a sample PRT Analysis, Contact Us.

Customized Buyout Price Monitoring

BCG provides customized buyout price monitoring for plan sponsors considering an annuity purchase or plan termination, as well as plan sponsors that wish to improve plan governance via comprehensive monthly monitoring.

Learn More

Comprehensive Implementation Support

BCG provides comprehensive implementation services for lump sum programs, annuity placements and full plan terminations. BCG also acts as an Independent Expert in regards to Department of Labor Interpretive Bulletin 95-1.

Learn More

“Our plan specific CBPM service is an innovative solution providing clients and their advisors the information necessary to navigate their DB plan’s de-risking journey.”

Steve Keating, Managing Director, BCG Pension Risk Consultants | BCG Penbridge

Team

Karen Ambrose

Karen Ambrose

Senior Pension Consultant

Karen Ambrose

Senior Pension Consultant
kambrose@bcgpension.com

Karen AmbroseKaren is a Senior Pension Consultant at BCG Pension Risk Consultants | BCG Penbridge (BCG). She is responsible for facilitating the firm’s annuity search and placement process, serving as lead consultant on placement transactions. Karen works directly with the Operational team in Chicago and the firm's enrolled actuaries.

Experience


Karen has acquired extensive experience with more than 40 years in the insurance/pension industry, in the areas of ERISA compliance and defined benefit plan termination, with a focus on identifying and solving administrative issues relating to the settlement of liabilities in compliance with IRS, DOL and PBGC requirements. Prior to joining BCG Karen spent 23 years with Mercer Investment Consulting, the last ten years as business leader of Mercer’s annuity settlement/pension de-risking services. Karen has facilitated the wind-up of over 400 defined benefit retirement plans and PRT transactions. Prior to joining Mercer in 1991, Karen was both a regional manager and account executive in the group pension operations areas of both Equitable Life Assurance and CNA Insurance. Karen obtained her BA in Business and Economics from Benedictine University.

Dan Atkinson

Dan Atkinson

Consulting Actuary

Dan Atkinson

Consulting Actuary
datkinson@bcgpension.com

Dan AtkinsonAs a consulting actuary with BCG, Dan is responsible for estimating the funded status of pension plans, and explaining the various implications of the funded status as well as options and factors that could change the funded status moving forward. Dan is a member of the annuity placement team, helping to place annuities with insurers, and also assists with ongoing plan monitoring and similar initiatives at BCG.

Experience


Dan Atkinson is a consulting actuary at BCG Pension Risk Consultants | BCG Penbridge (BCG). He is a Fellow of the Society of Actuaries, and an Enrolled Actuary under ERISA. He has over 20 years of pension plan experience, most recently serving as chief actuary at River and Mercantile Solutions, and previously consulting with plan sponsors as pension actuary at Mercer and Fidelity Investments. Dan’s pension experience covers all aspects of single-employer corporate plans, from plan terminations and annuity placements to day-to day administration. He has served as the signing actuary for 5500 & PBGC purposes for dozens of plans. Plans that Dan has advised on range from small plans with fewer than 10 participants to jumbo plans (including multi and multiple employer plans) with tens of thousands of participants. Dan graduated from Worcester Polytechnic Institute with a BS in Actuarial Mathematics.

Michael Devlin

Michael Devlin

Principal

Michael Devlin

Principal
mdevlin@bcgpension.com

Michael DevlinMike is a Principal at BCG. Mike oversees the firm's marketing and sales efforts as well oversees all operations of the firm. Mike's primary focus is helping clients develop a clear path to termination that includes modeling, analyzing and implementing solutions across the de-risking spectrum. Strategies include liability driven investment strategies, purchasing annuities for retirees, pursuing full risk transfer through plan termination, as well as the strategic positioning of plan design & structure for optimal attractiveness to eventual annuity providers.

Experience


Mike has more than 20 years’ experience helping companies and organizations across a variety of industries achieve their defined benefit pension de-risking goals. He has helped over 500 plan sponsors achieve their goals in regards to their pension plan.

Mike started his career with BTR based in London, England before moving on to KPMG and their retirement plan business. While at KPMG he consulted on the KPMG Pension Plan as well as other key clients who were looking for alternatives to managing their pension risk. He eventually moved on to The Hartford where he worked with plan sponsors, advisors and consultants in the DB market.

Mike is a regular speaker at various national conferences on pension de-risking strategies. Mike holds his FINRA Series 6, 63 and 65 security licenses and his life and health insurance licenses. Mike graduated from The Pennsylvania State University with a degree in Business.

David Geloran

David Geloran

Senior Pension Consultant

David Geloran

Senior Pension Consultant
dgeloran@bcgpension.com

David GeloranDavid Geloran, Senior Pension Consultant, is responsible for marketing, new business development, and client relationship management at BCG Pension Risk Consultants | BCG Penbridge (BCG).

Experience


David has over 28 years’ experience in the retirement plan industry, and works with advisors, plan sponsors, actuaries, administrators, and ERISA counsel, with respect to all aspects of BCG service delivery. He manages plan termination notice and election fulfillment services, which provide plan sponsors an alternative to the high price many actuarial firms require to prepare required notices and election packages for plan terminations.

Prior to joining BCG, David was the product owner for the defined benefit product at Empower Retirement, and was responsible for all aspects of defined benefit plan services, sales and operations. David’s experience in the retirement industry encompasses actuarial, plan consulting, compliance and administration for many types of defined benefit and defined contribution plans, as well as software engineering and management.

David currently maintains his CEBS designation with the International Foundation of Employee Benefit Plans. He received his Bachelor of Science in Mathematics from the University of Louisville and a Master of Business Administration from Clark University Graduate School of Management.

Cristina Hansen

Cristina Hansen

Client Relationship Manager

Cristina Hansen

Client Relationship Manager
cristinah@bcgpension.com

Cristina HansenCristina supports the sales and servicing efforts of BCG's Western Region.

Experience


Cristina has worked in the pension plan field for the past 7 years and prior she moved from Romania to the United States to pursue her college education. While attending Boise State University, she worked as a sales and marketing Intern for State Farm Insurance and as an Energy Efficient Intern for Idaho Small Business Development Center in the Energy Efficiency Program. Upon graduation, Cristina attained a six months internship in Singapore where she worked for Baxter BioScience as a Human Resource intern. Cristina has a BS from Boise State University in International Business with a minor in Finance. Cristina is actively involved in the Human Resources Association of Treasure Valley.

Stephen Keating

Stephen Keating

Managing Director

Stephen Keating

Managing Director
skeating@bcgpension.com

Stephen KeatingSteve is Managing Director at BCG. In this role, Steve is responsible for creating new channels for the firm's services, developing new solutions and products that leverage the firm's core capabilities, industry relationships and serving as lead consultant for PRT analysis engagements and annuity placement transactions.

Experience


Steve has broad institutional retirement and investment experience and a demonstrated record of strategic business development and thought leadership achievement. While Steve’s work has covered all aspects of defined benefit plan management, he has particularly focused on the development of the pension risk transfer market in the US over the past 15 years. Prior to joining BCG, Steve was Founder of Penbridge Advisors, a specialist pension risk transfer advisory and information services firm, which was acquired by BCG in February 2018.

Steve has led the design, creation and delivery of key client engagements as well as internal business development initiatives. Recent highlights include: (1) creating a new Customized Buyout Price Monitoring (CBPM) tool for advisors and plan sponsors. CBPM tracks a pension plan's "Exit Liability" on a monthly basis in response to changes in annuity pricing and lump sum interest rates; (2) establishing a collaborative advisor relationship with a Top 5 Global Asset Manager to jointly deliver LDI and PRT services to plan sponsors focused on delivering endgame solutions; and (3) completing the first-of-its-kind analysis and implementation of a comprehensive bundled solution for ongoing defined benefit plan services as well as end annuity provider services.

Steve is a regular speaker at industry events on pension cost and risk issues, has provided written testimony and testified before the Department of Labor’s ERISA Advisory Council and has authored numerous thought leadership papers on these topics. Steve obtained his BS in Engineering from Syracuse University.

Mary Kupsc

Mary Kupsc

Executive Assistant to Michael Devlin

Mary Kupsc

Executive Assistant to Michael Devlin
mkupsc@bcgpension.com

Mary KupscMary joined the firm in 2017 bringing with her extensive experience in administration and customer service with over 20 years of experience. She is responsible for all aspects of administrative operations by making contributions to productivity at all levels of the firm. In addition to supporting Michael Devlin, she also is the Office Manager of the firm’s head office, located in Boston, ensuring that the office runs efficiently and effectively, as well as coordinating and supporting shared services with the firm's satellitte offices.

Experience


Mary started her career as the Executive Assistant and Investigative Researcher of corporate crime, anti-terrorism and organized crime cases for Vance Investigations in Braintree, MA. Most recently, she was the Executive Assistant for the CFO at The Saint Consulting Group, Hingham, MA, a company specializing in winning land use cases.

Anna Lesak

Anna Lesak

Operations Coordinator

Anna Lesak

Operations Coordinator
alesak@bcgpension.com

Anna LesakAnna has served as the Operations Coordinator at BCG for over 5 years. She assists clients and the operations team by providing complex project management of the activities associated with annuity placements and pension risk transfer strategies. Acting as the liaison between BCG, the plan sponsor, and other providers, Anna provides detailed oversight throughout the annity placement process to ensure optimal service and result.

Experience


Anna has over 30 years of corporate business experience, including detailed project management in finance, sales and marketing, information systems, accounting and human resources. Anna attended south Suburban College in Illinois with an emphasis in Business Communication.

Patrick McLean

Patrick McLean

Principal Emeritus

Patrick McLean

Principal Emeritus
pmclean@bcgpension.com

Patrick McLeanPat is currently responsible for overseeing BCG's carrier due diligence activities. Prior to becoming Principal Emeritus, he was a Principal responsible for overseeing BCG's activities pertaining to negotiating, implementing and finalizing pension risk transfer transactions on behalf of the firm's clients.

Experience


Pat started his career as a CPA with Peat, Marwick, Mitchell & Co., CPAs in their Houston office in 1966, then joined the Austin office of KMG Main Hurdman (now KPMG) as Senior Partner overseeing the office's Tax and Financial Services groups. In July 1990, Pat acquired Terminal Funding Co., one of the original US pension risk transfer companies, which merged with BCG in 2003 to form BCG Terminal Funding Co. which was renamed BCG Pension Risk Consultants in 2014 and BCG Pension Risk Consultants | BCG Penbridge in 2020.

Pat's over 50 years of experience in retirement benefits, taxation and financial management services affords him the ability to provide a wide variety of assistance to BCG's pension risk transfer clients.

Pat graduated from the University of Texas at Austin with undergraduate and graduate degrees in accounting.

Sean O'Flaherty

Sean O'Flaherty

Managing Sales Director

Sean O'Flaherty

Managing Sales Director
sean@bcgpension.com

Sean O'FlahertySean is Managing Sales Director of the Western Region. In this role, Sean is responsible for creating new business opprtunities for the firm's services. This includes creating new distribution channels through Plan Sponsors, Actuarial Firms, ERISA Law Firms, Advisory Firms and Insurance Firms. Sean will also serve as lead consultant for PRT analysis engagements and annuity placement transactions.

Experience


Sean has broad institutional retirement and investment experience with a demonstrated record of strategic business development. Sean has been in the financial services industry since 1991 and has been a speaker at industry events, including the national convention of ASPPA (American Society of Pension Professionals & Actuaries) regarding the topic of Pension Risk Transfer. Sean is married with three children and resides in Eagle, Idaho.

Samantha Okamoto

Samantha Okamoto

Actuarial Assistant

Samantha Okamoto

Actuarial Assistant
saokamoto@bcgpension.com

Samantha OkamotoSamantha is an Actuarial Assistant with BCG. She assists with PRT analyses, annuity estimates, preparing bid specifications, and reviewing proposals for annuity purchases.

Experience


Samantha started her career with Midwest Consulting Actuaries before joining BCG in 2015. She received a BS in Actuarial Science from Indiana University Northwest.

David Rumas

David Rumas

Consulting Actuary

David Rumas

Consulting Actuary
drumas@bcgpension.com

David RumasPrimary role is to lead and participate in succesful annuity placement services; including but not limited to ensuring client deliverables/communications are timely and accurately completed, monitoring annuity purchase marketplace, performing actuarial valuations/expense analysis of pension plans, preparation, review and presentation of key findings, assist in marketing efforts and initiatives, daily consultations with advisors, actuaries, and other interested parties. Manage and ensure completion of post-placement activities. Serve as an internal and external resource.

Experience


Dave has worked with all types of defined benefit plans (traditional, cash balance, pension equity, etc.), defined contribution and retiree medical plans’ consulting with clients ranging in size from Fortune 100 corporations to a single participant plans.

He has over 30 years of comprehensive pension plan experience serving as a Director at Deloitte, Director of Actuarial Consulting Services at RSM McGladrey, Senior Manager at Mesirow Financial and Senior Manager at Price Waterhouse. Over the last decade, Dave has focused primarily in the plan termination arena, assisting clients effectively and expediently toward settlement of their pension benefit obligations. He has successfully completed\managed over 200 annuity placements. Client size ranges from Fortune 100 to privately held small businesses with varying degrees of plan complexities.

Additionally, he assisted plan sponsors in identifying and reducing costs\risks inherent in the ongoing operation of their plan; including assessing viability of partial settlement actions (e.g., annuity purchases and lump sum windows), evaluating all economic costs inherent in maintaining the plan, consulting on plan termination implementation and readiness challenges\constraints. Experience working directly in-depth with insurers, actuaries, financial advisors, accountants, and legal counsel have provided Dave well-rounded knowledge to recommend, implement and successfully complete pension risk transfer initiatives.

Debbie Sharp

Debbie Sharp

Managing Sales Director

Debbie Sharp

Managing Sales Director
dsharp@bcgpension.com

Debbie SharpDebbie is Managing Sales Director at BCG. Her primary role is marketing the firms services through the acutarial and ERISA attorney avenues. In addition, she also manages the call center in the Kentucky office.

Experience


Debbie has a broad range of experience in group and individual annuity placement. She started her career dealing primarily with individual qualified and non-qualifed annuities. This lead into working directly with actuaries and plan sponsors dealing with defined benefit plan terminations and carve outs.

Debbie started Sharp Benefits, Inc, which primarily dealt with group annuity placements for small to medium size qualified defined benefit plans through the actuarial community.

Later Debbie joined with BCG Terminal Funding Company and began to move into the mid to large size annuity placements, as well as development of relationship with various financial firms.

Debbie has obtained the certification of CEBS as well as holding a life license.

Crystal Simpson

Crystal Simpson

Client Services Associate

Crystal Simpson

Client Services Associate
csimpson@bcgpension.com

Crystal SimpsonCrystal is a Client Service Associate at BCG. In this role, Crystal is responsible for supporting the firm's communications with actuaries, consultants, brokers and attorneys regarding qualified and non qualified pension plans with the objective of educating the marketplace on BCG's services and capabilities covering pension risk consulting and PRT Placement and Administrative Support Services.

Experience


She have been with BCG since May 2010 and has worked in the customer service arena for 20 years.

Rose Thomas

Rose Thomas

Client Services Director

Rose Thomas

Client Services Director
roset@bcgpension.com

Rose ThomasRose is responsible for client services coordination, maturity funding placements for the Firm (employer purchased qualifed individual annuities), internal IT coordination and implementation, special projects development and management, and back-up the Group Annuity Operations Division.

Experience


Rose has over 30 years experience in the group and individual pension risk transfer/liability settlement space, working on both qualified and non-qualified annuity placements.

Rose also has extensive experience working for national and large local accounting firms, and with commercial property development/management entities.