A Deeply Experienced Team with Diverse PRT Market Experience
Senior Pension Consultant
Senior Pension Consultant
Karen 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.
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 is a consulting actuary with BCG. In this role, Dan leads BCG’s Pension Risk Transfer analysis, where he is responsible for identifying and explaining cost and risk saving opportunities to plan sponsors, estimating current and future liabilities and costs for pension plans and serving as an ongoing resource for all pension-related questions that may arise. Dan also maintains BCG’s monthly “Customized Buyout Price Monitoring” analysis to improve plan and investment strategy; supports BCG’s annuity placement team, helping to drive the lowest possible annuity placement price and best plan sponsor experience during the process of placing annuities with insurers; and lends his expertise to BCG’s sales and marketing initiatives. With 20+ years of experience consulting with plan sponsors, Dan is uniquely positioned to help sponsors navigate their pension de-risking options, and make fully informed decisions regarding the future of their pension plan(s).
Dan 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 a 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 and PBGC purposes for dozens of plans. Dan’s experience includes consulting on all plan sizes, from small to jumbo, as well as corporate plans, church plans, single, multiple, and multi-employer pension plans. Dan graduated from Worcester Polytechnic Institute with a BS in Actuarial Mathematics.
Mike 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.
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.
George consults with BCG and is the owner of AVM Actuarial and Pension Risk Consulting. At BCG, George is involved in special projects designed to enhance BCG’s client deliverables, and provides his expertise in support of strategic initiatives.
George is a Fellow of the Society of Actuaries, a Chartered Financial Analyst and a Chartered Enterprise Risk Analyst. George’s strength is in the pricing and asset-liability management of annuities and defined benefit pension risk transfers, due diligence review of insurance companies, the appraisal of potential insurance company acquisitions and party-appointed arbitration requiring actuarial expertise.
George has held a number of positions in the insurance industry, most recently serving as Head of Pricing for Talcott Resolution, responsible for pricing of all business development opportunities. Prior to founding his own business, George served as Senior Vice President and Chief Actuary of The Hartford’s Wealth Management and Global Annuities business. In his tenure, he was responsible for product review, reinsurance placement, oversight of statutory and GAAP valuation, pricing, asset-liability management, and the co-development of investment and hedging strategies relating to the Wealth Management and Global Annuities business.
George also served as Chief Actuary of the Institutional Annuity business and Corporate Actuarial functions for Travelers Life and Annuity prior to his employment at The Hartford. Currently, George is a member of the SOA, the American Academy of Actuaries, and the CFA Institute and is involved in several volunteer roles in non-profit organizations.
In 2019, George was a key member of BCG’s team that advised a PRT insurer in the execution of the first-ever PRT longevity reinsurance transaction in the US.
Senior Pension Consultant
Senior Pension Consultant
David Geloran, Senior Pension Consultant, is responsible for marketing, new business development, and client relationship management at BCG Pension Risk Consultants | BCG Penbridge (BCG).
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.
Jack is an actuarial analyst with BCG. He is responsible for analyzing client data to identify cost and risk reduction opportunities and estimating current and future liabilities and costs for pension plans as part of pension de-risking consulting projects. Jack provides support to BCG’s client deliverables covering pension risk transfer analysis, customized buyout price monitoring, fulfillment services as well as annuity placements. Jack is based in Braintree, MA.
Jack started his professional career at BCG with a BS in Actuarial Science and a minor in Data Science, graduating in 2022 from Loyola University Maryland.
Steve is Managing Director at BCG Pension Risk Consultants | BCG Penbridge (BCG). He has over 20 years of experience in defined benefit (DB) pension consulting. Steve focuses on helping DB plan sponsors evaluate plan cost, consider pension de-risking alternatives, and choose annuity products and insurance companies. Steve also advises insurers on pension risk transfer (PRT) market entry preparedness and reinsurance placements.
At BCG, Steve is a lead consultant for PRT analysis and annuity placement transactions, supporting plan sponsors in both their settlor and fiduciary capacities. Additionally, Steve is responsible for creating new channels for BCG’s services and developing new solutions and services that drive BCG’s growth.
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 DB plan management, he has particularly focused on the development of the PRT market in the US over the past 15+ years. Prior to joining BCG, Steve was Founder of Penbridge Advisors, a specialist PRT advisory and information services firm, which was acquired by BCG Pension Risk Consultants 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) service for plan fiduciaries and advisors. CBPM provides DB plans with up-to-date insight on expected liabilities and ongoing consulting on the de-risking process and timing in support of investment strategy; (2) establishing a collaborative advisor offering with a leading global asset manager to jointly deliver LDI and CBPM services; and (3) establishing BCG’s PRT reinsurance services which included advising on the first-ever longevity reinsurance transaction in the US which was completed in 2019.
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 authors or co-authors numerous articles, spotlight Q&A interviews and surveys on these topics, including the featured article each month in BCG's highly followed industry newsletter, The BCG Pension Insider.
Prior to BCG and Penbridge, Steve was a Managing Director at River and Mercantile Group PLC, Head of the Pension Solutions Group at Lazard and served as a Senior Consultant at Hewitt Associates where he helped build Hewitt’s multinational pension risk management practice. Steve obtained his BS in Engineering from Syracuse University and in Summer 2022 completed the Executive Program for Growing Companies at Stanford Graduate School of Business.
- Stanford’s EPGC - A Transformational Experience for BCG’s Steve Keating | 08.2022
- BCG’s Steve Keating to attend Stanford Graduate School of Business Executive Education Program | 07.2022
- PBGC Licenses Annuity Buyout Pricing Data from BCG to Support Monitoring of Group Annuity Pricing for US Defined Benefit Pension Plans | 03.2022
- Bloomberg Businessweek - Companies Decide the Time Is Right to Offload Pensions to Insurers | 10.2021
- BCG Launches Spotlight Series to Cover Topics of Interest in the Pension De-Risking Industry | 07.2021
- BCG Pension Risk Consultants Announces First of Its Kind End-to-End Solution for Defined Benefit Pension Plans | 01.2021
- BCG Pension Risk Consultants Unveils New Corporate Brand and Website and Launches Customized Buyout Price Monitoring “CBPM” Service | 06.2020
- BCG Pension Risk Consultants Acquires Penbridge Advisors | 03.2018
- Fiduciary Considerations in the Context of IB 95-1 | 05.2023
- Q&A with Goldman Sachs Asset Management: Why Conditions Remain Ripe for Pension De-Risking | 04.2023
- Q&A with NISA Investment Advisors: Breaking Down the Hibernation vs. Termination Decision | 03.2023
- Pension Risk Transfer Market Observations in Five Charts | 02.2023
- Q&A with Ivins, Phillips & Barker: Fiduciary Considerations for an Expanding U.S. Pension Risk Transfer Market | 01.2023
- BCG Thought Leadership 2022 Roundup, A Look Ahead to How the Pension De-Risking Market is Evolving in 2023 and Beyond and A Big Thank You | 01.2023
- COVID-19 Pandemic and Future Pension Risk Transfer Mortality – What’s Next? | 12.2022
- Q&A with Corebridge Financial: The Growing Use of Buy-ins to Secure the Path Toward Eventual Plan Termination | 11.2022
- The UK Pension Market Crisis and Why the US Pension Market Is Different | 10.2022
- Q&A with Prudential: A Pension Risk Transfer Market Update with an Industry Pioneer | 09.2022
- Technical Impediments to Pension De-Risking | 08.2022
- Pension De-Risking – The Time for Plan Sponsor Action Is Now | A BCG Special Feature in Collaboration with BofA Global Research | 07.2022
- Tips for a CFO’s Better Night’s Sleep | 06.2022
- Factors Determining Whether an Insurer Will Decide to Bid on a PRT Annuity Placement | 05.2022
- Q&A with Groom Law Group: Addressing Alternative Assets in Defined Benefit Plan Terminations – The Legal Perspective | 04.2022
- Rising Interest Rates | 04.2022
- Q&A with Athene: Pension Plan Funding Has Reached an Inflection Point – Considerations for Larger Plan Sponsors | 02.2022
- BCG Thought Leadership 2021 Roundup and A Look Ahead to How the Pension De-Risking Market is Evolving in 2022 and Beyond | 01.2022
- Expanding the Pension De-Risking Toolkit – Longevity Risk Transfer | 12.2021
- Addressing Alternative Assets in Defined Benefit Plan Terminations – Considerations for Plan Sponsors | 11.2021
- Q&A with Canada Life Re: COVID-19 Insights and Considerations for Pension De-risking | 10.2021
- Is your Defined Benefit plan hard frozen? | 08.2021
- Q&A with RGA: Developments in Longevity Risk Management for PRT Transactions | 07.2021
- Highlights from BCG’s 2021 Survey of Asset-In-Kind Practices of Annuity Providers | 06.2021
- Pension Risk Transfer Annuity Placement Pricing is Better Than Ever – Will it Last? | 05.2021
- Liability Driven Investing When Plan Termination is the “Endgame” Objective | 04.2021
- Pension De-Risking – A Recommended First Step | 03.2021
- Major Insurers Flock to U.S. Pension Risk Transfer Market | 02.2021
Speeches & Presentations
- Teach-In + Pension Risk Transfer Overview with BofA Securities, Inc. | 01.2023
- LOMA GRIPC Spring 2002 Meeting on the Current State of the U.S. Pension Risk Transfer Market PRT Market from the Consultant Perspective | 04.2022
- Citi European Life Insurance Research Webinar on the Current State of the U.S. Pension Risk Transfer Market | 11.2021
- Columbia Threadneedle Workshop Series for Retirement-Focused Advisors: Defined Benefit Opportunities for DC Focused Advisors | 09.2021
- BCG Defined Benefit Webinar – Taking Control of Your Credit Union Pension Plan | 07.2021
- Pension Group East Webinar on the Current State of the U.S. Pension Risk Transfer Market | 06.2021
- Citi European Life Insurance Research Webinar on the Current State of the U.S. Pension Risk Transfer Market | 12.2020
- SOA Annual Meeting – PRT Reinsurance in the US: A Market in the Making | 10.2019
- SOA Reinsurance Seminar – The Pension Risk Transfer-mation: Market Overview and Intro to Reinsurance | 09.2019
- AICPA Employee Benefit Plans Conference – Both Direct and Indirect DB Pension Costs Need Audit Attention | 05.2019
Anna 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.
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.
Pat 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.
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.
Managing Sales Director
Managing Sales Director
Sean is Managing Sales Director of the Western Region. In this role, Sean is responsible for creating new business opportunities 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.
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 is an Actuarial Assistant with BCG. She assists with PRT analyses, annuity estimates, preparing bid specifications, and reviewing proposals for annuity purchases.
Samantha started her career with Midwest Consulting Actuaries before joining BCG in 2015. She received a BS in Actuarial Science from Indiana University Northwest.
Primary role is to lead successful 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.
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 with varying degrees of complexity.
He has over 35 years of comprehensive pension plan experience serving as a Director at both Deloitte and RSM McGladrey, and as a Senior Manager at both Mesirow Financial and Price Waterhouse. Over the past fifteen years, 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.
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 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 achieve pension risk transfer initiatives.
Managing Sales Director
Managing Sales Director
Debbie 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.
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.
Client Services Associate
Client Services Associate
Crystal 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.
She have been with BCG since May 2010 and has worked in the customer service arena for 20 years.
Client Services Director
Client Services Director
Rose 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.
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.