Present Value Calculations Terms of Service

The following describes the general terms for our services related to present value calculations for most pension plan benefits. Please contact us if you have any questions regarding the terms or would prefer a formal proposal for signature (by our firm and yours) prior to providing any information needed to begin a calculation (we will assume you accept these terms unless we hear otherwise before beginning work).

Project(s) Description:

Calculation of the present value of pension plan benefits currently being paid or payable at normal retirement age. The methodology and results of the calculation will be shown in a letter and certified by an enrolled actuary.

Fee Arrangement:

Hourly fees at our usual and customary rates. The rates likely to apply are $285 and $240. The hourly rate will apply to all time spent on each project (including, for example, the review of information received, the calculation(s), and follow up phone calls as necessary).

Estimated Fee:

$240 to $480 per present value calculation depending upon the complexity of the calculations involved. Requests for additional calculations or revisions (due, for example, to attorney-prescribed assumptions or additional information) may increase the cost of the fee beyond the estimated amount above.

Timeline(s):

Delivery is expected generally within seven business days of receiving needed direction and data. Please let us know if you have a calculation that is needed sooner.

Expert Witness Testimony:

The estimated fee above does not include oral testimony at depositions, hearings, trials, etc. Such testimony is provided at our usual and customary hourly rates with a minimum charge of $500. Charges related to oral testimony include (a) time spent reviewing materials in anticipation of trial, and (b) travelling to and from our office and the location designated for testimony and all time in between. Requests for testimony may be cancelled at no cost. However, the minimum charge of $500 shall be incurred if the request is not cancelled at least 24 hours prior to scheduled testimony.

Terms of Payment:

Our services are provided to your firm. Your firm is responsible for all payments. We will not attempt to collect fees from either party to the dissolution. IAI will typically bill for services on a monthly basis after the services have been performed. For longer-term projects, IAI reserves the right to progress bill for services rendered-to-date. Payment is due within 30 days of receipt of the invoice. The greater of $25 or 1½% per 30-day period late charge will be applied to balances due after 60 days from date of invoice. The hourly fees may change from time to time and the fees assessed will be those in force at the time services are delivered.