EDWARD J. HOLOHAN
As an Associate of the American Society of Actuaries (ASA), Edward Holohan has the equivalent of his master's degree in the actuarial profession and is a graduate of Siena College in Loudonville, New York. In 1990 Mr. Holohan took three-decades of experience in designing and administering employee benefit plans and founded Penflex, Inc., a professional services and actuarial firm that has operated nationwide for more than 20 years.
Under his stewardship Penflex, Inc. has grown into a leader in the field of administering length of service award programs (LOSAPS) and Mr. Holohan and his staff have provided LOSAP administrative services for more than 400 volunteer fire and EMS departments nationwide.
Prior to launching Penflex Mr. Holohan performed actuarial cost studies of proposed Retirement System legislation and worked together with the legal staff of the Office of the New York State Comptroller to draft and analyze proposed legislation. In addition, he had direct responsibility for the performance of the annual actuarial valuation of the System's assets and liabilities wherein the annual contributions payable to the System by the State and local government entities were calculated.
From 1982-1986, Ed was the Director of the System's Bureau of Employer Services, which provided information services to the municipalities participating in the System and to System members and their beneficiaries. From 1987-1989, Ed was the manager of the Actuarial, Benefits and Compensation (ABC) consulting practice of the Albany, New York office of Coopers & Lybrand, which is one of the largest international, multi-disciplined consulting firms in the world. He designed and administered IRS qualified defined benefit pension plans, money purchase plans, profit sharing plans, flexible benefit "cafeteria" plans and Section 401(k) plans.
Since that time Ed has extensively studied LOSAPs for volunteer firefighters in New York State. Mr. Holohan has authored articles in numerous publications on the topic, has discussed the program with the New York State Comptroller’s staff, boards of fire commissioners and multiple town and village boards nationwide. Through his affiliation with the National Volunteer Fire Council (NVFC) Ed has also been a vocal champion of amending the IRC to fix LOSAP income tax problems. In furtherance of this cause Ed has written a technical brief that has been widely disseminated nationally and has spoken personally with staff members from the offices of Senators Hillary Clinton, Chris Dodd and Charles Schumer on the matter.
In his capacity as President and Actuary of Penflex, Inc. Ed has also assisted state and federal legislators in drafting legislation and rules and regulations affecting service award programs. Ed is proud to be celebrating two decades of working with emergency services volunteers and looks forward to sharing his LOSAP expertise with volunteer departments for years to come.