Products and Services
The powerful financial planning and analysis tool for retirement plans, developed by WinTech
ProVal is a powerful planning and analysis tool for managing retirement plans. It is the state-of-the-art actuarial valuation system, and the only such system designed for use by both actuaries and plan sponsors. ProVal was developed by WinTech in Greenwich, CT.
In one complete system, plan sponsors have the ability to prepare and analyze data, forecast FAS 87 expense and contributions, value changes in discount rates and even perform asset allocation studies.
What is so unique about ProVal?
It is the first all-in-one pension valuation system designed for both actuaries and non-actuaries. The system we use for all of our valuation work is the same one we provide to clients to do their own analysis. ProVal is entirely PC-based, which eliminates the time and expense required of a large mainframe system. In a matter of minutes, users can run and analyze long-term projections of future plan costs, allowing for a variety of modeling to be performed quickly. Documentation is automatically stored in an electronic audit trail within ProVal. This allows work to be transferred easily between actuaries and ensures the accuracy of final results. Also, extensive reporting and graphing features provide a means for both detailed checking and "bottom-line" presentation of results.The user-friendly Windows interface eliminates the need for programming. The user can simply point and click in order to price plan changes, change discount rates, or develop sophisticated asset allocation analyses. Clients tell us that empowering them with a tool like ProVal helps explode the actuarial "black box," significantly improving their understanding of the benefit plan issues they face.
How several clients use ProVal:
One client uses ProVal to support benefit finance and benefit plan efforts. They develop cost estimates, assess the impact of pension legislation and perform important "what if" analyses. Another client began using ProVal exclusively as an asset allocation tool. Today, in addition, they use it to clean their pension data, create annual benefit statements and provide FAS 87 budget estimates. One client's accounting department uses ProVal to price plan design changes and FAS 88 costs independently. Another client's human resources group uses ProVal to assemble and screen participant data to ship to us for valuation purposes. Their benefit finance group have conducted budget analysis and discount rate sensitivities using ProVal.