Les Richmond evaluates municipal pension and other postemployment benefit (OPEB) plans and liabilities as part of BAM’s credit underwriting process for municipal bond issuers. He reviews approximately 500 plans per year and is an expert on public pension policies and funding trends across the U.S.
Prior to joining BAM in January 2013, Les worked as an actuarial consultant to large public and private sector clients for over thirty years. In this capacity, he provided consulting and actuarial valuation services on clients’ pension and OPEB plans, and assisted with benefit design and financing, mergers and acquisitions, employee benefits litigation, and benefit aspects of collective bargaining. Most recently, he was with Hay Group, where he was a Senior Principal. Key projects while at Hay Group include leadership of a four-year engagement to conduct an actuarial audit of the five New York City Retirement Systems, and special pension studies for New York City’s Office of the Comptroller.
Les is a member of the Advisory Committee to the National League of Cities’ Public Sector Retirement Initiative, which was created to study the funding challenges facing local government pension and retiree healthcare systems, and to engage and educate city leaders about strategies to achieve greater fiscal sustainability in these areas.
He is an Associate of the Society of Actuaries, an Enrolled Actuary, a member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. He holds a B.A. in Mathematics from Rutgers College.