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ASPPA and ACOPA Comment Letter to Actuarial Standards Board on Proposed Revision of ASOP No. 4, 'Measuring Pension Obligations and Determining Pension Plan Costs or Contributions' (PDF)

"[ASPPA and ACOPA] are concerned the proposed changes to ASOP 4 unilaterally and inappropriately expand the typical engagement between plan sponsors and actuaries, and would require calculations beyond the economic value such calculations would provide."

ASPPA and ACOPA Comment Letter to Actuarial Standards Board on Proposed Introductory Actuarial Standard of Practice (PDF)

"While the addition of the 'Terms of Construction' section may add clarity to the meaning of future ASOPs, the addition of the 'Terms of Construction' potentially changes the meaning of all existing ASOPs without providing actuaries an opportunity to comment on those changes. Because these terms were not explicitly defined previously in the ASOPs, an actuary during ASOP comment periods and then while applying the ASOPs would have read these terms using a common sense meaning instead of the meaning the Introductory ASOP currently assigns to them."

ASPPA and ACOPA on Proposed Revisions Comment Letter to ASOP No. 27, 'Selection of Economic Assumptions for Measuring Pension Obligations' (PDF)

"Our comments are predicated on significant modification of the proposed changes to Introductory Actuarial Standard of Practice, most specifically on the definitions of 'must', 'should' and 'should consider.' ... We believe the guidance should be more specific on the nature and extent of a range of reasonable assumptions. Without that specificity, sections 3.5 and 3.6 are difficult if not impossible to implement."

American Academy of Actuaries Comment Letter to Society of Actuaries on RP-2014 Mortality Tables (PDF)

"Although the Pension Committee has not done analysis related to the credibility of the data, we have compared the quantity of data used to produce the RP-2000 mortality table and found it to be comparable to the quantity of data used to produce the RP-2014 mortality table. While the quantity of data retained may be sufficient, or at least comparable in quantity to the data used for RP-2000, the Exposure Draft has raised concerns with us about its quality."

ASPPA Urges Pension Practitioners, Small Business Plan Sponsors to Contact Congress Quickly; Cross-Tested Plan Design at Risk

Excerpt from a letter issued by ASPPA: '[T]here is a new, real threat to cross-tested plans. Congressman Lloyd Doggett (D-TX), who previously introduced a bill to repeal cross-testing, is working on a new proposal that would authorize Treasury and IRS to revise the regulations on matters such as the interest rate used for calculations and the ability to use different formulas for different groups of employees. We believe the net effect of this proposal would be to severely reduce the attractiveness of cross-tested plans. The House may act on this legislation as early as next week -- so you must act now!

New Fee Disclosure Solution Released By NEA, NTSAA & ASPPA Joint 403(b) Taskforce

Partners of the 403(b) Transparency Taskforce including the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA) today launched the 403(b) Model Disclosure Form -- the first ever transparency standards for disclosure of fees and services in the public school 403(b) marketplace.

Society of Actuaries Study Outlines Retirement Solutions for Middle-Income Americans

Excerpt: Now we have seven steps to retirement planning courtesy of the Society of Actuaries, which just released a 64-page report with the not-so-consumer friendly title 'Segmenting the Middle Market: Retirement Risks and Solutions Phase II Report.'

Text of Request from ASPPA and ACOPA to IRS for Updated Guidance on Automatic Approval of Funding Method Changes (PDF)

"ASPPA COPA recommends that automatic approval be provided for the following changes in funding methods: I. Changes in asset valuation method from fair market value to smoothed or smoothed to fair market value. II. Changes in valuation date for small plans which have discretion regarding the choice of such date. III. Changes in the actuarial organization performing the valuation and changes in valuation software. IV. Changes in the valuation interest rate set from segment rates to the full yield curve, or the reverse, as well as changes in the look-back period for determining the interest rates."

Text of Letter from ASPPA and ACOPA to IRS Requesting HTFA Funding Guidance (PDF)

6 pages. "ASPPA and ACOPA recommend that the IRS issue guidance that minimizes the additional time and expense required to comply with the [Highway Transportation Funding Act of 2014 (HTFA)] .... If the schedule SB for a plan year beginning in 2013 has already been filed, no supplemental or amended filing should be required... Rules similar to those in Notice 2012-61 should apply for plans that apply the extended 10% corridor to the 2013 plan year for purposes of Section 430 or Sections 430 and 436 and to all plans for 2014 plan years ... An election to elect out of HTFA segment rates for 2013 must not be considered an election to opt out of using the modified funding target determination period provided in section 2003(d) of HTFA."

ASPPA and ACOPA Comment Letter to IRS on Cash Balance Volume Submitter Provisions (PDF)

"ASPPA and ACOPA recommend that the flexibility contained in traditional defined benefit volume submitter plans should also be available in cash balance volume submitter documents. This flexibility pertains to definitions of classes, formulas based on percentage of compensation or flat dollar credit per year of service and the lesser of these or net self-employment income."

ASPPA/ACOPA Response to Request for Information on Reducing the PBGC Regulatory Burden (PDF)

"ASPPA and ACOPA recommend that the existing exemptions from reporting requirements for small and well-funded plans be expanded and similar exemptions extended to reporting under ERISA Sections 4062(e) and4063(a)."

Testimony of ASPPA at Hearing on Tax Reform and Tax-Favored Retirement Accounts (PDF)

At hearing held by U.S. House Committee on Ways and Means on April 17, 2012. "The goals of simplification, efficiency, and increasing retirement and financial security for American families are goals [ASPPA shares] with the Committee. The primary message [ASPPA wants] to convey today is that the current tax incentives are working very efficiently to promote retirement security for millions of working Americans. The most important factor in determining whether or not taxpayers across the income spectrum save for retirement is whether or not there is a workplace retirement plan. If increasing retirement and financial security is the goal, increasing the availability of workplace savings is the way to get there, and modifications to the current incentives should be evaluated based on whether or not the changes will encourage more businesses to sponsor retirement plans for their employees."

ASPPA Rolls Out Professional Services Directory of ASPPA Members, Available for Use by Public

Excerpt: 'Please select the professional services that you require, then you may select to search by zip code and mile radius or city, state and mile radius.... Please select one or more services ... : 401(K)/Defined Contribution Services; Actuarial and Defined Benefit Services; Compliance and Fiduciary Services; Investment Services' [ASPPA membership information is online at http://www.asppa.org/membership/member_join.htm]

Society of Actuaries Responds to Concerns of Teachers Association Over Upcoming Study of Public Pension Plan Underfunding (PDF)

The linked item is a letter to the executive director of the National Council on Teacher Retirement. Excerpt: "The panel understands there are diverse views concerning public pension plan funding and is eager to learn from members of the public plan community. Two primary ways it is accomplishing this is through a 27-question survey taken by more than 170 actuaries, plan administrators, plan trustees, public officials, investment advisors, union officials, economists and academics. The panel is also meeting in person with 20 actuaries, trustees, plan administrators, union officials, representatives of public plan organizations, economists and investment advisors so that it is assured to receive a broad range of opinions and insights."

Enrolled Actuary Program Booklet: Basic (EA-1) Examination, Pension EA-2 (Segments L and F) Examinations (PDF)

35 pages. "The EA-1 examination ... covers the mathematics of compound interest and practical financial analysis and the mathematics of life contingencies and practical demographic analysis. The pension (EA-2) examination consists of two segments: The EA-2 (Segment L) law examination ... covers relevant pension laws ... as they affect pension actuarial practice.... The EA-2 (Segment F) examination ... covers the selection of actuarial assumptions and calculation of minimum required and maximum tax-deductible contributions under current pension law, along with the related actuarial mathematics." [Issued Jan. 2023 for May 2023 and Nov. 2023 exams. Rev. Jan. 24, 2023]

Text of 2017 Enrolled Actuary Program Booklet: Basic (EA-1) Examination, Pension EA-2 (Segments L and F) Examinations (PDF)

35 pages. "The EA-1 examination ... covers the mathematics of compound interest and practical financial analysis and the mathematics of life contingencies and practical demographic analysis. The pension (EA-2) examination consists of two segments: The EA-2 (Segment L) law examination ... covers relevant pension laws ... as they affect pension actuarial practice.... The EA-2 (Segment F) examination ... covers the selection of actuarial assumptions and calculation of minimum required and maximum tax-deductible contributions under current pension law, along with the related actuarial mathematics." [Issued July 2017, for Nov. 2017 and May 2018 exams. Rev. July 27, 2017]

Text of 2017 Enrolled Actuary Program Booklet: Basic (EA-1) Examination; Pension EA-2 (Segment L) Examination; and Pension EA-2 (Segment F) Examination (PDF)

35 pages. "The EA-1 examination ... covers the mathematics of compound interest and practical financial analysis and the mathematics of life contingencies and practical demographic analysis. The pension (EA-2) examination consists of two segments: The EA-2 (Segment L) law examination ... covers relevant pension laws ... as they affect pension actuarial practice.... The EA-2 (Segment F) examination ... covers the selection of actuarial assumptions and calculation of minimum required and maximum tax-deductible contributions under current pension law, along with the related actuarial mathematics." [Issued Jan. 2017, for May and November, 2017, exams; rev. Feb. 2, 2017]

The American Retirement Association: A New Name for an Expanding Mission

"For nearly half a century, the American Society of Pension Professionals and Actuaries (ASPPA) and its affiliated organizations have been working for America's retirement. As of today, it does so under a new name as broad and expansive as the members it represents: the American Retirement Association.... [T]he American Retirement Association is a nonprofit professional organization with two major goals: to educate all retirement plan and benefits professionals, and to create a framework of policy that gives every working American the ability to have a comfortable retirement.... The American Retirement Association is composed of four premier retirement industry associations: [1] the American Society of Pension Professionals & Actuaries (ASPPA); [2] the ASPPA College of Pension Actuaries (ACOPA) ; [3] the National Association of Plan Advisors (NAPA); and [4] the National Tax-deferred Savings Association (NTSA)"

ASPPA and ACOPA Comment Letter to IRS on Determination Letter Rulings for Plan Amendments Under Code Section 412(d)(2) (PDF)

"IRS ruling policy and, to the extent necessary, guidance (sub-regulatory or otherwise) should affirm the clear statutory language of IRC Section 412(d)(2) and Congressional authority to permit defined benefit plan sponsors to adopt retroactive 'discretionary' amendments.... The IRS should rebuild trust with the employee benefits plan community by engaging in dialogue, rather than using the threat of disqualification, as the vehicle to communicate a change in the Service's ruling policy."

Enrolled Actuaries Pension Examination Program Booklet (PDF)

35 Pages, Rev .Jul. 10, 2023. Syllabus for November 2023 Pension EA-2 (Segment F) Examination; May 2024 Basic (EA-1) Examination; and May 2024 Pension EA-2 (Segment L) Examination.