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33 Matching News Items |
| 1. |
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)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA] 
June 4, 2012
"[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."
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| 2. |
ASPPA and ACOPA Comment Letter to Actuarial Standards Board on Proposed Introductory Actuarial Standard of Practice (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
June 4, 2012
"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."
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| 3. |
ASPPA and ACOPA on Proposed Revisions Comment Letter to ASOP No. 27, 'Selection of Economic Assumptions for Measuring Pension Obligations' (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
June 4, 2012
"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."
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| 4. |
Text of Request from ASPPA and ACOPA to IRS for Updated Guidance on Automatic Approval of Funding Method Changes (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
June 4, 2012
"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."
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| 5. |
Text of Letter from ASPPA and ACOPA to IRS Requesting HTFA Funding Guidance (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
Aug. 19, 2014
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."
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| 6. |
ASPPA and ACOPA Comment Letter to IRS on Cash Balance Volume Submitter Provisions (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
June 23, 2014
"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."
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| 7. |
ASPPA/ACOPA Response to Request for Information on Reducing the PBGC Regulatory Burden (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
Apr. 21, 2011
"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)."
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| 8. |
ASPPA and ACOPA Comment Letter to IRS on Determination Letter Rulings for Plan Amendments Under Code Section 412(d)(2) (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
June 10, 2014
"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."
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| 9. |
The American Retirement Association: A New Name for an Expanding Mission
American Retirement Association [ARA]
Mar. 12, 2015
"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)"
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| 10. |
Notes from Meeting of Actuaries 'Intersector Group' with PBGC, October 2023 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Nov. 16, 2023
8 pages. Topics include: [1] Pension Risk Transfer (PRT) Report update; [2] PBGC coverage with retro amendments; [3] Final premium filing deadline for terminating plans; [4] Technical Update 23-1; [5] Allocation of prior year contributions to spun-off plans; [6] Multiemployer plans: Benefit reductions and amount of SFA; Amounts eligible to be paid by SFA assets; and Lock-in application and census data.
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| 11. |
Notes from Meeting of Actuaries 'Intersector Group' with Treasury and IRS, September 2023 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Nov. 16, 2023
9 pages. Topics include: [1] Full yield curve; [2] SECURE 2.0 correction provisions; [3] JBEA rules; [4] Ways to streamline funding method changes for spinoffs; [5] Proposed mortality regulations; [6] Section 420 transfers; [7] Allocation of prior year contributions to plans involved in a spinoff.
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| 12. |
ACOPA Comment Letter to IRS on Mortality Tables to be Used under Sections 430(h)(3)(A) and 417(e)(3) (PDF)
American Society of Pension Professionals & Actuaries [ASPPA]; ASPPA College of Pension Actuaries [ACOPA]
Oct. 25, 2013
"ACOPA recommends that IRS continue to publish combined static mortality tables.... [A]lthough the more refined approach to mortality assumptions may be appropriate for large plans, there will be little or no benefit from such refinement for small plans. In fact, static tables work well in the small plan environment and ACOPA respectfully suggests that moving away from static tables for small plans would be form over substance at substantial cost."
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| 13. |
Notes from Meeting of Actuaries 'Intersector Group' with IRS, May 2021 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
July 2, 2021
13 pages. Topics include: [1] Phased retirement and nondiscrimination; [2] Statutory hybrid plan issues; [3] Partial plan termination issues; [4] Lump sums that are the greater of Section 417(e) and some other basis; [5] Applicability of excise taxes on multiemployer plans remaining in critical status after 10-year rehabilitation period; [6] Variable annuity pension plans; [7] Late retirement actuarial increases for cash balance plans; [8] Funding waivers; [9] Nondiscrimination testing; [10] ARPA guidance.
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| 14. |
Notes from Meeting of Actuaries 'Intersector Group' with IRS, September 2016 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Oct. 6, 2016
5 pages. Topics include: [1] Guidance timing and priorities ... [2] Instructions for 2015 Form 5500 Schedule H/I line 4L and Form 5500-SF line 10f ... [3] Updating outdated mortality tables ... [4] Current processing time for approvals of shortfall and other funding method requests ... [5] Valuation of variable-annuity plans for funding, 417(e), etc.... [6] Multiemployer Pension Reform Act (MPRA) suspensions ... [7] Church plan litigation ... [8] Treating early retirement factors as benefits, rights, and features for nondiscrimination testing ... [9] Intersector Group suggestion to offer a special one-time determination letter opportunity within the next two years, solely for hybrid plans forced to change their interest crediting rate to comply with the final rules
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| 15. |
Notes from Meeting of Actuaries 'Intersector Group' with IRS, October 11, 2017 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Mar. 8, 2018
8 pages. Topics include: [1] Mortality tables opt-out: plan sponsor's determination; [2] Partial lump sums: total benefits vs. bifurcation rules; [3] Spinoff issues for plans subject to section 436 restrictions; [4] Multiemployer plan issues; [5] Closed plans/discrimination; [6] Hurricane relief issues; [7] Phased retirement; [8] Pension Equity Plans; [9] Risk sharing designs.
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| 16. |
Notes from Meeting of Actuaries 'Intersector Group' with PBGC, January 2023 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Mar. 24, 2023
4 pages. Topics include: [1] Special Financial Assistance (SFA) for multiemployer pension plans:Priority Group 5, Lock-in application, Post-MPRA contribution rate increases and withdrawal liability, and Use of SFA assets following a plan merger; [2] Schedule SB benefit payments; [3] ERISA 4010.
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| 17. |
Notes from Meeting of Actuaries 'Intersector Group' with PBGC, May 28, 2020 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
July 1, 2020
9 pages. Topics include: Single-employer plans: 4062(e); Uncashed checks for missing participants in a plan termination; plan termination audits; reportable events and Early Warning Program; possible surge in funding waiver requests. Multiemployer Plans: Pending regulations on withdrawal liability; final rule for terminations and insolvencies; guidance on facilitated mergers; guidance on partitions; guidance on two-pool withdrawal liability methods. PBGC asked the Intersector Group about the ability of multiemployer plans to be able to handle an increase in costs related to a mandated cap on the actuarial interest rate assumption.
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| 18. |
Notes from Meeting of Actuaries 'Intersector Group' with PBGC, March 7, 2019 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
May 15, 2019
6 pages. Topics include: [1] PBGC organizational changes and priorities; [2] Pilot Mediation Program; [3] ERISA Section 4044 assumptions; [4] Is PBGC now using the information collected on de-risking to inform solvency projections? [5] Missing participants: update on any joint efforts among DOL, IRS, and PBGC to standardize what constitutes a diligent search for various purposes; [6] PBGC Guidance Plan; [7] Forms and instructions update; [8] Actuarial equivalence lawsuits; and [9] Proposed guidance on simplified withdrawal liability.
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| 19. |
In Memoriam: Tom Finnegan
American Retirement Association [ARA]
Aug. 20, 2023
"Tom Finnegan, the first American Retirement Association President, has passed away.... [He] also served as president of both ASPPA and the ASPPA College of Pension Actuaries (ACOPA), now the American Society of Enrolled Actuaries (ASEA).... He was a recipient of ASPPA's Educator of the Year Award and just this past year was awarded ASPPA's Harry T. Eidson Founders Award named after ASPPAs first president, Harry T Edison. Finnegan also was a recipient of the ASPPA Educators Award, as well as the 2020 recipient of the Edward E. Burrows Distinguished Achievement Award.... Tom's service to our industry and to [ASPPA] was without peer."
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| 20. |
Notes from Meeting of Actuaries 'Intersector Group' with PBGC, May 3, 2017 (PDF)
American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]
Aug. 3, 2017
9 pages. Topics include: ... [1] How does the new administration affect the current priorities? ... [2] What is PBGC's plan with respect to mortality assumptions now that the IRS proposed regulations have been released? ... [3] Is PBGC moving forward with review of all other assumptions (e.g., ERISA Section 4044), and what can be expected on that front? ... [4] Are there any changes in the types of issues PBGC is seeing on audits of plan terminations or premium filings? ... PBGC provided a litany of errors it commonly discovers ... [5] Does PBGC expect to finalize the multiemployer plan merger regulation, and are any changes likely from the proposed regulation?
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