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Congratulations to Mike Preston for willing the ASPPA/ACOPA Distinguished Achievement Award. And many thanks for your years of contributions to these boards. ----------------------------------------------------------------------------------------------------- August 23, 2017 -- The ASPPA College of Pension Actuaries (ACOPA) honored Michael B. Preston, FSPA, EA, MAAA with the 2017 Edward E. Burrows Distinguished Achievement Award at the ACOPA Actuarial Symposium held in Chicago Aug. 18-19. The Edward E. Burrows Distinguished Achievement Award is presented annually to a pension actuary who has gone above and beyond in forwarding ethics, education, beneficial legislation or regulations that enhance the private pension system or the professionalism of enrolled actuaries within the private pension system. “Mike Preston’s history of service to the actuarial profession made him an obvious choice to receive the Ed Burrows Award.” said Joe Nichols, former president of ACOPA and chair of the Ed Burrows Award Committee. Mike is currently President and Chief Actuary of Preston Actuarial Services, Inc. Mike has been an Enrolled Actuary for over three decades, and an ASPPA member since 1988. During this time, Mike has served in many volunteer capacities, including as a member of the ASPPA Board of Directors, editor of the Pension Actuary, and member of the Actuarial Standards Board Pension Committee. Mike served as President of the College of Pension Actuaries at the time the combination with ASPPA occurred, and became the first President of ACOPA. Mike is a frequent speaker at ASPPA, ACOPA and other actuarial conferences, and is the founder of ACOPA’s member-only listserve — an invaluable resource for hundreds of enrolled actuaries.

Congratulations Mike! you have been so helpful over the years.

Don't do it, at least not into a DB plan.

AKconsult for President!!! LOL

The original employee benefit provided for loans and the employees relied on it for life planning. The loans could have been preserved and operated as intended after the corporate transaction, but the employers did not think enough of the affected employees to go out of the way to avoid the adverse effects of pulling the rug out. Just because a lot of employers do the wrong thing does not make it any less insulting. Both the former and current employers are at fault., and the affected employees ought to know where they stand in the eyes of the new employer. Mostly they are ignorant and do not realize the the new employer made a choice that affected them adversely and "LOTS of employers" rely on the ignorance to duck the criticism they richly deserve. And we can agree to disagree, but it would be best to take positions based on full knowledge by all involved.

Yea I see more plans (and platforms FWIW) that will not allow loans to be rolled over than plans that will accept loans. It probably would have been nice to at least get the opportunity to pay it off with with outside money rather than trigger a taxable event and a 10% penalty though...

Pain in the ass.