Pension News

The Academy’s Social Security Committee published a guide to analyzing Social Security reform proposals. Visit the Campaign 2012 Toolkit page for more information.
(March 27, 2012)
If you missed the March 7 webinar on lifetime income, you can download the slides for free or order a recording of the webinar for a small fee. Noel Abkemeier and Tonya Manning, co-chairpersons of the Academy’s Joint Lifetime Income Risk Task Force, provided an overview of the risks of inadequate lifetime income, current options to address the risks, and the range of policy solutions to help retirees better prepare for managing lifetime retirement needs. Tom Terry, chairperson of the Public Interest Committee, also announced new Academy initiatives underway to advance the discussions surrounding longevity risk.
(March 7, 2012)
The Pension Committee submitted a letter to the Internal Revenue Service and Department of the Treasury addressing elections to reduce funding balances for defined benefit pension plans. (February 16, 2012)
Don't miss the chance to learn about the risks of inadequate lifetime income, current options to address the risk, the range of policy solutions to help retirees better prepare for managing lifetime retirement needs, and new initiatives underway within the Academy to advance the discussions surrounding longevity risk. Attendees will learn about the characteristics of lifetime income risk, important steps recently taken by the federal government designed to enhance lifetime retirement security, and how the unique skills of the actuarial profession can contribute to solutions. (February 9, 2012)
The Pension Committee submitted a letter to the Internal Revenue Service and Department of the Treasury concerning differing interpretations in the application of IRC Section 415(b) limits and requesting guidance. (January 30, 2012)
The Academys Pension Accounting Committee and Joint Committee on Retiree Health submitted a comment letter to the National Association of Insurance Commissioners (NAIC) on the exposure drafts of Statements of Statutory Accounting Principles (SSAP) No. 92 and No. 102. These exposure drafts are intended to replace existing standards governing accounting for pension benefits and postretirement benefits other than pensions (OPEBs). (December 9, 2011)
The Academy’s Pension Committee submitted a letter to the IRS and Department of Labor concerning a possible error in the instructions for Form 5500, Schedule H on the reporting of premium payments made to the PBGC from qualified DB plan assets. Click here to read the PBGC response to the Pension Committee's Inquiry. (October 17, 2011)
The Academy's Pension Practice Council submitted comments to the Governmental Accounting Standards Board (GASB) in response to two exposure drafts on pension accounting and financial reporting by employers. (October 17, 2011)
The Academy hosted a jointly sponsored Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. Presenters discussed important implications for plan sponsors, beneficiaries, and policymakers.

 

(October 12, 2011)
The Academy's Pension Committee submitted a comment letter to the Actuarial Standards Board regarding the discussion draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (October 12, 2011)
Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges facing the private defined benefit system. Presenters also discussed important implications for plan sponsors, beneficiaries, and policymakers. Speakers: Academy Vice President Ethan Kra, SOA Vice President Tom Terry, SOA Research Actuary Joe Silvestri, and Academy Senior Pension Fellow Don Fuerst. (October 12, 2011)
The Academy is hosting a jointly sponsored Capitol Hill briefing with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrates a “rising tide” of funding challenges facing the private defined benefit system. Presenters will discuss important implications for plan sponsors, beneficiaries, and policymakers. Learn more. (September 30, 2011)
The Academy's Social Security Committee urged President Obama and congressional leaders to improve the long-term solvency and sustainability of Social Security whether in a broader deficit-reduction package or through an alternative legislative track. (September 23, 2011)
The Academy's Pension Committee submitted a comment letter to the Pension Benefit Guaranty Corporation regarding the calculation of unfunded vested benefits for at risk pension plans. (September 22, 2011)
Academy Public Interest Committee Chairperson Tom Terry sent a letter to House Ways and Means Social Security Subcommittee Chairman Sam Johnson and Ranking Member Xavier Becerra in response to follow-up questions from Terry's July 8 testimony on the Social Security retirement age. The letter addressed ways in which policymakers can boost incentives for older workers to work longer. (August 31, 2011)
The Academy's Social Security Committee released an updated issue brief on automatic adjustment mechanisms that could help address actuarial balance challenges facing Social Security. (August 4, 2011)
The Academy's Public Interest Committee Chairperson Tom Terry testified today to the U.S. House Committee on Ways and Means Subcommittee on Social Security. Terry told the subcommittee that actuaries believe it necessary for policymakers to act promptly in considering options for putting Social Security on a path toward sustainable solvency. He said that when exploring the options and considering continued life expectancy improvements at age 65, increasing Social Security's retirement age stands out as one of the most obvious choices. (July 8, 2011)
The Academy's Pension Committee submitted a comment letter to the Joint Board for Enrollment of Actuaries regarding final regulations and continuing education requirements for enrolled actuaries. (June 29, 2011)
The Academy's Pension Practice Council and Public Plans Subcommittee submitted a comment letter to the U.S. Securities and Exchange Commission requesting that public pension plans be excluded from the definition of "investment strategies" and that enrolled actuaries and members of the five U.S.-based actuarial organizations be excluded from the definition of "municipal advisors" to the extent they are providing actuarial services that are governed by the Actuarial Standards of Practice and the Code of Professional Conduct. (June 22, 2011)
The Academy's Pension Committee submitted a letter to the Internal Revenue Service with concerns about the implications of the proposed modifications to Circular 230 and registration requirements for PTINs and the application of these rules to various reporting requirements for retirement plan professionals. (June 14, 2011)