The Pension Committee (PC) submitted a comment letter to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP), Setting Assumptions.
( )The Pension Practice Council sent a letter to Congressional leaders on pension-related revenue offsets.
( )The Pension Committee submitted a comment letter to the IRS on an update to mortality tables for determining the present value for defined benefit pension plans.
( )The Multiemployer Plans Subcommittee released notes from its meeting on Feb. 22 with officials of the Treasury and Labor departments, and Pension Benefit Guaranty Corporation to discuss applications by multiemployer pension plans in critical and declining status to suspend benefits or partition liabilities.
( )The spring issue of Retirement Account covers a presentation of “Longevity and Retirement Security” by Senior Pension Fellow Ted Goldman to a U.S. Chamber of Commerce retirement forum; notes from a Multiemployer Subcommittee meeting with members of the PBGC, and Treasury and Labor departments on multiemployer pension plans; an issue brief by the Pension Cost Work Group on pension cost recognition; and more.
( )The Pension Committee submitted a comment letter to the U.S. Treasury Department requesting guidance from the IRS and Treasury to resolve uncertainties that exist as to how variable annuity plans should be valued for minimum funding and Internal Revenue Code (IRC) §417(e) purposes.
( )The Multiemployer Pension Plans Subcommittee submitted a comment letter to the Pension Benefit Guaranty Corporation (PBGC) on alternative two-pool withdrawal liability methods.
( )The Pension Committee submitted a comment letter to the IRS on proposed regulations to the minimum present value requirements for defined benefit (DB) plan distributions.
( )Senior Pension Fellow Ted Goldman presented on “Longevity and Retirement Security” at the U.S. Chamber of Commerce’s “The Shifting Paradigm of Retirement” forum in Washington on Feb. 3, reviewing the jointly sponsored Actuaries Longevity Illustrator and the challenges of and potential approaches to addressing longevity risk. View the slides.
( )The Pension Cost Work Group released an issue brief, Alternatives for Pension Cost Recognition—Implementation Approaches Using Bond Models, that explores potential approaches for determining pension costs.
( )The Pension Committee, Multiemployer Plans Subcommittee, and Public Plans Subcommittee submitted comments to the Actuarial Standards Board (ASB) on a draft actuarial standard of practice (ASOP) on risk assessment and disclosure.
( )The Pension Committee submitted comments to the Actuarial Standards Board (ASB) on the third exposure draft of a proposed actuarial standard of practice (ASOP) on modeling.
( )The Pension Practice Council (PPC) released an issue brief that examines the Pension Benefit Guaranty Corporation’s (PBGC) multiemployer pension program, which could exhaust its assets in less than 10 years and be forced to cut benefits to retirees receiving PBGC support unless changes are made. Read the news release.
( )The Pension Committee released an issue brief that explores risk transfers by defined benefit pension plans from the perspectives of plan sponsors, beneficiaries, and policymakers. Read the news release.
( )The Intersector Group released the notes of its September 2016 meeting with the Pension Benefit Guaranty Corporation.
( )The Intersector Group released the notes of its September 2016 meeting with the Treasury Department and Internal Revenue Service.
( )The Intersector Group provided a meeting notes excerpt regarding Form 5500 clarifications from its September 2016 meeting with the Treasury Department and Internal Revenue Service.
( )The Pension Committee submitted comments to U.S. Senate Special Committee on Aging Chairman Susan Collins on efforts to encourage open multiple employer plans.
The Lifetime Income Risk Joint Task Force submitted a comment letter to the Department of Labor concerning proposals for increasing retiree income options, with a focus on additional safe harbors that encourage delivering lifetime income.
The Multiemployer Subcommittee released a comment letter on the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule on mergers and transfers between multiemployer plans.