Normal Retirement Age Issue Brief
In March, the Pension Committee released an issue brief, Rethinking Normal Retirement Age for Pension Plans, which recommends giving private sector defined benefit plans the option to raise their normal retirement age above 65 to align with Social Security.
Enrolled Actuaries Meeting Highlights
Leaders of the Pension Practice Council along with Academy Senior Pension Fellow Don Fuerst presented at a session of the 2013 Enrolled Actuaries Meeting that featured a lively dialogue about recent projects and ongoing activities by the council and its work groups. Fuerst also presented at several other sessions, including the opening general session “Washington Update—Pension & Benefits in the New Congress” and Session 103.
Academy Leadership—Pension News
On April 22, the Academy sent a letter to President Obama and congressional leaders encouraging them to appoint at least one qualified actuary to the newly established Military Compensation and Retirement Modernization Commission.
In an April 19 news release, the Academy noted the importance of meaningful disclosure for state and local government pension plans and offered its public policy expertise to legislators and other stakeholders at the federal, state, and local levels to help them understand what they should address in the disclosure of the risks related to these plans.
On April 12, Academy President Cecil Bykerk sent a letter to the editors of The Wall Street Journal in response to an April 10 op-ed, “The Pension Rate-of-Return Fantasy,” regarding pension funding and expected rates of return.
Meetings with the GAO
Several members of the Pension Practice Council and its work groups participated in multiple interviews with the Government Accountability Office (GAO) on discount rates, Form 5500, and streamlining pension reporting and disclosures.
International Accounting Standards
The International Actuarial Association (IAA) will develop an International Standard of Actuarial Practice (ISAP) on IAS 19 Employee Benefits. The ISAP is expected to address high-level aspects of IAS 19, but not provide specific guidance on issues such as attribution or asset ceiling calculations. More information about expected items to be covered is available here.