Pension news

The Pension Practice Council provides objective technical expertise to policy-makers and regulators on pension and Social Security issues.

The council is led by John Moore, the Academy’s vice president for pension issues. Donald Fuerst is the senior pension fellow.

Comments on Application of IRC Section 415(b) Limits

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. (01/30/12)

Comments to NAIC

The Academy’s 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). (12/09/11)

Suggestions for Operational Fixes to PPA for Multiemployer Plans

The Academy’s Multiemployer Plans Subcommittee submitted a letter to the PBGC, IRS, DOL and Department of the Treasury with suggestions for operational fixes to PPA with actuarial implications for multiemployer pension plans. (10/26/11)

Updated Practice Note on Mortality Assumptions

The Academy’s Pension Committee has updated an October 2009 practice note on Selecting and Documenting Mortality Assumptions for Pensions to reflect changes to ASOP No. 35 that went into effect in June 2011.

Comments to the IRS and DOL regarding Form 5500, Schedule H

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. (10/17/11)

• PBGC Response to Pension Committee’s Inquiry (11/2/11)

Response to GASB’s Exposure Drafts

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. (10/17/11)

Comments to Actuarial Standards Board on ASOP No. 4 Revisions

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. (10/12/11)

Capitol Hill Briefing: Important New Research Findings Indicate a "Rising Tide" of Contributions Facing Defined Benefit Pensions

New research findings from the actuarial profession illustrate the pension funding challenges facing the private defined benefit system. Presenters from the American Academy of Actuaries and Society of Actuaries 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. (10/12/11)

• Click here to download the presentation.
• Click here to view the report on the SOA website.
• Video of briefing: part 1, part 2, part 3, part 4

Actuaries: Now Is the Time to Address Social Security

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. (09/23/11)

Comments to Pension Benefit Guaranty Corporation on Unfunded Vested Benefits Calculation

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. (09/22/11)

Welcome to issue #1 of Retirement Account from the Pension Practice Council

Read the first issue of Retirement Account—the Pension Practice Council's new quarterly email newsletter designed to keep Pension actuaries up to date on Academy activity in the pension arena. The newsletter features short descriptions of—and links to—recent practice council work products, including comment letters, practice notes, publications, and legislative outreach. It supplements the detailed reports on pension activity that members already receive each month in the Actuarial Update and each quarter in the Enrolled Actuaries Report. (08/19/11)

Issue Brief on Automatic Adjustments to Maintain Social Security's Long-Range Actuarial Balance

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. (08/04/11)

Comments to JBEA on Final Regulations and Continuing Education Requirements

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. (06/29/11)

Webinar: IAS 19-Changes to Pension Accounting Under IFRS

The Academy and SOA are presenting a live webinar on July 20 to provide an overview of recent, significant changes to IAS 19, the International Financial Reporting Standard (IFRS) for pensions and other employee benefits. In addition to an in-depth discussion of the key provisions of the new standard, the presenters will provide background on the reasons for these accounting changes, how the new IAS 19 will differ from U.S. GAAP, and what the changes may mean for U.S. plans and their sponsors as the SEC considers moving toward IFRS. Learn more. (06/29/11)

Comments to the SEC on Registration of Municipal Advisors

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. (06/22/11)

Comments to IRS Regarding Preparer Tax Identification Number (PTIN) Registration Requirements

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. (06/14/11)

Comments and Recommendations to IRS and Treasury for Future Guidance on Merger and Spinoff Issues Under PPA

The Academy's Pension Committee submitted a letter to the Internal Revenue Service and Department of the Treasury with comments and recommendations for future guidance on merger and spinoff issues related to the measurement of assets and liabilities for pension funding purposes and funding ratios. (06/01/11)

Issue brief on the 2011 Social Security Trustees Report

The Academy's Social Insurance Committee released a new issue brief that highlights the 2011 Social Security Trustees Report and outlines the public policy options to address Social Security's long-term financial soundness. (05/26/11)

May 26 Capitol Hill briefing: An Actuarial Perspective on the 2011 Social Security Trustees Report

Presenters from the Academy's Social Insurance Committee shared insights on the 2011 Social Security Trustees Report and presented reform options that, if enacted now, could help address Social Security's long-term financial soundness. (05/26/11)

• Download the presentation.

Comment to the Internal Revenue Service and Department of the Treasury on the Definition of "Plan-Related Expenses"

The Academy's Pension Committee comments to the IRS and Treasury regarding the potential implications of expected regulatory guidance on the definition of "plan-related expenses expected to be paid from plan assets" under Internal Revenue Code (IRC) Section 430(b). (05/24/11)

New Practice Note on Working with Pension Plan Auditors

The Academy's Pension Accounting Committee has issued a practice note with information for actuaries on current practices relevant to the audit of pension plan financial information that is subject to US generally accepted accounting principles (US GAAP). (05/24/11)

Comments to ASB on Proposed Revisions to ASOP No. 27

The Pension Committee submitted comments to the Actuarial Standards Board regarding a proposed revision of ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations. The Joint Academy/SOA Pension Finance Task Force also submitted comments regarding the proposed revision. (05/12/11)

Comments to ASB on Proposed Revisions to ASOP No. 27

The Pension Committee submitted comments to the Actuarial Standards Board regarding a proposed revision of ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations.

Video and presentation available for Pension Risk and Your Retirement briefing

View the video of the Academy Pension Practice Council's April 4 Capitol Hill briefing on Pension Risk and Your Retirement. Presenters Ethan Kra and Lane West addressed the risks inherent with retirement plan designs and the implications for retirement planning and public policy reforms. (04/14/11)

• View videos of the briefing.
• Download the presentation.

New Public Pension Plans Actuarial E-Guide launched

Visit the Academy's one-stop online Public Pension Plans Actuarial E-Guide to access a variety of policy papers, news releases, articles and more. (02/28/11)

Webinar: A Look at Guidance Notice (2010-83)—Funding Relief for Multiemployer Defined Benefit Plans Under the Pension Relief Act of 2010

Miss this 90-minute interactive webinar on Jan. 27 or just want a copy of the recorded presentation? You can order a CD of the presentation slides and the recorded audiocast—including the question and answer section—at a discounted rate. Webinar presenters discussed several aspects of the IRS Notice 2010-83 relating to funding relief for multiemployer plans under the PRA. Order your copy today! (02/07/11)

Comments to IRS on Proposed Hybrid Plan Reguations

The Pension Committee submitted comments to the Internal Revenue Service regarding proposed regulations for hybrid retirement plans.

Comments to FASB on Disclosure for Multiemployer Pension Plans

The Multiemployer Pension Plans Subcommittee submitted comments to the Financial Accounting Standards Board regarding proposed updates to disclosures required for employers that participate in multiemployer plans

Shoring up Social Security

The Academy says the 2010 Social Security trustees’ report highlights the imperative to act immediately to address the challenges facing Social Security.

• See the Academy issue brief on Social Security's financial condition.
• Read the Academy's position statement on raising the retirement age.

Updated: Issue Brief on Raising the Retirement Age for Social Security

The Academy's Social Insurance Committee has updated an existing issue brief entitled Raising the Retirement Age for Social Security

Comments to NAIC on SSAPs (OPEBs and Pensions)

The Joint Committee on Retiree Health and the Pension Accounting Committee jointly submitted comments to the NAIC regarding the exposure draft of SSAP 92 (OPEBs) and proposed revisions to SSAP 89 (pensions)

Response to GASB's Preliminary Views

The Academy's Pension Practice Council submitted comments to the Governmental Accounting Standards Board (GASB) in response to their Preliminary Views on Pension Accounting and Financial Reporting by Employers.

Comments on Proposed Amendments to International Accounting Standard 19, Employee Benefits

The Academy's Pension Accounting Committee submitted comments on September 3rd to the International Accounting Standards Board regarding their proposed amendments to IAS 19. (09/15/10)

Academy Testifies at Public Hearing on Lifetime Income Options

Representatives from the Life Practice Council and Pension Practice Council testified on September 15th in a jointly sponsored Department of Labor and Department of the Treasury public hearing on lifetime income options for retirement. (09/15/10)

Comments on Harmonization of Cost Accounting Standards with PPA

The Pension Committee of the American Academy of Actuaries comments to the Cost Accounting Standards Board on the proposed rulemaking for harmonization of CAS Nos. 412 and 413 with the Pension Protection Act of 2006.

How will the new pension accounting standards affect you?

The Academy's Pension Practice Council is presenting a webinar on July 15 about the Governmental Accounting Standards Board's recently released Preliminary Views document on Pension Accounting and Financial Reporting by Employers. Panelists will discuss several aspects of the GASB document along with an overview of the GASB's progress on the Pension Accounting and Financial Reporting research project. Register Now. (07/07/10)

Comments on 2011 Schedules SB and MB

The Pension Committee comments to the Department of the Treasury and the Internal Revenue Service with suggestions for the 2011 Schedules SB and MB Instructions and Forms

Committees Suggest Changes to Current Social Security Publications

The Pension Committee and Social Insurance Committee recently convened a joint working group to address how to better educate the public about retirement planning. This document suggests changes to current Social Security publications, specifically the "Thinking of retiring?" special insert to the annual Social Security Statement for workers 55 or older and the "When to Start Receiving Retirement Benefits" publication (05-10147).

Council Submits Testimony for Senate Hearing on Longevity Risk

The council submits DOL/Treasury response on lifetime income options as written testimony to the U.S. Senate Special Committee on Aging for a hearing on "The Retirement Challenge: Making Savings Last a Lifetime."

Updated: Issue Brief on Social Security Reform

The Academy's Social Insurance Committee has updated an existing issue brief entitled Social Security Reform: Changes to the Benefit Formula and Taxation of Benefits

Comments on H.R. 4213, the American Workers, State and Business Relief Act of 2010

The Pension Committee and the Multiemployer Subcommittee comment on multiemployer pension plan provisions of H.R. 4213, the American Workers, State and Business Relief Act of 2010

Councils' Response to DOL/Treasury Request

The Pension Practice Council and Life Practice Council's response to a request for information from the departments of Labor and the Treasury regarding lifetime-income options for participants and beneficiaries in retirement plans.

Pension comments on ASOP 41

The Academy's Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP 41.

Pension comments on ASOP 35

The Academy's Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP 35.

Comments on IRS final regulations

Pension Committee comments to the Department of the Treasury and the Internal Revenue Service concerning final regulations on pension funding and benefit restrictions under Internal Revenue Code Sections 430 and 436.

Pension comments to the PBGC

The Academy's Pension Committee comments to the Pension Benefit Guaranty Corporation (PBGC) on proposed regulations concerning reportable events under ERISA Section 4043 and the purchase of irrevocable commitments prior to initiating a standard plan termination under ERISA Section 4041.

Pension comments to Department of Labor

Pension Committee comments to the Department of Labor regarding the electronic display of certain information contained in the annual Form 5500 filing for single-employer defined benefit plans

Comments on H.R. 2748, 3936

The Pension Committee comments on H.R. 3936, The Preserve Benefits and Jobs Act of 2009. and H.R. 2748, The Retirement Security Needs Lifetime Pay Act of 2009.

Updated: Practice note on preparing a certification for AFTAP

The Academy's Pension Committee has issued a practice note on current and emerging practices in the preparation of the certification of a U.S. tax-qualified pension plan’s adjusted funding target attainment percentage (AFTAP), as required under the benefit-restriction provisions of the Pension Protection Act of 2006 (PPA) and associated proposed regulations.

Pension comments to the Joint Board

The Academy's Pension Committee comments to the Joint Board in response to proposed regulations governing the performance of actuarial services under the Employee Retirement Income Security Act of 1974 (ERISA).

Estmating your Social Security benefits

Want an estimate of your potential Social Security benefits if you retire early? Or if you work a few years longer than most? Try the Retirement Estimator from Social Security, a new interactive tool for financial/retirement planning.

Pension help from PAL

The Academy's Pension Assistance List (PAL) program helps workers and retirees who have questions about their pension plans.

• Ask for assistance.
• Volunteer for PAL (actuaries only).
• Get more info.

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