Pension

The Social Security Committee published an issue brief on actuarial assumptions used by the Social Security Administration to make projections for and evaluations of Social Security’s financial condition.

The Lifetime Income Risk Joint Committee submitted comments to the Department of Labor on an interim final regulation with request for comments regarding pension benefit statements and lifetime income illustrations.

The Pension Committee published an issue brief detailing Pension Benefit Guaranty Corporation (PBGC) single-employer premiums and considering their impact on pension plan sponsorship.

The Pension Committee released an exposure draft of a practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. Please send comments to the pension policy analyst of the American Academy of Actuaries at pensionanalyst@actuary.org by January 31, 2021.

The Pension Committee published an issue brief considering the near-term and long-term effects of COVID-19 on pension plans, mortality, and other assumptions.

The Multiemployer Plans Committee submitted comments to the Internal Revenue Service about a proposed form for reporting the annual actuarial certification for multiemployer defined benefit plans.

The Pension Committee published a practice note, ASOP No. 51: Risk Assessment in Practice, providing information to actuaries on current or emerging practices affected by ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.

The Pension Committee, Multiemployer Plans Committee, and Public Plans Committee submitted comments to the Actuarial Standards Board regarding the second exposure draft of Actuarial Standard of Practice No. 4, Measuring Pension Obligations and Determining Pension Costs or Contributions.

The Multiemployer Plans Committee published an issue brief about some of the considerations that go into the selection of actuarial assumptions for multiemployer plans.

The Lifetime Income Risk Joint Committee released a new issue brief, Actuarial Perspectives on Determining a Retirement Income Budget.

The Pension Practice Council published an issue brief detailing why the investment return assumption should be determined by the asset allocation, not the other way around.

The Intersector Group released the notes of its May 2020 conference call with the Pension Benefit Guaranty Corporation.

The Academy published an issue brief examining the potential impact of the SECURE Act on retirement security, which was developed by Senior Pension Fellow Linda K. Stone in conjunction with the chairperson and members of the Retirement System Assessment and Policy Committee and the co-chairpersons of the Lifetime Income Risk Joint Committee.

The Social Security Committee released an issue brief on the 2020 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and points out that Congress should act soon to improve the long-term financial outlook of the program.

The Vice President of the Academy Pension Practice Council and the Chairperson of the Multiemployer Plans Committee submitted a comment letter to House of Representatives leadership regarding pension provisions of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”).