Pension

The Pension Committee published an issue brief providing information to help the reader better understand the complexities involved in the measurement of life expectancy estimates.

The Retirement System Assessment and Policy Committee released an issue brief, Retirement Policy: Potential for Changing Roles of Employers in Retirement Programs, which considers aspects of “decoupling”—shifting retirement plan responsibilities and related liability to a third-party entity and away from employers.

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

The Retirement System Assessment and Policy Committee published an issue brief examining issues pertaining to newer and novel plan designs as they relate to risk sharing between plan sponsors and participants.

The Pension Practice Council (PPC) published an issue brief, The 80% Pension Funding Myth, which addresses a persistent misconception that pension plan health or soundness can be determined solely by referencing a supposed 80% funded ratio “standard.” Read the news release.

The Pension Committee submitted comments in response to the Financial Accounting Standards Board’s (FASB) June 2021 solicitation of stakeholder feedback on its future standard-setting agenda.

The Social Security Committee released an issue brief focusing on implications of COVID-19 reflected in the annual Trustees Reports from 2020 and 2021.

The Social Security Committee released an issue brief on the 2021 Social Security Trustees Report examining the social insurance program’s long-term solvency issues.

The Academy’s Securing Social Security Essential Elements provides updated figures and information on the financial outlook of Social Security following the release of the 2021 Social Security Trustees report. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences. Read the news release.

The Multiemployer Plans Committee submitted a comment letter to the Pension Benefit Guaranty Corporation (PBGC) regarding its Interim Final Rule on Special Financial Assistance pursuant to the American Rescue Plan Act of 2021.

The Multiemployer Plans Committee submitted comments to U.S. Department of the Treasury and Internal Revenue Service (IRS) relating to implementation of the multiemployer pension plans temporary funding relief provisions of the American Rescue Plan Act of 2021 (ARPA).

The Pension Committee submitted comments to the Department of the Treasury and Internal Revenue Service (IRS) providing suggestions on guidance relating to the implementation of the single-employer pension plan funding relief provisions enacted under the American Rescue Plan Act of 2021 (ARPA).

The Multiemployer Plans Committee published notes from October 9, 2020 Multiemployer Plans Committee meeting with officials of the Departments of the Treasury and Labor and Pension Benefit Guaranty Corporation on applications by plans in critical and declining status to suspend benefits or partition liabilities as permitted under the Multiemployer Pension Reform Act of 2014 (MPRA).

The Intersector Group published notes from its May 2021 conference call with the Treasury Department and Internal Revenue Service.

The Pension Committee submitted comments to the Treasury Department and Internal Revenue Service providing suggestions for modification to the rules relating to the maintenance and application of funding balances.