Pension
The Pension Practice Council (PPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security, defined benefit pension plans, and retiree health.
Social Security
Financial sustainability and other topics related to the Social Security program.
Public Pension Plans
State and local government employee benefit plans’ funding, financial reporting, financial risks and plan design, and actuarial standards of practice related to public plans.
Retiree Health
Addresses issues surrounding bipartisan solutions to reform the U.S. health care system and restore retirement security for all Americans.
Retirement Policy
Long term retirement policy, including the effects of legislation and regulations on retirement benefits, and emerging issues affecting retirement plans.
Pension Accounting and Finance
Financial reporting related to retirement plans, developments from national and international accounting standards-setting bodies, recent policy developments, and new regulations and standards.
Multiemployer Pension Plans
Multiemployer plans’ funding, financial reporting, financial risks, and plan design.
Pension News
The Multiemployer Plans Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding simplified methods and other aspects of computing withdrawal liability under the Multiemployer Pension Reform Act of 2014.
( )The Academy responded in writing to questions from the House Subcommittee on Health, Education, Labor, and Pensions as a follow-up to the panel’s March 7 hearing, “The Cost of Inaction: Why Congress Must Address the Multiemployer Pension Crisis,” at which Josh Shapiro, the Academy’s vice president, pension, testified.
( )Academy Pension Vice President Josh Shapiro testified March 7 before the House Subcommittee on Health, Employment, Labor, and Pensions, providing written and oral testimony with a nonpartisan, objective, actuarial focus on the increasing financial risks facing some multiemployer plans and the PBGC’s multiemployer program.
( )The Pension Practice Council published a practice note providing information on current and emerging practices in the selection of investment return assumptions based on anticipated future experience.
( )The Lifetime Income Risk Joint Committee, Retirement System Assessment and Policy Committee and Social Security Committee submitted a comment letter to the Bipartisan Policy Center on its 2016 Report of the Commission on Retirement Security and Personal Savings.
( )The Pension Committee published a practice note discussing the valuation of lump sum benefits for financial accounting purposes.
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The Retirement System Assessment and Policy Committee submitted a comment letter to the Department of Labor on the Definition of Employer under Section 3(5) of the Employee Retirement Income Security Act (ERISA).
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Academy Pension Vice President Josh Shapiro submitted a comment letter to U.S. House leaders on The Retirement, Savings, and Other Tax Relief Act of 2018.
( )The Intersector group released the notes of its April 2018 meeting with the Treasury Department and Internal Revenue Service.
( )The Retirement System Assessment and Policy Committee submitted a comment letter to Congress on the Retirement Enhancement and Savings Act of 2018.
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The Intersector Group released the notes of its April 2018 meeting with the Pension Benefit Guaranty Corporation.
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The Multiemployer Plans Committee submitted a follow-up letter to the Joint Select Committee on Solvency of Multiemployer Pension Plans on key topics discussed during a June 22 meeting regarding loan proposals and other solutions for troubled multiemployer pension plans.
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The Pension Committee published a practice note covering topics related to the implementation of the spot rate approach to determining benefit obligations, service cost, and interest cost under accounting standards and other granular approaches.
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The Pension Committee released an exposure draft of practice note on current and emerging practices in the development of liabilities and cost estimates for pension plans with benefits paid as a lump sum. The comment deadline for this exposure draft is November 15, 2018.
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The Intersector Group released an Academy Alert highlighting time-sensitive information in advance of the publication of the notes from its April 4 meetings with the Internal Revenue Service (IRS) and the U.S. Department of the Treasury. The Intersector Group has chosen to release the following information now due to the time-sensitive nature for plan sponsors who are considering making contributions to defined benefit (DB) plans on Sept. 15. The full minutes of the group’s meeting with the IRS and Treasury will be published in the near future.
Pension Public Statements
Comments and letters
Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Policy papers
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the pension practice councils.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
Practice notes
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.
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