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.

Academy Comments to ASB on ASOPs 4, 27, and 35
Pension Committee, Public Plans Committee and Multiemployer Plans Committee comment letter to ASB on exposure drafts of proposed revisions to ASOPs 4, 24, and 35. (July 31, 2018)

An Actuarial Perspective on the 2018 Social Security Trustees Report
Social Security Committee issue brief on 2018 Social Security Trustees Report examining the program’s long-term solvency issues and recommending that Congress should act soon to improve the long-term financial outlook of the program. (June 22, 2018)

Comments to Missouri State Employees’ Retirement System Board on Terminated-Vested Member Buyout Program
Pension Practice Council comment letter to Missouri State Employees’ Retirement System Board on the newly-adopted Terminated-Vested Member Buyout Program.
(October 23, 2017)

Intersector Group Notes From May Meeting With PBGC
Intersector Group notes of its May 2017 meeting with the Pension Benefit Guaranty Corporation.
(August 3, 2017)

Assessing Pension Plan Health: More Than One Right Number Tells the Whole Story
Pension Practice Council issue brief that explores various methods to measure the financial health of pension plans. (July 13, 2017)

Comments to Defense Department on Personal Discount Rates
Pension Practice Council comments to the Department of Defense regarding the use of personal discount rates to calculate lump-sum payments from military pensions as required in the National Defense Authorization Act for Fiscal Year 2016.
(April 27, 2016)

Pension Committee Comments on ASB Exposure Draft on Risks in Measuring Pension Obligations and Determining Pension Plan Contributions
Pension Committee comments to the Actuarial Standards Board (ASB) on its exposure draft, “Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.” (June 1, 2015)

Subcommittee Comments on ASB Exposure Draft on Risks in Measuring Pension Obligations and Determining Pension Plan Contributions
Public Plans Subcommittee comments to the Actuarial Standards Board (ASB) on its exposure draft, “Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.” (May 29, 2015)

Pension Committee Comment Letter to IRS and Treasury on IRC Section 436
Pension Committee comment letter regarding potential improvements in the operation of IRC Section 436 while still protecting the funded status of pension plans.
(February 5, 2015)

Comments to ASB on Public Pension Plan Funding
Pension Finance Task Force letter to the Actuarial Standards Board on actuarial valuations and other analyses used for determining public pension and other post-employment plan funding and accounting. (November 15, 2014)

Comments to ASB on Public Pension Plan Funding
Joint Committee on Retiree Health letter to the Actuarial Standards Board on actuarial valuations and other analyses used for determining public pension and other post-employment plan funding and accounting. (November 15, 2014)

Comments to ASB on Public Pension Plan Funding
Public Plans Subcommittee letter to the Actuarial Standards Board on actuarial valuations and other analyses used for determining public pension and other post-employment plan funding and accounting. 
(November 15, 2014)

Objectives and Principles for Funding Public Sector Pension Plans
Pension Plans Public Plans Subcommittee issue brief introducing the objectives and principles for funding pension plans for state and local government. (February 19, 2014)

Measuring Pension Obligations
Pension Practice Council issue brief that examines the different measurements of the obligations of defined-benefit pension plans and discusses two common measurements for these plans: solvency value and budget value. (November 21, 2013)

Comments to CAAP Regarding MAFPP Discussion Draft
Comments by Public Plans Subcommittee to the California Actuarial Advisors Panel (CAAP) in response to its discussion draft, Version 9c, Model Actuarial Funding Policies and Practices (MAFPP) for Public Pension and OPEB Plans. (October 3, 2012)

Comments to Moody’s on Proposed Adjustments to Public Pension Plan Data
Pension Practice Council comments to Moody’s in response to its proposed adjustments to public pension data reported by US state and local governments, as discussed in a Moody’s report, Adjustments to US State and Local Government Reported Pension Data. (October 2, 2012)

Letter to Sen. Hatch on State, Local Government Defined Benefit Pension Plans
Pension Practice Council letter to Sen. Orrin Hatch responding to a January 10, 2012 report entitled “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America.” (July 31, 2012)

Joint Comments on GASB’s 'Preliminary Views on Economic Condition Reporting: Financial Projections'
Pension Accounting Committee and Public Plans Subcommittee joint comment letter to the Governmental Accounting Standards Board responding to GASB’s Preliminary Views on Economic Condition Reporting: Financial Projections. (April 2, 2012)

Response to GASB’s Exposure Drafts
The Academy's Pension Practice Council comments to the Governmental Accounting Standards Board (GASB) in response to two exposure drafts on pension accounting and financial reporting by employers. (October 17, 2011)

Comments to SEC on Municipal Advisor Registration
Pension Practice Council and Public Plans Subcommittee comment letter to the 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. (June 22, 2011)