Pension

The Social Security Committee released Highlights from the 2023 Social Security Trustees Report, a one-pager detailing the latest annual report on the current and projected financial status of the trust funds.

The Social Security Committee submitted an open letter to Congress introducing the Social Security Challenge, a web-based interactive simulation intended to inform, stimulate, and advance the public dialogue on Social Security solvency and the need for reform.

The Social Security Committee sent a letter to Members of Congress offering insights on the Social Security Challenge.

Intersector Group notes from January 2023 conference call with Department of the Treasury and Internal Revenue Service.

Intersector Group notes from January 2023 conference call with Pension Benefit Guaranty Corporation.

The Academy has released an Essential Elements paper based on the Social Security Committee’s March 2022 issue brief Raising the Social Security Retirement Age.

The retirement age is a key consideration in addressing Social Security’s long-term financial health.

Essential Elements is a series of concise and informative papers developed by the Academy, designed to provide a quick and easy-to-understand overview of key public policy issues of interest.

The Public Plans Committee published a practice note detailing considerations for working with public defined benefit pension plans that use fixed rate funding.

The Pension Committee updated and finalized a previously exposed draft public policy practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling.

The Pension Committee released a public policy practice note Selecting and Documenting Mortality Assumptions for Measuring Pension Obligations, updating a 2015 practice note, revised to reflect updated ASOPs (Actuarial Standards of Practice), including changes in ASOP No. 35 that are effective for actuarial reports issued on or after August 1, 2021, and when the measurement date in such report is on or after August 1, 2021.

The Multiemployer Plans Committee sent a letter to the Pension Benefit Guaranty Corporation (PBGC) advancing ideas about the Special Financial Assistance (SFA) application process, in regard to the expiration of the priority group period on March 11, 2023.

The Multiemployer Plans Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) on its proposed rule about interest rate assumptions regarding a withdrawing employer's liability under a multiemployer plan.

The Pension Committee published a practice note, Measuring Pension Obligations for Difficult-to-Value Plan Provisions, providing information to actuaries on current or emerging practices regarding defined benefit pension plan provisions that may be difficult to adequately measure using traditional valuation procedures.

The Pension Committee and Retirement Policy and Design Evaluation Committee submitted a letter to congressional leadership commenting on provisions included in the Securing a Strong Retirement Act of 2022 (SECURE 2.0), the EARN Act, and the RISE & SHINE Act.

Members of the Pension, Multiemployer, and Public Plans Committees published a discussion brief intended to familiarize actuaries with commonly used approaches and considerations when dealing with augmented mortality assumptions.

The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for changing the formulas for determining benefits by members of Congress, government-appointed panels and commissions, and outside experts, with an eye toward how the proposed changes would affect the balance between individual equity and social adequacy.