Pension

The Academy’s Pension Committee submitted comments to the Actuarial Standards Board regarding the third exposure draft of the proposed Setting Assumptions Actuarial Standard of Practice.

The Social Security Committee released a monograph and an issue brief on individual equity and social adequacy as those principles apply to social security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy, two of the important principles underlying the program and provide details on each of the proposals and examines the data used in the illustrations. 

The Intersector Group released its notes of a November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC).

The Public Plans Committee published an issue brief considering the impact of the COVID-19 pandemic on public pension plans.

The Social Security Committee released an issue brief discussing the effects of immigration on the finances of the Social Security program.

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.