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Pension Practice Council

The Pension Practice Council's mission is to serve the public and the United States actuarial profession in matters of retirement and Social Security. Within the scope of this mission, the Council:

Promotes effective retirement security programs.
Provides strategic direction to the committees, subcommittees and task forces that report to the council.
Reviews and approves deliverables from committees, subcommittees and task forces that report to the council to ensure they meet the Academy's and PPC's mission and quality standards.
Addresses conflicts of opinions within the committees, subcommittees and task forces that report to the council.
Communicates with Academy members and the public on a regular basis.
Advances actuarial practice by informing and educating its members on public policy and professionalism issues and current and emerging practices.
Convenes members of the committees, subcommittees and task forces that report to the council, as well as selected other members who enhance the council's ability to fulfill its mission.

Staff liaison: Philip Maguire

Chairperson: Sherry Chan
Vice Chairpersons: Susan Boyle, Scott Hittner
Christian Benjaminson
Elena Black
Stephen Breeding
David Driscoll
Amy Kemp
Grace Lattyak
Tonya Manning
Christopher Noble
Mark Shemtob
Todd Tauzer
Jim Whelpley
Claire Wolkoff

Related Publications

Issue Brief on Public Policy Considerations for Funding Rules Proposals

Pension Committee issue brief highlighting key considerations around potential modifications to single employer pension plan funding rules.

(April 20, 2022 )

Intersector Group Notes from February Virtual Meeting with Pension Benefit Guaranty Corporation

Intersector Group notes from February 2022 virtual meeting with the Pension Benefit Guaranty Corporation (PBGC).

(March 25, 2022 )

National Retirement Policy—Guiding Principles Series

Series of Retirement System Assessment and Policy Committee issue briefs published between July 2019 and March 2022 laying out guiding principles for a comprehensive national retirement policy.

(March 09, 2022 )

Issue Brief on Aligning Plan Design with Effective Employee Engagement

Retirement System Assessment and Policy Committee issue brief analyzing how retirement program design can impact decisions that participants make with the goal of improving retirement security.

(March 09, 2022 )

Raising the Retirement Age for Social Security

Social Security Committee issue brief examining the potential effects of increasing the Social Security normal retirement age.

(March 01, 2022 )

Issue Brief on Interpreting Pandemic-Related Decreases in Life Expectancy

Pension Committee issue brief explaining complexities involved in the measurement of life expectancy estimates.

(December 22, 2021 )

Issue Brief on Potential for Changing Roles of Employers in Retirement Programs

Retirement System Assessment and Policy Committee issue brief exploring the potential to redefine the role of employers involved in retirement programs by removing many of the direct responsibilities from employers.

(October 22, 2021 )

Comments from Committees on Third Exposure Draft of ASOP No. 4

Comments from the Pension Committee, Multiemployer Plans Committee, and Public Plans Committee 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.

(October 18, 2021 )

Issue Brief on Degrees of Risk Sharing in New Retirement Plan Designs

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

(October 15, 2021 )

80% Pension Funding Myth Issue Brief Update

Pension Practice Council issue brief debunking the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound.

(October 06, 2021 )

Comment Letter to FASB on Future Standard-Setting Agenda

Pension Committee comment letter responding to Financial Accounting Standards Board’s (FASB) June 2021 Invitation to Comment on its future standard-setting agenda.

(September 22, 2021 )

COVID-19 Pandemic and the Impact on Social Security Issue Brief

Social Security Committee issue brief examining COVID-19 implications reflected in the annual Trustees Reports from 2020 and 2021.

(September 20, 2021 )

An Actuarial Perspective on the 2021 Social Security Trustees Report

Social Security Committee issue brief on 2021 Social Security Trustees Report examining the latest detailed annual assessment by the federal government of the program’s solvency.

(September 20, 2021 )

Comment Letter to PBGC on Interim Final Rule regarding Special Financial Assistance for Multiemployer Plans enacted under ARPA

Multiemployer Plans Committee letter to Pension Benefit Guaranty Corporation (PBGC) submitted in response to PBGC’s request for comments on its Interim Final Rule regarding Special Financial Assistance pursuant to the American Rescue Plan Act of 2021.

(August 11, 2021 )

Comment Letter to Treasury Department and IRS on Multiemployer Plan Temporary Funding Relief Provisions

Multiemployer Plans Committee 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).

(July 23, 2021 )

Comment Letter to Treasury Department and IRS on American Rescue Plan Act Single-Employer Pension Provisions

Pension Committee comments to U.S. Department of the Treasury and Internal Revenue Service (IRS) relating to single-employer pension funding relief provisions enacted under the American Rescue Plan Act of 2021 (ARPA).

(July 23, 2021 )

Meeting Notes from October 2020 Multiemployer Plans Committee Meeting with Treasury, Labor, and PBGC

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).

(July 22, 2021 )

Intersector Group Notes from May Meeting with Treasury and IRS

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

(July 02, 2021 )

Comment Letter on Rules for Maintenance and Application of Funding Balances

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

(June 21, 2021 )

Issue Brief on Security of Pension Plan Benefits

Pension Practice Council issue brief considering mechanisms in place to help guarantee payment of pension plan participants’ earned benefits.

(May 27, 2021 )

Issue Brief Exploring Employer Considerations for Pooled Employer Plans (PEPs)

Retirement System Assessment and Policy Committee issue brief outlining steps an employer might take when considering participation in or choosing a PEP or PEP provider.

(May 14, 2021 )

Comments from Committee on Third Exposure Draft of Proposed Assumption Setting ASOP

Comments from the Academy’s Pension Committee to the Actuarial Standards Board regarding the third exposure draft of the proposed Actuarial Standard of Practice, Setting Assumptions.

(April 14, 2021 )

Multiemployer Plans Committee Update Meeting with Federal Agency Representatives

On March 17, 2021, the Multiemployer Plans Committee met with representatives from PBGC, the Department of the Treasury, and the Department of Labor to share the committee’s initial observations regarding the multiemployer pension provisions under ARPA, with a focus on areas where clarification may be needed. The representatives from the agencies were in “listen-only” mode during the meeting; they asked questions only to clarify observations provided by committee members.

(April 05, 2021 )

Individual Equity and Social Adequacy Monograph

The Social Security Committee released a monograph titled, Individual Equity and Social Adequacy in the U.S. Social Security System. The monograph was written to provide public policymakers with an analysis of three sample proposals to address Social Security reform.

(March 12, 2021 )

Issue Brief on Individual Equity and Social Adequacy

The Social Security Committee's issue brief on Social Security reform proposals. This issue brief compares three proposals for reforming Social Security using the Individual Equity and Social Adequacy principles.

(March 12, 2021 )

Intersector Group Notes from November Meeting with PBGC

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

(December 29, 2020 )

Issue Brief on the Impact of the Pandemic on Public Pension Plans

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

(December 14, 2020 )

Social Security Committee Issue Brief on Immigration

Social Security Committee issue brief discussing how immigration relates to Social Security’s finances.

(December 01, 2020 )

Issue Brief on Assumptions Used to Evaluate Social Security Program

Social Security Committee issue brief on assumptions used to evaluate Social Security’s financial condition.

(November 23, 2020 )

Issue Brief on the Impact of PBGC Premiums on Single-Employer Plan Sponsorship

Pension Committee issue brief on Pension Benefit Guaranty Corporation (PBGC) single-employer premiums and their impact on pension plan sponsorship.

(October 08, 2020 )

Exposure Draft of Practice Note on ASOP No. 56

Exposure draft of a Pension Committee 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.

(October 06, 2020 )

Issue Brief on the Impact of COVID-19 for Pension Plans

Pension Committee issue brief on near-term and long-term effects of COVID-19 on pension plans, mortality, and other assumptions.

(September 22, 2020 )

Comment Letter on Proposed Form for Annual Actuarial Certification for Multiemployer Plans

Multiemployer Plans Committee letter to Internal Revenue Service commenting on a proposed form for reporting the annual actuarial certification for multiemployer defined benefit plans.

(August 24, 2020 )

ASOP No. 51: Risk Assessment in Practice

Pension Committee practice note 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.

(July 29, 2020 )

Comments from Committees on Second Exposure Draft of ASOP No. 4

Comments from the Pension Committee, Multiemployer Plans Committee, and Public Plans Committee 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.

(July 20, 2020 )

Issue Brief on Selection of Assumptions for Multiemployer Plans

Multiemployer Plans Committee issue brief detailing considerations and approaches to the selection of actuarial assumptions for multiemployer plans.

(July 16, 2020 )

Actuarial Perspectives on Determining a Retirement Income Budget Issue Brief

Lifetime Income Risk Joint Committee issue brief addressing approaches to retiree income budgeting.

(July 13, 2020 )

Issue Brief on Asset Allocation and Investment Return Assumption

Pension Practice Council issue brief addressing relationship between asset allocation and investment return assumption.

(July 06, 2020 )

Intersector Group Releases May Meeting Notes With PBGC

Intersector Group notes from May 2020 conference call with the Pension Benefit Guaranty Corporation.

(July 01, 2020 )

An Actuarial Perspective on the 2020 Social Security Trustees Report

Social Security Committee issue brief on 2020 Social Security Trustees Report examining the program’s long-term solvency issues and pointing out that Congress should act soon to improve the long-term financial outlook of the program.

(May 21, 2020 )

Pension Council Comments to U.S. House on Pension Provisions of HEROES Act

Comment letter submitted to House leadership regarding pension provisions of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”).

(May 15, 2020 )

Issue Brief on Withdrawal Liability

Multiemployer Plans Committee issue brief addressing current practices and approaches to the selection of withdrawal liability interest rates.

(April 13, 2020 )

Issue Brief on Streamlining of Retirement Income Planning

Retirement System Assessment and Policy Committee issue brief considering potential ways to optimize portability and personal management of retirement assets, income, and benefits.

(April 10, 2020 )

Committee Publishes Practice Note on Actuarial Section of the Comprehensive Annual Financial Report

Public Plans Committee practice note reviewing current and emerging approaches to completion of the Actuarial section of the Comprehensive Annual Financial Report.

(March 31, 2020 )

Committee Requests Leniency on Certifications Deadline for Multiemployer Pension Plans

Multiemployer Plans Committee letter to Internal Revenue Service requesting leniency on March 30th deadline for multiemployer pension plan certifications.

(March 24, 2020 )

Pension Committee Comment Letter to IRS on Updated Mortality Tables

Pension Committee comment letter to the Internal Revenue Service on updated mortality improvement rates and static mortality tables for defined benefit pension plans for 2021.

(March 09, 2020 )

Intersector Group Releases November Meeting Notes With PBGC

Intersector Group notes from November 2019 meeting with the Pension Benefit Guaranty Corporation.

(January 09, 2020 )

Intersector Group Releases November Meeting Notes with Treasury and IRS

Intersector Group notes from November 2019 meeting with the Treasury Department and Internal Revenue Service.

(January 09, 2020 )

Committee Comments to U.S. Senate on Multiemployer Pension Recapitalization and Reform Plan

Multiemployer Plans Committee comment letter to the U.S. Senate Committee on Finance regarding the Multiemployer Pension Recapitalization and Reform Plan.

(December 23, 2019 )

Committee Practice Note on Working with Auditors

Pension Committee practice note Working With Auditors of Pension and OPEB Plans providing insights to actuaries on engaging with auditors.

(December 11, 2019 )

Pension Committee Releases Variable Annuity Practice Note

Practice note prepared by Pension Committee addressing current and emerging practices for measuring obligations of defined benefit pension plans, with respect to variable annuity benefits.

(November 01, 2019 )

Pension Plan Maturity—Why Big Plans Mean Big Risk

Pension Practice Council issue brief, Pension Plan Maturity—Why Big Plans Mean Big Risk, on issues facing mature pension plans.

(September 20, 2019 )

Comments from Committees on ASOP 27 and 35 Exposure Drafts

Comments from the Pension Committee, Multiemployer Plans Committee, and Public Plans Committee to the Actuarial Standards Board on the exposure drafts of Actuarial Standards of Practice 27 and 35.

(September 09, 2019 )

Committee Notes from Meeting with Treasury, PBGC, and DOL

Notes from a meeting earlier this year between members of the Multiemployer Plans Committee of the American Academy of Actuaries (the Committee) with representatives of the U.S. (September 06, 2019 )

Committee Comments to SOA on Pri-2012 Exposure Draft

Pension Committee comments to Society of Actuaries Retirement Plans Experience Committee regarding the Pri-2012 exposure draft.

(August 12, 2019 )

Comments on Second Exposure Draft of the Setting Assumptions ASOP

Pension Committee comment letter to the Actuarial Standards Board regarding the second exposure draft of the Setting Assumptions ASOP.

(July 31, 2019 )

Selecting Investment Return Assumptions: Considerations When Using Arithmetic and Geometric Averages

Pension Committee practice note providing discussion and background information on the determination of investment return assumptions with a focus on considerations relating to the use of the return assumption as a discount rate.

(July 31, 2019 )

Issue Brief on National Retirement Policy & Principles

Issue brief developed by the Academy’s Retirement System Assessment and Policy Committee exploring the concept of a national retirement policy, including the potential benefits of such a policy and the various topics that it might address.

(July 11, 2019 )

An Actuarial Perspective on the 2019 Social Security Trustees Report

Social Security Committee issue brief on 2019 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.

(May 22, 2019 )

Intersector Group Notes from March Meeting With PBGC

Intersector group notes of its March 2019 meeting with the Pension Benefit Guaranty Corporation.

(May 15, 2019 )

Academy Comments to ASB on Modeling ASOP

Pension Committee comment letter to ASB on fourth exposure draft of the Modeling ASOP.

(May 15, 2019 )

Intersector Group Notes from March Meeting With Treasury and IRS

Intersector group notes of its March 2019 meeting with the Treasury Department and Internal Revenue Service.

(May 02, 2019 )

Forecasting Investment Returns and Expected Return Assumptions for Pension Actuaries

Pension Practice Council practice note providing information on current and emerging practices in the selection of investment return assumptions based on anticipated future experience. (February 26, 2019 )

Valuing Benefits Payable as a Lump Sum

Pension Committee practice note discussing the valuation of lump sum benefits for financial accounting purposes. (February 21, 2019 )

Comment Letter on the Report of the Commission on Retirement Security and Personal Savings

Lifetime Income Risk Joint Committee, Retirement System Assessment and Policy Committee (RSAP) and Social Security Committee comment letter to the Bipartisan Policy Center on the 2016 Report of the Commission on Retirement Security and Personal Savings.

(February 21, 2019 )

Committee Comment Letter to the Department of Labor on the Definition of Employer

Retirement System Assessment and Policy Committee comment letter to the Department of Labor's proposed rule on the Definition of Employer under Section 3(5) of the Employee Retirement Income Security Act (ERISA). (December 20, 2018 )

Letter to U.S. House on The Retirement, Savings, and Other Tax Relief Act of 2018

Academy Pension Vice President letter to U.S. House members on The Retirement, Savings, and Other Tax Relief Act of 2018 (December 19, 2018 )

Intersector Group Notes from April Meeting With Treasury and IRS

Intersector group notes of its April 2018 meeting with the Treasury Department and Internal Revenue Service. (December 17, 2018 )

Intersector Group Notes From April Meeting With PBGC

Intersector Group notes of its April 2018 meeting with the Pension Benefit Guaranty Corporation. (September 27, 2018 )

Follow-up Letter to Joint Select Committee on Solvency of Multiemployer Pension Plans

Multiemployer Plans Committee follow-up letter to the Joint Select Committee on Solvency of Multiemployer Pension Plans on key topics discussed during June 22 meeting regarding loan proposals and other solutions for troubled multiemployer pension plans. (September 25, 2018 )

Alternatives for Pension Cost Recognition

Pension Committee 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. (September 23, 2018 )

Valuing Benefits Payable As A Lump Sum

Pension Committee 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. (September 20, 2018 )

Intersector Group Alert on Deductibility of Contributions to DB Plans

Intersector Group alert on time-sensitive information concerning deductibility of contributions to defined benefit plans. (September 13, 2018 )

Academy ERISA Advisory Council Testimony on Lifetime Income Solutions

Ted Goldman, Senior Pension Fellow, testimony before the U.S. (August 16, 2018 )

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 30, 2018 )

Committee Notes from Meeting with Treasury, Labor, and PBGC

Notes from the Multiemployer Plans Committee meeting on Feb. 23, 2018 with officials of the Treasury and Labor departments, and Pension Benefit Guaranty Corporation to discuss applications by multiemployer pension plans in critical and declining status to suspend benefits or partition liabilities. This meeting supplements the first meeting between these parties on this topic, which was held on Feb. 22, 2017. (July 30, 2018 )

Letter to Congress on the Lifetime Income Disclosure Act

Lifetime Income Risk Joint Task Force letter to Congress on the Lifetime Income Disclosure Act. (July 05, 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 21, 2018 )

Joint Select Committee on Solvency of Multiemployer Pension Plans Hearing “The History and Structure of the Multiemployer Pension System” Responses for the Record

Ted Goldman, Senior Pension Fellow, responses for the record to the Joint Select Committee on Solvency of Multiemployer Pension Plans Hearing “The History and Structure of the Multiemployer Pension System.” (June 06, 2018 )

Social Security — Automatic Adjustments

Social Security Committee issue brief examining automatic adjustment options to address Social Security's financial challenges. (May 03, 2018 )

Loan Programs for Underfunded Multiemployer Plans

Multiemployer Plans Committee issue brief discussing the costs and risks associated with multiemployer loan programs, and the ways in which these programs could benefit troubled plans and their participants. (May 03, 2018 )

Academy Congressional Testimony on Multiemployer Pension Plans

Ted Goldman, Senior Pension Fellow, testimony before the Joint Select Committee on Solvency of Multiemployer Pension Plans hearing on “The History and Structure of the Multiemployer Pension System.” (April 17, 2018 )

Capitol Hill Briefing Presentation—Making Retirement Income Last a Lifetime: Public Policy Options and Practical Tools

Capitol hill briefing presentation on lifetime income, highlighting public policy options and tools. (April 12, 2018 )

The Pension Protection Act: Successes, Shortcomings, and Opportunities for Improvement

Pension Committee issue brief that analyzes the Pension Protection Act of 2006 (PPA) and its subsequent amendments against the principles underlying funding reform. (April 05, 2018 )

Letter to Joint Select Committee on Solvency of Multiemployer Pension Plans

Multiemployer Plans Committee letter to the Joint Select Committee on Solvency of Multiemployer Pension Plans offering the expertise of the Multiemployer Plans Committee as a resource to the Joint Select Committee. (March 12, 2018 )

Intersector Group Notes From October Meeting With PBGC

Intersector Group notes of its October 2017 meeting with the Pension Benefit Guaranty Corporation. (March 07, 2018 )

Intersector Group Notes From October Meeting With Treasury, IRS

Intersector Group notes of its October 2017 meeting with the Treasury Department and Internal Revenue Service. (March 07, 2018 )

The Role of Tax Policy in Promoting Retirement Security

Retirement System Assessment and Policy Committee issue brief on the role of U.S. tax policy in retirement security. (December 28, 2017 )

State-Based Retirement Initiatives

Retirement System Assessment and Policy Committee issue brief on state-based initiatives to expand retirement coverage among workers who do not have access to employer-sponsored plans, and the alignment of these efforts with the Academy’s Retirement for the AGES principles. (November 29, 2017 )

Comments to PBGC on Proposed Modifications to 2017 Form 5500 Schedule MB

Multiemployer Plans Committee comments to the Pension Benefit Guaranty Corporation (PBGC) on modifications to the instructions for the 2017 Schedule MB (Multiemployer Defined Benefit Plan Actuarial Information) of the Form 5500.
(November 20, 2017 )

Academy Position Statement on Lifetime Income

Academy Position Statement on support for policy and educational initiatives to increase retirement income options within employer-sponsored defined contribution (DC) plans. (October 31, 2017 )

Comments to the American Institute of Certified Public Accountants on ASC 960 Calculations

Pension Committee comments to the AICPA Employee Benefit Expert Panel on the current ASC 960 reporting standards for defined benefit pension plans. (October 27, 2017 )

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 )

Comments to ERISA Advisory Council on Annual Funding Notice Under ERISA Section 101(f)

Pension Committee comment letter to the ERISA Advisory Council on the Annual Funding Notice Under ERISA Section 101(f). (August 16, 2017 )

Comments to Congressman on Incentives for Annuities

Pension Committee comment letter to Rep. Devin Nunes regarding incentives to provide annuity payouts from qualified plans. (August 11, 2017 )

Intersector Group Notes From May Meeting With Treasury, IRS

Intersector Group notes of its May 2017 meeting with the Treasury Department and Internal Revenue Service. (August 03, 2017 )

Intersector Group Notes From May Meeting With PBGC

Intersector Group notes of its May 2017 meeting with the Pension Benefit Guaranty Corporation.
(August 03, 2017 )

An Actuarial Perspective on the 2017 Social Security Trustees Report

Social Security Committee issue brief on 2017 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.

(July 31, 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 )

Presentation on Multiemployer Pension Plans

Presentation on Capitol Hill by Multiemployer Committee on how to address failing multiemployer plans and strengthen the multiemployer pension system. (June 27, 2017 )

Multiemployer Pension Plans: Potential Paths Forward

Multiemployer Committee issue brief explores options to address failing multiemployer plans and ways to strengthen the multiemployer pension system. (June 27, 2017 )

Women and Social Security

Social Security Committee issue brief that discusses gender-related factors that can cause differences to the benefits women and men receive from Social Security. (May 12, 2017 )

Comments to IRS and Treasury on Projection of Cash Balance Benefits

Pension Committee comment letter to the IRS and Treasury on the projection of benefits under cash balance plans with variable interest credits. (May 12, 2017 )

Comments to ASB on Setting Assumptions ASOP Draft

Pension Committee comment letter to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP), Setting Assumptions.
(May 02, 2017 )

Letter to Congressional Leaders on Pension-Related Offsets

Pension Practice Council letter to Congressional leaders on pension-related revenue offsets. (April 18, 2017 )

Comments to IRS on Proposed Update to Mortality Tables

Pension Committee comment letter to the IRS on the proposed update to mortality tables for determining the present value for defined benefit pension plans. (March 30, 2017 )

Subcommittee Notes from Meeting with Treasury, Labor, and PBGC

Notes from the Multiemployer Plans Subcommittee meeting on Feb. 22 with officials of the Treasury and Labor departments, and Pension Benefit Guaranty Corporation to discuss applications by multiemployer pension plans in critical and declining status to suspend benefits or partition liabilities. (March 23, 2017 )

Comments to Treasury Requesting Guidance on Variable Annuity Plans

Pension Committee comments to the U.S. Treasury Department requesting guidance from the IRS and Treasury to resolve uncertainties that exist as to how variable annuity plans should be valued for minimum funding and Internal Revenue Code (IRC) §417(e) purposes.
(March 09, 2017 )

Comments to IRS on Present Value Requirements for DB Plan Distributions

Pension Committee comment letter to the IRS on proposed regulations to the minimum present value requirements for defined benefit (DB) plan distributions. (February 24, 2017 )

Comments to PBGC on Two-Pool Withdrawal Liability Methods

Multiemployer Pension Plans Subcommittee comments to the Pension Benefit Guaranty Corporation (PBGC) on alternative two-pool withdrawal liability methods. (February 24, 2017 )

Alternative Pension Cost Bond Models Issue Brief

Pension Committee issue brief that explores five different approaches used in developing a yield curve, and associated spot rates, from a bond model.
(December 30, 2016 )

Academy Groups Comment Letter to ASB on Risk Assessment and Disclosure ASOP

Pension Committee, Multiemployer Plans Subcommittee, and Public Plans Subcommittee comments to the Actuarial Standards Board (ASB) on a draft actuarial standard of practice (ASOP) on risk assessment and disclosure. (October 31, 2016 )

PC Comments to ASB on Proposed Modeling ASOP

Pension Committee (PC) comments to the Actuarial Standards Board (ASB) on the third exposure draft of a proposed actuarial standard of practice (ASOP) on modeling. (October 21, 2016 )

Honoring the PBGC Guarantee for Multiemployer Plans Requires Difficult Choices

Pension Practice Council issue brief that examines the Pension Benefit Guaranty Corporation’s (PBGC) multiemployer pension program, which could exhaust its assets in less than 10 years and be forced to cut benefits to retirees receiving PBGC support unless changes are made. (October 20, 2016 )

Pension Risk Transfer

Pension Committee issue brief that explores risk transfers by defined benefit pension plans from the perspectives of plan sponsors, beneficiaries, and policymakers. (October 11, 2016 )

Intersector Group Notes from September Meeting with PBGC

Intersector Group notes of its September 2016 meeting with the Pension Benefit Guaranty Corporation (PBGC). (October 06, 2016 )

Intersector Group Notes from September Meeting with Treasury, IRS

Intersector Group notes of its September 2016 meeting with the Treasury Department and Internal Revenue Service. (October 06, 2016 )

Comments to Senate Aging Committee on Open Multiple Employer Plans

Pension Committee comments to U.S. Senate Special Committee on Aging Chairman Susan Collins on efforts to encourage open multiple employer plans.
(September 01, 2016 )

Lifetime Income Risk Joint Task Force Comments to DOL on Lifetime Income Options

Lifetime Income Risk Joint Task Force comment letter to the Department of Labor concerning proposals for increasing retiree income options, with a focus on additional safe harbors that encourage delivering lifetime income.
(August 19, 2016 )

Multiemployer Subcommittee Comments on Mergers and Transfers Between Plans

Multiemployer Subcommittee comment letter on the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule on mergers and transfers between multiemployer plans.
(August 05, 2016 )

Pension Committee Comments on Improving Availability of IRS Actuaries with the Profession

Pension Committee comment letter on the decision by the Internal Revenue Service (IRS) to limit the pension actuaries’ potential to interact with IRS actuaries and other experienced employee-benefits personnel.
(July 15, 2016 )

Helping the ‘Old-Old’—Possible Changes to Social Security to Address the Concerns of Older Americans

Social Security Committee issue brief exploring possible design changes to Social Security to address issues faced by a growing part of the U.S. population who may attain advanced ages and lack adequate resources.

(June 30, 2016 )

An Actuarial Perspective on the 2016 Social Security Trustees Report

Social Security Committee issue brief on 2016 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 27, 2016 )

Pension Committee Comments on Late Premium Payment Relief

Pension Committee comment letter to the Pension Benefit Guarantee Corporation (PBGC) expressing appreciation for proposed regulations providing a reduction or partial waiver of the penalty due upon the late payment of premiums to the single employer and multiemployer insurance programs.
(June 22, 2016 )

Pension Committee Comments on 2017 Applicable Mortality Tables

Pension Committee comment letter to the IRS and Treasury requesting that the 2017 Applicable Mortality Tables be issued as soon as possible. (June 10, 2016 )

Intersector Group Notes from March Meeting with PBGC

Intersector Group notes of its March 2016 meeting with the Pension Benefit Guaranty Corporation (PBGC). (June 07, 2016 )

Intersector Group Notes from March Meeting with Treasury, IRS

Intersector Group notes of its March 2016 meeting with the Treasury Department and Internal Revenue Service. (June 07, 2016 )

Comments to IRS on Nondiscrimination Regulations

Pension Committee comments to the Internal Revenue Service regarding the proposed regulations for nondiscrimination relief for closed defined benefit plans.
(April 28, 2016 )

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 )

Selecting Investment Return Assumptions Based on Anticipated Future Experience

Pension Committee exposure draft of practice note on current and emerging practices in the selection of investment return assumptions based on anticipated future experience. The comment deadline for this practice note is June 27, 2016. (April 26, 2016 )

Comments to FASB on Disclosure Requirements for Defined Benefit Plans

Pension Accounting Committee comments to the Financial Accounting Standards Board on its exposure draft on changes to the disclosure requirements for defined benefit plans.
(April 25, 2016 )

Comments to Senate Finance Committee on Multiemployer Pension Plan Issues

Senior Pension Fellow Ted Goldman comments to the Senate Finance Committee on its hearing, “The Multiemployer Pension Plan System: Recent Reforms and Current Challenges.”
(March 17, 2016 )

Comments to GASB on Pension Issues Exposure Draft

Public Plans Subcommittee comment letter on the exposure draft on Pension Issues—an amendment of GASB Statements No. 67, No. 68 and No. 73.
(February 12, 2016 )

Intersector Group Notes from September Meeting with PBGC

Intersector Group notes of its September 2015 meeting with the Pension Benefit Guaranty Corporation (PBGC).
(December 09, 2015 )

Intersector Group Notes from September Meeting with Treasury, IRS

Intersector Group notes of its September 2015 meeting with the Treasury Department and Internal Revenue Service.
(December 09, 2015 )

Comments to Treasury and IRS on Qualified Longevity Annuity Contracts

Pension Practice Council comments to the Treasury Department and the Internal Revenue Service regarding final regulations concerning Qualified Longevity Annuity Contracts (QLACs) and their advantages. (November 06, 2015 )

Risky Business: Living Longer Without Income for Life – Information for Current and Future Retirees

Lifetime Income Risk Joint Task Force issue brief in the Risky Business series explaining how a retiree can use the concept of “risk sharing” to help manage longevity risk through lifetime payout options and individual annuities, as well as other approaches to lessen risk. (October 22, 2015 )

Risky Business: Living Longer Without Income for Life – Actuarial Considerations for Financial Advisers

Lifetime Income Risk Joint Task Force issue brief in the Risky Business series providing actuarial insights regarding lifetime income planning. (October 22, 2015 )

Risky Business: Living Longer Without Income for Life – Legislative and Regulatory Issues

Lifetime Income Risk Joint Task Force issue brief in the Risky Business series exploring legislative and regulatory approaches that emphasize financial literacy and education for prospective retirees, refocusing plan design on lifetime income needs, and refocusing federal retirement policies to support lifetime income needs. (October 22, 2015 )

Retiree Lifetime Income: Product Comparisons

Lifetime Income Risk Joint Task Force issue brief intended to give a high-level perspective on a few key risks and aspects related to lifetime income. (October 22, 2015 )

Retiree Lifetime Income: Choices & Considerations

Lifetime Income Risk Joint Task Force issue brief explaining general retirement planning considerations. (October 22, 2015 )

Comments to PBGC on 4010 Reporting Requirements

Pension Committee comments to the Pension Benefit Guaranty Corporation (PBGC) regarding the proposed changes to the §4010 reporting requirements.
(September 25, 2015 )

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 )

Issue Brief on Social Security Disability Program

Social Security Committee issue brief on the Disability Insurance Trust Fund shortfall and ways to improve its long-term financial viability.

(August 20, 2015 )

Comments to IRS and Treasury on Suspension of Benefits

Multiemployer Subcommittee comments to the IRS and Treasury on proposed regulations on suspensions of benefits under the Multiemployer Pension Reform Act of 2014.
(August 19, 2015 )

Issue Brief on Alternatives for Pension Cost Recognition

Pension Accounting Committee and Pension Committee issue brief on alternative expense methodologies and their theoretical rationales and implications.

(August 14, 2015 )

Academy Committees Comment on PCAOB Auditor and Specialist Paper

The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) “The Auditor's Use of the Work of Specialists” consultation paper. (July 15, 2015 )

Committee Issue Brief on 2015 Social Security Trustees Report

Social Security Committee issue brief on 2015 Social Security Trustees Report examining the social insurance program’s long-term solvency issues and recommending that Congress should act soon to improve the long-term financial outlook of the program.

(July 29, 2015 )

Task Force Comments on Proposed DOL Fiduciary Rule

Lifetime Income Risk Task Force comments to the Department of Labor regarding the proposed regulations defining fiduciaries and conflict of interest.
(July 20, 2015 )

Pension Committee Comments on IRS Mortality Table Release Date

Pension Committee comments to the IRS regarding the timing for release of the mortality tables under §§430(h)(3) and 417(e) of the Internal Revenue Code for 2016. (July 17, 2015 )

Presentation on Lifetime Income Insurance Products at CIPR Symposium

Presentation on lifetime income insurance products and related issues at the NAIC Center for Insurance Policy and Research (CIPR) Symposium on retirement issues. (June 16, 2015 )

Selecting and Documenting Mortality Assumptions for Pensions

Pension Committee's practice note, “Selecting and Documenting Mortality Assumptions for Pensions,” revised to reflect a new mortality improvement scale (BB) published by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries in 2012, mortality table RP-2014, and mortality improvement scale MP-2014 published by the Society of Actuaries in 2014. (June 15, 2015 )

Intersector Group Notes from April Meeting with PBGC

Intersector Group notes of its April 2015 meeting with the Pension Benefit Guaranty Corporation (PBGC). (June 02, 2015 )

Intersector Group Notes from April Meeting with Treasury, IRS

Intersector Group notes of its April 2015 meeting with the Treasury Department and Internal Revenue Service. (June 02, 2015 )

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 01, 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 Testimony to ERISA Advisory Council on Pension Risk Transfers

Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, testimony at an ERISA Advisory Council hearing on model notices and disclosures to help defined benefit plan participants understand their options when offered lump-sum distributions in a pension risk transfer transaction. (May 28, 2015 )

Multiemployer Subcommittee Comment Letter to PBGC on Partitions and Facilitated Mergers

Pension Practice Council and Multiemployer Subcommittee comment letter to the Pension Benefit Guarantee Corporation regarding the Request for Information on Partitions and Facilitated Mergers under the Multiemployer Pension Reform Act of 2014 (MPRA). (April 06, 2015 )

Multiemployer Subcommittee Comment Letter to IRS and Treasury on Benefit Suspensions

Pension Practice Council and Multiemployer Subcommittee comment letter to the IRS and Treasury regarding the Request for Information on Suspensions of Benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). (April 07, 2015 )

Academy Testimony to Senate Aging Committee on Lifetime Income

Donald Fuerst, senior pension fellow, written testimony to the Senate Special Committee on Aging for its hearing on “Bridging the Gap: How Prepared are Americans for Retirement?” (March 13, 2015 )

Pension Committee Comment Letter to ASB on Modeling Standards

Pension Committee comment letter to the Actuarial Standards Board (ASB) regarding the second exposure draft of the proposed Actuarial Standard of Practice (ASOP) on modeling standards. (March 01, 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 05, 2015 )

Pension Committee Letter to IRS Regarding Mortality Tables

Pension Committee comment letter to the IRS regarding the use of mortality tables to calculate pension funding requirements for the years after 2015. (February 05, 2015 )

Academy Member Follow-up Answers to Senate Testimony on Social Security

Janet Barr, former chairperson of the Academy’s Social Security Committee, post-hearing testimony to the U.S. Senate Committee on Finance following its hearing on “Social Security: Is a Key Foundation of Economic Security Working for Women?”

(January 15, 2015 )

PPC Letter to Treasury on Qualified Longevity Annuity Contracts in Defined Benefit Plans

Pension Practice Council (PPC) letter to Treasury Department regarding the benefits of allowing qualified defined benefit pension plans to provide longevity annuities directly, rather than requiring them to purchase an insurance contract. (January 14, 2015 )

Pension Committee Letter to PBGC Regarding Late Retirement Actuarial Equivalence

Pension Committee comment letter to the PBGC regarding interpretation of plan provisions governing actuarial equivalence. (January 13, 2015 )

Pension Committee Letter to IRS Regarding Hybrid Plans

Pension Committee comment letter to the IRS regarding the updated final and newly proposed regulations for hybrid retirement plans. (December 18, 2014 )

Intersector Group October 2014 Meeting Notes with PBGC

Intersector Group notes to the Pension Practice Council from its October 2014 meeting with the Pension Benefit Guaranty Corporation. (November 24, 2014 )

Intersector Group October 2014 Meeting Notes with Treasury, IRS

Intersector Group notes to the Pension Practice Council from its October 2014 meeting with the Treasury Department and Internal Revenue Service. (November 24, 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

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 )

Safe Harbor Defined Contribution Plan Under Current System Assessment

Safe Harbor Defined Contribution Plan Under Current System assessment produced by the Forward Thinking Task Force using the AGES framework, based on fundamental principles illustrating the strengths and shortcomings of retirement systems and proposals to reform them.

(November 13, 2014 )

Traditional Defined Benefit Plan Under Current System Assessment

Traditional Defined Benefit Plan Under Current System assessment produced by the Forward Thinking Task Force using the AGES framework, based on fundamental principles illustrating the strengths and shortcomings of retirement systems and proposals to reform them.

(November 13, 2014 )

New Brunswick Shared Risk Model Assessment

New Brunswick Shared Risk Model assessment produced by the Forward Thinking Task Force using the AGES framework, based on fundamental principles illustrating the strengths and shortcomings of retirement systems and proposals to reform them. (November 13, 2014 )

USA Retirement Funds Assessment

USA Retirement Funds assessment produced by the Forward Thinking Task Force using the AGES framework, based on fundamental principles illustrating the strengths and shortcomings of retirement systems and proposals to reform them. (November 13, 2014 )

South Dakota Retirement System Assessment

South Dakota Retirement System assessment produced by the Forward Thinking Task Force using the AGES framework, based on fundamental principles illustrating the strengths and shortcomings of retirement systems and proposals to reform them. (November 13, 2014 )

Joint Committee on Retiree Health Sends Comment Letter to GASB Regarding Exposure Draft

The Joint Committee on Retiree Health letter to the Governmental Accounting Standards Board commenting on proposed statements of accounting and financial reporting by governmental employers for other postemployment benefits (OPEBs). (August 29, 2014 )

Joint Committee on Retiree Health Sends Comment Letter to GASB Regarding Exposure Draft

Public Plans Subcommittee Sends Comment Letter to GASB Regarding Exposure Draft

The Pension Committee's Public Plans Subcommittee letter to the Governmental Accounting Standards Board commenting on an Exposure Draft on accounting and financial reporting for pension plans that are not administered through trusts and amendments to certain provisions of GASB Statements 67 and 68. (August 29, 2014 )

Pension Committee Letter to IRS and Treasury Regarding HAFTA Guidance

Pension Committee letter to the Internal Revenue Service and Treasury Department on guidance needed regarding the Highway and Transportation Funding Act of 2014. (August 26, 2014 )

Academy Essential Elements Paper on Social Security

The Academy published a new Essential Elements paper, Securing Social Security, that examines the long-term solvency challenges facing the nation’s largest social insurance program and approaches that could provide adequate long-term financing for the program. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.

(July 28, 2014 )

Letter to Congressional Leaders on Changing Pension Policy to Raise Revenues

Pension Finance Task Force letter to Congressional leaders on concerns about proposals to raise revenues by changing private sector pension law to offset unrelated spending increases. (July 25, 2014 )

Letter to Congressional Leaders on Changing Pension Policy to Raise Revenues

Pension Practice Council letter to Congressional leaders on concerns about proposals to raise revenues by changing private sector pension law to offset unrelated spending increases. (July 25, 2014 )

Comments to NCOIL on De-Risking Proposal

Pension Committee comment letter to National Conference of Insurance Legislators on proposed Pension De-Risking Model Act. (July 11, 2014 )

Pension Committee Comments on RP-2014 Mortality Tables

Pension Committee comments to the Society of Actuaries’ Retirement Plans Experience Committee on the RP-2014 and MP-2014 exposure drafts. (May 29, 2014 )

Social Security Individual Accounts: Design Questions

Social Security Committee issue brief analyzing Social Security design changes that would create a defined contribution system within the program for workers to accumulate contributions in individual accounts to fund their retirement income. (May 27, 2014 )

Quantitative Measures for Evaluating Social Security Reform Proposals

Social Security Committee updated issue brief that discusses measures to evaluate Social Security reform proposals.

(May 02, 2014 )

Intersector Group March 2014 Meeting Notes with PBGC

Intersector Group notes to the Pension Practice Council from its March 2014 meeting with the Pension Benefit Guaranty Corporation. (May 01, 2014 )

Intersector Group March 2014 Meeting Notes with Treasury, IRS

Intersector Group notes to the Pension Practice Council from its March 2014 meeting with the Treasury Department and Internal Revenue Service. (May 01, 2014 )

Retirement for the AGES Forum

Presentations from the Academy’s forum, Retirement for the AGES: Measuring for Success. (May 01, 2014 )

Social Security Disability Insurance Trust Fund: Behind the Numbers

Presentation by Steve Goss, Chief Actuary of the Social Security Administration, at an Academy Capitol Forum webinar on the Disability Insurance Trust Fund. (April 24, 2014 )

Letter on Proposals to Extend MAP-21

Pension Finance Task Force letter on proposals to extend the pension funding rules enacted under MAP-21. (April 17, 2014 )

Letter on the Use of Pension Provisions to Offset Other Spending

Pension Practice Council letter to congressional leaders on proposals to raise revenue from the private sector pension system to offset unrelated spending increases. (April 17, 2014 )

Letter to Congressional Leaders on Expiration of PPA Provisions

Letter to congressional leaders regarding the sunset of certain multiemployer provisions in the Pension Protection Act of 2006 that will expire at the end of 2014. (March 31, 2014 )

Actuary Serving Congress: A Conversation with GAO’s Chief Actuary

Presentation by Frank Todisco, chief actuary of the Government Accountability Office, at an Academy Capitol Forum webinar on the GAO’s mission, the role of the actuary at the agency, and some of its selected work areas. (March 20, 2014 )

Academy Testimony to Senate on Retirement Security

Senior Pension Fellow Donald Fuerst testimony to U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy hearing on the state of U.S. retirement security.
(March 12, 2014 )

Social Security Reform Options: A Public Policy MONOGRAPH

The Social Security Committee released its updated monograph, Social Security Reform Options, that analyzes proposals to address Social Security’s financial challenges.

(March 03, 2014 )

Comments on Temporary Nondiscrimination Relief for Closed Defined Benefit Plans

Pension Committee Comments on the Internal Revenue Service Notice 2014-5, Temporary Nondiscrimination Relief for Closed Defined Benefit Plans and Request for Comments. (February 28, 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 )

Joint Committee on Retiree Health Comments on ASOP No. 35

Joint Committee on Retiree Health comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. (February 02, 2014 )

Joint Committee on Retiree Health Comments on ASOP No. 35

Pension Committee Comments on ASOP No. 35

Pension Committee comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. (January 31, 2014 )

Capitol Hill Briefing Presentation—Retirement for the AGES

Capitol Hill briefing presentation that introduces the foundational principles needed to examine retirement plans and policy proposals designed to provide a secure and sufficient retirement as part of the Academy’s Retirement for the AGES initiative. (January 17, 2014 )

Retirement for the AGES

Public Policy Monograph that introduces the foundational principles needed to examine retirement plans and policy proposals designed to provide a secure and sufficient retirement. (January 17, 2014 )

Letter to House Members on Making Pension Accounting Consistent with MAP-21

Letter to members of the U.S. House of Representatives regarding their request to make Generally Accepted Accounting Principles (GAAP) consistent with the pension funding rules in the Moving Ahead for Progress in the 21st Century Act (MAP-21). (January 08, 2014 )

Intersector Group Sept. 2013 Meeting Notes with PBGC

Intersector Group report to the Pension Practice Council containing notes from its September 2013 meeting with the Pension Benefit Guaranty Corporation. (December 20, 2013 )

Intersector Group March 2013 Meeting Notes with PBGC

Intersector Group report to the Pension Practice Council containing notes from its March 2013 meeting with the Pension Benefit Guaranty Corporation. (December 20, 2013 )

Intersector Group Sept. 2013 Meeting Notes with Treasury, IRS

Intersector Group report to the Pension Practice Council containing notes from its September 2013 meeting with the Treasury Department and Internal Revenue Service. (December 20, 2013 )

Intersector Group March 2013 Meeting Notes with Treasury, IRS

Intersector Group report to the Pension Practice Council containing notes from its March 2013 meeting with the Treasury Department and Internal Revenue Service. (December 20, 2013 )

Comment on IRS Notice 2013-49 on Updated Mortality Tables

Pension Committee comments on Internal Revenue Service Notice 2013-49: Updated Static Mortality Tables for the Years 2014 and 2015. (December 16, 2013 )

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 )

Joint Letter on ASOP Coordination Involving Retirement Benefits

Pension Committee, Joint Committee on Retiree Health, and Pension Finance Task Force letter to the Actuarial Standards Board (ASB) on coordinating Actuarial Standards of Practice (ASOPs) involving retirement benefits. (October 29, 2013 )

Comments to EBSA on Annual Funding Notice for DB Plans

Pension Committee comments to the Employee Benefits Security Administration (EBSA) regarding certain disclosures on the Annual Funding Notice for defined benefit plans. (October 03, 2013 )

Letter on Proposed PBGC Regulations on Premiums and Reducing Regulatory Burden

Pension Committee letter to the Pension Benefit Guaranty Corporation (PBGC) that supports the proposed regulations on premium rates, payment of premiums, and reducing regulatory burdens. (October 02, 2013 )

Comments on Exposure Draft of Modeling ASOP

Pension Committee comments to the Actuarial Standards Board on its recent modeling ASOP exposure draft that included concerns that the potential ASOP could be applied too broadly. (September 27, 2013 )

Letter to FASB on Single Employer Pension Plan Accounting

Pension Finance Task Force letter to the Financial Accounting Standards Board (FASB) that provides suggestions, based on financial economics, to improve accounting for single employer pension plans, an issue that FASB may consider revisiting. (September 26, 2013 )

Comments to IRS on Form 5500

Pension Committee comments to the Internal Revenue Service regarding the Annual Return/Report of Employee Benefit Plan (Form 5500) that focus on the electronic submission of data on Schedules SB and MB. (September 23, 2013 )

Joint Practice Council Letter on Coordinating ASOPs on Retiree Benefits

Health and Pension Practice Council letter to the Actuarial Standards Board on coordinating Actuarial Standards of Practice (ASOP) affecting pension and retiree group benefits. (August 30, 2013 )

Perspectives on the PBGC Single-Employer Deficit

Issue brief addressing the Pension Benefit Guaranty Corporation’s deficit in its single-employer program. The issue brief concludes that the agency’s methods and assumptions have produced a reasonable representation of the PBGC single-employer program’s current obligation and deficit. (August 22, 2013 )

Pension Committee Comments on Proposed Lifetime Income Benefit Statements

Pension Committee comments on Department of Labor’s advance notice of proposed rulemaking regarding pension benefit statement requirements under section 105 of the Employee Retirement Income Security Act of 1974. (August 07, 2013 )

Pension Committee Comments on PBGC’s Proposed Rule on Reportable Events

Pension Committee comments to the Pension Benefit Guaranty Corporation regarding its proposed rule on reportable events under ERISA Section 4043. (June 03, 2013 )

Pension Finance Task Force Comments on ASOP No. 4

Pension Finance Task Force comments to the Actuarial Standards Board on revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2013 )

Pension Committee Comments on ASOP No. 4

Pension Committee comments to the Actuarial Standards Board on revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2013 )

Changing Discount Rates for Determining Lump Sums

Pension Committee paper that discusses the reasons why Congress should alter the discount rate calculation for determining lump-sums given historically low interest rates and provides information on possible transition rules for such a change. (June 17, 2003 )

Testimony on Department of Labor Lifetime Income Options Hearing

Testimony on the Department of Labor hearing on certain issues relating to Lifetime Income Options for participants and beneficiaries in retirement plans. (August 16, 2010 )

Rethinking Normal Retirement Age for Pension Plans

Pension Committee issue brief that recommends allowing private sector defined benefit plans to voluntarily raise their normal retirement age above 65 to align their plans with Social Security. (March 07, 2013 )

Comments on Notice Requirements Under Section 101(j) of ERISA

Pension Committee comments to the Internal Revenue Service regarding notice requirements under section 101(j) of ERISA, as promulgated in Notice 2012-46. (February 05, 2013 )

Comments on Proposed Revisions to ASOP No. 25

Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP No. 25, Credibility Procedures. (December 28, 2012 )

Means Testing for Social Security

Social Security Committee issue brief that examines “means testing,” an option to reform Social Security that would reduce or eliminate benefits for wealthy and/or high-income participants and beneficiaries. (December 11, 2012 )

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 03, 2012 )

Comments to FASB on Proposed Accounting Standards Update for Financial Instruments

Pension Accounting Committee comments to the Financial Accounting Standards Board (FASB) regarding its proposed Accounting Standards Update: Financial Instruments (Topic 825) – Disclosures about Liquidity Risk and Interest Rate Risk. (October 01, 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 02, 2012 )

Comments on ASB’s Pension Risk Discussion Draft

Pension Practice Council comments to the Pension Committee of the Actuarial Standards Board regarding its discussion draft, Assessment and Disclosure of Risk Associated with Pension Obligations, Plan Costs, and Plan Contributions. (October 01, 2012 )

Comments on Proposed Regulations on Lump-Sum Distributions When Plan Sponsor Files Bankruptcy

Pension Committee comments to the Internal Revenue Service in response to its proposed regulations concerning the prohibited payment option under single-employer defined benefit plans when a plan sponsor is in bankruptcy. (August 20, 2012 )

Letter on Implementation of MAP-21 Pension Provisions

Pension Committee letter to Department of Treasury officials regarding the implementation of MAP-21 pension provisions. Attached to the letter is an outline of topics discussed by several Pension Committee members at a meeting with Treasury on July 23. (August 02, 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 )

The 80% Pension Funding Standard Myth

Pension Practice Council issue brief debunking the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound. (July 31, 2012 )

Pension Committee Letter to SOA on Scale BB

Pension Committee letter to the SOA regarding a new set of mortality tables and projection scales for the valuation of uninsured pension plans. (June 30, 2012 )

Administration’s Retirement Savings Proposals

Pension Committee analysis of retirement savings proposals from the Bush administration.
(August 01, 2005 )

Comments on Proposed Revisions to ASOP No. 4

Joint Committee on Retiree Health comment letter to the Actuarial Standards Board responding to an exposure draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2012 )

Comments on Proposed Revisions to ASOP No. 27

Joint Committee on Retiree Health comment letter to the Actuarial Standards Board responding to an exposure draft of proposed revisions to ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations. (May 31, 2012 )

Letter on Proposed Revision to ASOP No. 4

Pension Finance Task Force comment letter to the Actuarial Standards Board responding to an exposure draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2012 )

Letter on Proposed Revision to ASOP No. 4

Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2012 )

Letter on Proposed Revision to ASOP No. 27

Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations. (May 31, 2012 )

Significance of the Social Security Trust Funds

Social Security Committee issue brief on the significance of the Social Security trust funds. (May 31, 2012 )

Understanding the Assumptions Used to Evaluate Social Security’s Financial Condition

Social Security Committee issue brief examining the assumptions used to evaluate Social Security's financial condition.

(May 31, 2012 )

Comments on Pension Funding Stabilization

Pension Practice Council letter to members of the House-Senate Conference Committee commenting on the pension funding stabilization provisions included in S. 1813 as passed by the Senate. (May 02, 2012 )

Letter on Proposed Regulations for Longevity Annuity Contracts

Pension Committee comment letter to the Internal Revenue Service responding to proposed regulations for longevity annuity contracts. (May 03, 2012 )

Letter on Proposed Regulations for Partial Annuity Distribution Options

Pension Committee comments to the Internal Revenue Service on proposed regulations for partial annuity distribution options under defined benefit pension plans. (May 03, 2012 )

Examining the PBGC Premium Structure

Pension Practice Council issue brief examining the Pension Benefit Guaranty Corporation (PBGC) premium structure. (April 26, 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 02, 2012 )

Letter to NAIC Regarding Accounting for Pension Benefits and OPEBs

Pension Accounting Committee and Joint Committee on Retiree Health letter to the National Association of Insurance Commissioners (NAIC) on the exposure drafts of Statements of Statutory Accounting Principles (SSAP) No. 92 and No. 102. (December 09, 2011 )

Analysis of Congressional Pension Funding Reform Proposals

Pension Committee analysis of congressional pension funding reform proposals, updating a previous analysis from February 2005. (March 01, 2006 )

Comments on Increasing Flexibility for Elections to Reduce Funding Balances

Pension Committee letter to the Internal Revenue Service and Department of the Treasury addressing elections to reduce funding balances for defined benefit pension plans. (February 16, 2012 )

Comments on Application of IRC Section 415(b) Limits

Pension Committee letter to the Internal Revenue Service and Department of the Treasury concerning differing interpretations in the application of IRC Section 415(b) limits and requesting guidance. (January 30, 2012 )

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 (June 22, 2011 )

Comments to ASB on Proposed Revisions to ASOP No. 27

Pension Committee comments to the Actuarial Standards Board regarding a proposed revision of ASOP No. 27, "Selection of Economic Assumptions for Measuring Pension Obligations." (May 12, 2011 )

Comment to IRS and Treasury on the Definition of 'Plan-Related Expenses'

Pension Committee comments to the IRS and Treasury regarding the potential implications of expected regulatory guidance on the definition of "plan-related expenses expected to be paid from plan assets" under Internal Revenue Code (IRC) Section 430(b). (May 24, 2011 )

Comments to IRS and Treasury on Guidance on Merger, Spinoff Issues under PPA

Pension Committee letter to the Internal Revenue Service and Department of the Treasury with comments and recommendations for future guidance on merger and spinoff issues related to the measurement of assets and liabilities for pension funding purposes and funding ratios. (June 01, 2011 )

Comments to IRS on Preparer Tax Identification Number Registration Requirements

Pension Committee letter to the Internal Revenue Service with concerns about the implications of the proposed modifications to Circular 230 and registration requirements for PTINs and the application of these rules to various reporting requirements for retirement plan professionals. (June 14, 2011 )

Comments to JBEA on Final Regulations and Continuing Education Requirements

Pension Committee comment letter to the Joint Board for Enrollment of Actuaries regarding final regulations and continuing education requirements for enrolled actuaries. (June 29, 2011 )

Comments to PBGC on Unfunded Vested Benefits Calculation

Pension Committee comment letter to the Pension Benefit Guaranty Corporation regarding the calculation of unfunded vested benefits for at risk pension plans. (September 22, 2011 )

Comments to Actuarial Standards Board on ASOP No. 4 Revisions

Pension Committee comment letter to the Actuarial Standards Board regarding the discussion draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (October 12, 2011 )

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 )

PBGC Response to Pension Committee’s Inquiry

PBGC response to the Pension Committee’s Oct. 14 inquiry regarding instructions on the Schedule H (Form 5500). (November 02, 2011 )

Comments to IRS and DOL on Form 5500, Schedule H

Pension Committee letter to the IRS and Department of Labor concerning a possible error in the instructions for Form 5500, Schedule H on the reporting of premium payments made to the PBGC from qualified DB plan assets. (October 17, 2011 )

Letter to PBGC on Actuarial Implications of PPA for Multiemployer Pension Plans

Multiemployer Plans Subcommittee letter to the Pension Benefit Guaranty Corporation (PBGC) with proposed modifications to the multiemployer pension plan provisions of the Pension Protection Act (PPA). (October 26, 2011 )

Selecting and Documenting Mortality Assumptions for Pensions

Pension Committee's practice note, revised October 2011, Selecting and Documenting Mortality Assumptions for Pensions to reflect changes to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations that went into effect in June 2011. (October 01, 2011 )

Comments to GASB on Exposure Drafts on Pension Accounting and Financial Reporting by Employers

Pension Practice Council comments to the Governmental Accounting Standards Board (GASB) to two exposure drafts on pension accounting and financial reporting by employers. (October 14, 2011 )

Academy Capitol Hill Briefing: Rising Tide Presentation

Pension Practice Council presentation for the Capitol Hill Briefing: Important New Research Findings Indicate a "Rising Tide" of Contributions Facing Defined Benefit Pensions. Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges (October 11, 2011 )

Working with Pension Plan Auditors

Pension Accounting Committee practice note with information for actuaries on current practices relevant to the audit of pension plan financial information that is subject to US generally accepted accounting principles (US GAAP). (May 24, 2011 )

Administration’s Single-Employer Pension Funding Proposal

Pension Committee analysis of pension funding reform proposal released by Bush administration and that analysis later presented to a House Ways and Means subcommittee. (March 08, 2005 )

Financing the Retirement of Future Generations

Task Force on Trends in Retirement Income Security monograph on the challenges and policy options for financing the retirement of future generations. (January 01, 1997 )

Fundamentals of Current Pension Funding and Accounting for Private Sector Pension Plans

Pension Committee policy paper analysis of current funding and accounting fundamentals for
private-sector pension plans. (July 16, 2004 )

Pension Funding Reform for Single Employer Plans

Pension Practice Council and Pension Committee analysis of pension funding reform for single-employer pension plans. (February 01, 2005 )

What’s a Credit Balance? How Does It Affect Pension Funding?

Pension Committee fact sheet examining credit balance options for defined benefit pension funding reform. (March 01, 2005 )

Analysis of Congressional Pension Funding Reform Proposals: Multiemployer Plan Provisions

Multiemployer Plans Task Force analysis of the multiemployer plan provisions included in current pension funding reform legislation. (November 07, 2005 )

Keeping Employers Responsible for Their (and Only Their) Pension Promises

Pension Committee analysis of possible means by which employers that sponsor defined benefit (DB) pension plans are kept responsible for their pension promises. (May 01, 2006 )

Comments to the Internal Revenue Service regarding proposed regulations for hybrid retirement plans.

Comments to the Internal Revenue Service regarding propose regulations for hybrid retirement plans.
(January 12, 2011 )

Comments to IRS on Proposed Hybrid Plan Reguations

Pension Committee comments to the Internal Revenue Service regarding proposed regulations for hybrid retirement plans. (January 12, 2011 )

Pension Risk and Your Retirement Capitol Hill Briefing

Pension Practice Council presentation slides of the April 4 Capitol Hill briefing on Pension Risk and Your Retirement. Presenters Ethan Kra and Lane West addressed the risks inherent with retirement plan designs and the implications for retirement planning and public policy reforms. (April 14, 2011 )

Social Security Reform: Possible Changes in the Benefit Formulas and Taxation

Social Insurance Committee issue brief on changes to the benefit formula and taxation of benefits under proposed social security reform.

(June 01, 2010 )

Raising the Retirement Age for Social Security

Social Insurance Committee updated issue brief examining the potential effects of increasing the retirement age for Social Security.

(October 04, 2010 )

Investing Social Security Assets in the Securities Markets

Social Security Committee issue brief on Investing Social Security Assets in the Securities Market.

(March 01, 2007 )

Social Security: Evaluating the Structure for Basic Benefits

Social Security Committee issue brief evaluating the structure of basic Social Security benefits.

(September 01, 2007 )

A Guide to the Use of Stochastic Models in Analyzing Social Security

Social Security Committee issue brief on the use of stochastic models in analyzing Social Security.

(October 01, 2005 )

Social Adequacy and Individual Equity in Social Security (January 2004, updates a 1998 issue brief)

(January 01, 2004 )