Pension News

Academy Holds Capitol Hill Briefing on Multiemployer Pension Plans

The Academy hosted a Capitol Hill briefing in connection with the release of its issue brief, Multiemployer Pension Plans: Potential Paths Forward. Pension Practice Council Vice President Bill Hallmark and Vice-Chairperson Josh Shapiro, and Christian Benjaminson, a member of the Multiemployer Plans Subcommittee, gave a presentation on how to address failing multiemployer plans and strengthen the multiemployer pension system. Senior Pension Fellow Ted Goldman moderated. (June 27, 2017)

Retirement Account— Summer 2017

The newest issue of Retirement Account includes items on the Multiemployer Committee’s Capitol Hill briefing on multiemployer pension plans; the Social Security Committee’s issue brief on Social Security and women; and comments to the IRS and Treasury Department on projections of cash balance plan benefits. (June 27, 2017)

Pension Committee Submits Comments to IRS and Treasury on Projection of Cash Balance Benefits

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

Committee Releases Issue Brief on Women and Social Security

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

PC Submits Comments to ASB on Setting Assumptions ASOP Draft

The Pension Committee (PC) submitted a comment letter to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP), Setting Assumptions. (May 2, 2017)

Council Sends Letter to Congressional Leaders on Pension-Related Offsets

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

Committee Submits Comments to IRS on Proposed Update to Mortality Tables

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

Subcommittee Releases Notes from Meeting with Treasury, Labor, and PBGC

The Multiemployer Plans Subcommittee released notes from its 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)

Retirement Account, Spring 2017

The spring issue of Retirement Account covers a presentation of “Longevity and Retirement Security” by Senior Pension Fellow Ted Goldman to a U.S. Chamber of Commerce retirement forum; notes from a Multiemployer Subcommittee meeting with members of the PBGC, and Treasury and Labor departments on multiemployer pension plans; an issue brief by the Pension Cost Work Group on pension cost recognition; and more. (March 23, 2017)

Pension Committee Asks Treasury Department for Guidance on Variable Annuity Plans

The Pension Committee submitted a comment letter 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 9, 2017)

Subcommittee Submits Comments to PBGC on Two-Pool Withdrawal Liability Methods

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

Committee Submits Comments to IRS on Present Value Requirements for DB Plan Distributions

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

Academy Senior Pension Fellow Presents on Longevity Risk at Retirement Forum

Senior Pension Fellow Ted Goldman presented on “Longevity and Retirement Security” at the U.S. Chamber of Commerce’s “The Shifting Paradigm of Retirement” forum in Washington on Feb. 3, reviewing the jointly sponsored Actuaries Longevity Illustrator and the challenges of and potential approaches to addressing longevity risk. View the slides. (February 3, 2017)

Pension Work Group Releases Issue Brief Exploring Cost Determination

The Pension Cost Work Group released an issue brief, Alternatives for Pension Cost Recognition—Implementation Approaches Using Bond Models, that explores potential approaches for determining pension costs. (December 30, 2016)

Academy Groups Submit Comments to ASB on Risk Assessment and Disclosure ASOP

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

Committee Submits Comments to ASB on Proposed Modeling ASOP

The Pension Committee submitted 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)

PPC Releases Issue Brief on Challenges Facing PBGC Multiemployer Program

The Pension Practice Council (PPC) released an 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. Read the news release. (October 20, 2016)

Committee Releases Issue Brief on Pension Risk Transfer

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

Intersector Group Releases September Meeting Notes with Treasury, IRS

The Intersector Group released the notes of its September 2016 meeting with the Treasury Department and Internal Revenue Service. (October 6, 2016)

Intersector Group Releases September Meeting Notes with PBGC

The Intersector Group released the notes of its September 2016 meeting with the Pension Benefit Guaranty Corporation. (October 6, 2016)