Retirement-related legislation has not been a front-burner issue for quite some time, but we are seeing signs that retirement policy considerations are on the rise. As Baby Boomers continue to reach retirement-eligible ages, we should expect to see some interesting demographic and economic changes in our society. In the not-too-distant future, nearly 20% of our population will be over age 65.

Examples of legislation that have been proposed in recent months include: providing more individuals easy-access and incentives to save for retirement, helping retirees convert lump sums to lifetime income, loan programs to stabilize failing defined benefit plans, and offering employers fiduciary protections to encourage defined contribution innovations. In addition, the fate of many multiemployer pension plans may lie in the hands of policymakers in 2019, based on the deliberations of the Congressional Joint Select Committee on Solvency of Multiemployer Pension Plans.

At this session panelists address the various retirement proposals that have been raised, what may be in the pipeline, and how, if passed, the new retirement policy could influence the programs employers offer, how individuals save, and the financial security of future retirees. This includes an overview of the most recent developments relating to the multiemployer plan system, which could affect other stakeholders outside the multiemployer system.

Speakers

Attend this perennial favorite for a review of guidance from the past year, with a special focus on important developments that occur shortly before the meeting. The speakers may address rulings, regulations, litigation and other exciting news related to retirement plans.

Speakers

Speakers at this session provide an introduction to nonqualified plans. Potential topics to be covered include:

• Who can be covered by a nonqualified plan;
• Types of nonqualified plans;
• Overview of IRC 409A rules, including permitted and non-permitted coordination with qualified plans;
• When benefits are income and FICA taxed, and when employers can take deductions; and
• Possible funding vehicles.

Speakers

Partial credibility regulations allow more plans the ability to submit for substitute mortality tables to the IRS. The panelists navigate through the filing requirements, share case studies of submissions, and the lessons they learned along the way – all to help your submission move successfully through the approval process.

Speakers

Panelists at this session discuss current topics that affect accounting under ASC 715, ASC 960, and IAS 19 including alternative pension expense recognition.

Speakers

GASB Statements 74 and 75 have recently been implemented. Presenters discuss their implementation experiences including issues encountered, potential solutions, and available guidance.

Speakers

Actuaries are responsible for selecting or recommending investment return assumptions for various purposes. We frequently rely on capital market assumptions from other parties - whether a colleague in our own firm’s investment practice, the plan’s outside investment advisor, or publicly available surveys. It’s not surprising that these outside parties often don’t agree on those assumptions, so we need to understand the fundamentals behind how these assumptions are developed so we can apply our own actuarial judgment in the assumption setting process.

In this session, experts in capital markets and investment advisory answer common questions that illustrate the key concepts and considerations that actuaries might consider as part of the assumption setting process.

Speakers

The speakers review recent court decisions affecting defined benefit plans and pension actuaries.

Speakers

A panel of PBGC representatives provides an overview of recently published PBGC guidance, program operations, plus hints, tips and information about their various programs. Bring your questions about PBGC-related topics to this informative session.

Speakers

Speakers focus on new Section 199A, the deduction for pass-through entities with Qualified Business Income (QBI). They address the mechanics of the QBI deduction including how phase outs work, and the special rules for “specified service trades or businesses." They also cover how the deduction influences retirement plan decisions including how certain employers receive effective deductions of more than 100% for their retirement plan contributions.

Speakers

Panelists utilize case studies to discuss the accounting considerations under both US GAAP and IFRS for special events including settlements and curtailments.

Speakers

The panelists discuss changes affecting public plans in the Exposure Drafts of ASOP Nos. 4, 27, and 35. The proposed Investment Risk Defeasement Measure (IRDM) requirement will be highlighted.

Speakers

The Congressional Joint Select Committee on Multiemployer Plan Solvency (JSC) failed to issue a report at the end of 2018, but extensive work was done by JSC staff to develop proposed "solutions" that may provide a template for legislation that determines the future of the multiemployer system. The panelists discuss JSC public hearings and the internal process, as well as their expectations for Congress as it evaluates approaches to address failing plans and considers reform of the entire system, including funding rules.

Speakers

In recent years, interest rates have declined, and stayed down, and new mortality studies have confirmed that life expectancies have increased. Many plans have actuarial equivalence definitions for optional form factors, early commencement reductions and other purposes that were developed in a very different environment. The release by IRS of updated mortality tables for funding and IRC §417(e) purposes presents a good opportunity for plan sponsors to review their plans’ actuarial equivalence assumptions. Speakers at this session explore the related issues with respect to ERISA compliance, relative value demonstrations, developing annuity benefits at earlier commencement ages under bulk lump sum programs, and IRC §411(d)(6) protections that apply when actuarial assumptions are changed.

Speakers

Plan terminations continue to be prevalent and require a process that can be cumbersome and complicated. There are tricks that can smooth the process, and traps that are worth avoiding. Panelists share their insights to help make your work with plan terminations as trouble-free as possible while meeting all the interrelated IRS and PBGC requirements and deadlines.

Speakers

Panelists discuss deduction issues for DB and combined DB/DC plans, application of deduction rules for combined plans with and without PBGC coverage, and application of the deduction rules for affiliated service groups.

Speakers

The Actuarial Standards Board is in the process of revising three significant pension ASOPs, Nos. 4, 27 and 35. In response to the exposure drafts issued in March 2018, the ASB received over 60 comment letters on ASOP 4, plus additional comments on ASOPs 27 and 35. During this session, panelists representing different areas of actuarial practice review the current status of the revision process, the significant and subtle changes to these standards that are under consideration, the range of perspectives expressed by various stakeholders both from within the actuarial profession and by outside parties, and how the anticipated changes to these standards may affect future actuarial practice with an emphasis on single-employer and multiemployer plans.

Speakers

There are multiple surveys and sources of data, and even more opinions, on the status of retirement readiness in the US. Are current retirees underspending their savings? Will future retirees be able to have a dignified retirement? Can retirees simply adapt to their level of income? Panelists review the available data and provide their perspective on the current and possible future of retirement readiness in the US, and whether action is needed to change the course.

Speakers

This is an opportunity for multiemployer actuaries to hear from a panel of PBGC representatives and discuss a variety of multiemployer plans topics. Expect to hear about new PBGC regulations on mergers and transfers, alternative withdrawal liability methodologies, and breaking developments - to include insolvent plans, the projected insolvency of the multiemployer guarantee program, as well as evolving experience with candidates for MPRA facilitated merger or partition. We anticipate questions from the audience.

Speakers

Plans are continuing to experience problems with missing participants, many who may be past NRD. Do you know what to do when you are trying to terminate the plan and can’t locate someone? What about when people appear after age 65 or age 70? Get some help with your questions as our panel provides a good review of how to determine the benefits that should be provided when people reappear, and thoughts on what to do if they don’t.

Speakers

The panelists review recent research illustrating generational perspectives on retirement. The Society of Actuaries recently completed a research study that surveyed Millenials, Gen-Xers, Baby Boomers and members of the Silent Generation on their views on retirement and financial planning issues. The study compared and contrasted the perspectives and experiences of these different generations yielding thought-provoking and practical takeaways. In addition, the American Academy of Actuaries and Institute and Faculty of Actuaries (UK) and Actuaries Institute (Australia) issued the results of a survey of working age individuals in each of the three countries to assess their preparedness for various retirement risks, including longevity risk.

Speakers

Pre-approved Defined Benefit plans are entering the two-year restatement period of their six-year cycle. For the first time, cash balance plans may use pre-approved documents. Learn what issues to be aware of and ideas for handling the document work ahead.

Speakers

In many situations, outside bodies place limits on our professional judgment – IRS, FASB, PBGC, etc. If you’re looking for an overview of the ASB’s standards affecting pension actuaries issued by our own profession, this session is for you! An overview of any new standards or exposure drafts issued during the year is included.

Speakers

Mortality credibility has received a lot of attention recently, in part due to IRS regulations. But credibility concepts have broader application across the spectrum of experience reviews and assumption setting. In light of ASOP 25, and increased auditor scrutiny, actuaries should understand the role of Credibility with a capital "C." The speakers present techniques used in experience studies including approaches not specifically encompassed by ASOP 25 as Credibility methods.

Speakers

Panelists discuss the effects that tax reform is having on nonqualified plans. Potential topics to be covered are:

• History of legislative changes affecting nonqualified plans;
• Current nonqualified plans landscape - prevalence and latest trends; and
• Changes in IRC section 162(m), including 162(m) grandfathering provisions, and how those changes may affect nonqualified plan benefits.

Speakers

In this highly interactive session, panelists and audience members debate solutions to difficult ethical situations faced by actuaries in their day-to-day practices, including confidentiality, errors, conflicts of interest, difficult clients, and disagreements among actuaries.

Speakers

Representatives of the Joint Board for the Enrollment of Actuaries discuss current developments and other information that may be helpful to the profession. Topics discussed may include pointers for successfully preparing an application for initial enrollment, navigating an audit of continuing education, and complying with the regulations that govern enrolled actuaries. Participants are given the opportunity to ask questions and share concerns and ideas with the Joint Board representatives.

Speakers

Speakers provide a very high-level overview of settling pension liabilities. Among the topics that may be covered are the different goals and target populations for annuities and lump sum settlement, their advantages and disadvantages, and when settling may make sense. They also include some considerations for sponsors as they consider implementing these risk-shifting tactics.

Speakers

Sole proprietorship and partners face unique restrictions on funding their retirement plans. The speakers at this session focus on the determination of compensation for self-employeds, special rules on self-employed contributions, how to allocate contributions to partners and plan design options that work well for partners.

Speakers

Your client has had a “church plan” for decades. Due to recent litigation, its status as a church plan is now in question. Panelists review the latest court decisions and settlements, and discuss practical solutions.

Speakers

What are the key factors that contribute to the Unfunded Actuarial Accrued Liability (UAAL)? How have recent legislative and assumption changes impacted the UAAL? How do some UAALs grow and become so difficult to manage, and what tools are available to both understand and manage the UAAL? Speakers present case studies, best practices, and pitfalls to avoid when analyzing and communicating the results.

Speakers

The Multiemployer Pension Reform Act of 2014 (MPRA) provides for the possibility of benefit suspensions (which need Treasury approval). Presenters provide an overview of approvals since the prior EA meeting and review post-approval actions requiring attention from the actuary.

Speakers

Attend this perennial favorite for a review of guidance from the past year, with a special focus on important developments that occur shortly before the meeting. The speakers may address rulings, regulations, litigation and other exciting news related to retirement plans.

Speakers

The Society of Actuaries (SOA) has a regular pipeline of research projects underway that have relevance to pension actuaries. These projects span a range of topics, from those that support current practice (including mortality tables) to those that cover emerging areas. Speakers provide an overview of several recently completed research projects representing the spectrum of SOA‐sponsored retirement research. Possible topics may include: an analysis of pension contribution indices across different types of pension plans, a discussion of tontine annuities, a look at the SOA's latest mortality research, and an overview of their current post-retirement risk survey research and related consumer-oriented materials.

Speakers

Cash balance plans have become the plan of choice for professional employers and other small business owners. Panelists discuss the cash balance designs and include a discussion of different interest crediting rates including issues involved with using asset rates of return.

Speakers

Actuaries and consulting firms continue to explore the sharing of risk between employer and employees through innovative plan designs. Presenters share the latest ideas and discuss the pros, cons, and challenges associated with these creative alternatives.

Speakers

There are numerous administrative issues that arise in public sector pension plans which create complexity in determining participant benefits and how they are valued. Included among them are determining the cost to purchase service credit, the application of 415 limits, QDROs, annuity purchase and optional benefit factors, and determining lump sum benefits. Each of these relies on the selection of appropriate actuarial equivalence factors. Our panel discusses the issues to consider in selecting the "right" assumptions and other challenges associated with the administration of these benefits in public sector plans.

Speakers

Multiple employer plans can arise in a number of situations, including joint ventures and changes in corporate structure. Panelists provide an overview of things to consider when dealing with multiple employer plans. Among the topics that may be covered are exclusive benefit rules, allocating funding requirements, nondiscrimination testing requirements, deduction issues, benefit restrictions, and withdrawing from multiple employer plans.

Speakers

We have had the new revenue procedures for over a year but there are still some questions. Sometimes it is clear when a valuation reflects a funding method change, but not always. Is it a method change, a change in plan interpretation, a change in software, or a correction? If it is a method change, it is not always clear how to get approval, and when and what will be approved. The presenters discuss the recent guidance and how the approval process now works (and sometimes doesn't).

Speakers

Plan spinoffs occur regularly, but there are still areas where guidance is not available. Speakers provide an overview of things to consider when dealing with spinoffs. Among the topics that may be covered are:

• Deminimis versus non deminimis spinoffs;
• Determining asset transfer amounts;
• Funding calculations;
• Benefit restrictions; and
• Filing for approval with IRS.

Speakers

A participant is going through a divorce. As part of the division of property, a value needs to be placed upon the participant’s pension benefits. That valuation may be considered in development of a QDRO. Come hear a panel of actuaries discuss the ins and outs of valuing pension benefits for divorce purposes. The provisions from the newly revised ASOP 34 are also addressed.

Speakers

Failure happens. Our experts discuss methods of testing closed groups and alternative approaches available when a plan fails its initial testing. The panel also addresses correction methods available for plans that fail.

Speakers

The Retirement Plans Experience Committee (RPEC) of the Society of Actuaries has recently completed a mortality study specifically for public pension plans in the United States. Members of the RPEC discuss the results of the study, their process, and the impact on public pension plans.

Speakers

The past decade has seen significant recovery from the Great Recession. Still, current economic forecasts are uncertain, and financial markets remain volatile. After slightly negative investment returns in 2018, many multiemployer plans find themselves in a much different position than they were a year ago. Given the current environment, what are considerations for multiemployer plan sponsors still trying to navigate their way through endangered or critical status? Once plans are in the “green zone,” what are possible strategies to keep them there?

Speakers

Some things we know we just don’t know. There are gray areas in the Internal Revenue Code that provide compliance challenges that actuaries wrestle with in consulting to their clients. Our panel of experts reviews their top-10 list of currently relevant unknowns, and provides their views on possible approaches to handling these situations when they arise in practice.

Speakers

Government contractors face a host of special challenges, some actuarial and others that an actuary should know about. Presenters address topics such as CAS, procurement, GSA requirements, and additional rules that impact pension benefits and their valuations.

Speakers

Requesting an IRS ruling for actuarial topics can be time consuming and confusing. What rules apply for rulings? Panelists discuss how to determine if a ruling is possible, how to make a request, what to expect, and how to effectively work through the process.

Speakers

With plans funding up to reduce PBGC premiums, a year or two of rising interest rates and good investment returns could produce significantly overfunded plans. How can sponsors put that surplus to good use? Panelists review innovative approaches as well as tried-and-true methods for both large and small plans.

Speakers

The PBGC has a Participant and Plan Sponsor Advocate (Advocate) who acts as a liaison between the PBGC and participants and plan sponsors of defined benefit plans. The Advocate and staff offer free services to participants in defined benefit plans insured by the PBGC and plan sponsors of defined benefit plans to help resolve persistent problems with the PBGC. Our panel provides an overview of the office, role, and share examples of successfully completed projects. The speakers also give audience members the opportunity to ask questions.

Speakers

The review (and sometimes rejection) of applications for suspension of benefits under MPRA has highlighted the need to support the assumptions used to value multiemployer plans. Speakers at this session review modelling, experience studies, and assumption setting for multiemployer plans, taking into account the requirements of the various ASOPs, including the new additions from ASOP 51.

Speakers

A panel of high-ranking officials and experienced practitioners field your questions on a number of challenging issues. This is your chance to ask what you've always wanted to know about guidance. This session is not intended to address specific client issues.

Speakers

Nearly every retiree will have accumulated some wealth that is in an account earmarked for retirement. This may be from the election of a lump sum from a defined benefit plan, participation in a defined contribution plan, or personal savings. Pension actuaries are well positioned to play an important role in developing solutions to the lifetime income challenge. In this session we explore emerging solutions and strategies to optimize the effectiveness of retirement savings.

Speakers

Speakers focus on testing a defined benefit plan for compliance with IRC §401(a)(26) for active plans, plans in which benefits are frozen or plans in which participation is frozen. Panelists delve into the specifics on meaningful benefits, including options available for calculating accrual rates for §401(a)(26) prior benefit structures and the statutory and regulatory exemptions from §401(a)(26).

Speakers

Actuarial Standard of Practice (ASOP) No. 51 on the Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions was effective for any actuarial work product with a measurement date on or after November 1, 2018. The panelists discuss the practical approaches to satisfying the requirements from the perspective of public, corporate, and multiemployer actuaries.

Speakers

There are many situations where the value of a DB plan must be incorporated into the overall value of an organization. While the plan remains the same, the approach varies. Speakers explore the different ways rating agencies, buyers/sellers involved in mergers and acquisitions, and investors determine how an organization’s DB plan affects the overall value or rating of an organization.

Speakers

Many companies that offer defined benefit programs may also offer Other Post-Employment Benefit Plans (OPEB). These valuations require insights from both pension actuaries and healthcare actuaries to accurately value the plan’s liabilities. In this session the panel discusses the basic valuation concepts and parameters of OPEB valuations.

Speakers

Come hear experienced practitioners discuss the PBGC Blue Book questions and answers, as well as the new questions and answers posted on PBGC’s website. Topics may include premiums, reporting, penalties and plan terminations.

Speakers

Are you an in-house actuary? This workshop is for actuaries who work on retirement and other plans sponsored by their employers. Attendees have the opportunity to discuss the special problems and issues they encounter.

Speakers

Come prepared to discuss issues with your peers. This is an open forum to discuss issues specific to small plans. Topics may include PPA, MAP–21, HATFA, IRC 401(a)(26), 410(b), 401(a)(4), 401(a)(17), 415, 416, 401(a)(9), 430, 436 and PBGC issues for small plans. In addition speakers explore issues regarding the upcoming DB restatement process including the use of pre-approved cash balance plans.

Speakers

An update to the 2011 Academy Practice Note, “Working with Pension Auditors” is expected around the time of the 2019 Enrolled Actuaries Meeting. Panelists discuss the updates and provide the rationale for the changes.

Speakers

This is an open forum on current topics of concern to public plan actuaries. Possible topics this year may include proposed revisions to Actuarial Standards, the public plan mortality study, other actuarial assumptions, and legislative developments.

Speakers

During this session, there is an opportunity for multiemployer plan actuaries to engage in a discussion of practical issues, problems or experiences encountered in their practices. It can be a more in-depth analysis of topics from other multiemployer sessions or more arcane subjects such as recent withdrawal liability decisions and the trend toward variable plan design. Come prepared for a lively discussion!

Speakers

“Rates have to go up, right?” How many times have we heard this over the last 10 years, and yet they remain at historically low levels. But, are things about to change? Panelists discuss how rising rates might impact a defined benefit plan’s assets, liabilities, risk, and design and its plan sponsor’s desire to terminate it.

Speakers