Experienced practitioners lead a review of the government responses to questions posed in the 2013 IRS Gray Book and PBGC Blue Book highlighting the practical implications of the answers. Speakers also address any updated information developed since the initial release of these books at the 2013 Enrolled Actuaries Meeting.

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Wes Odom discusses the risk and insurance aspects of travelling, and personal safety awareness, while sharing examples from his professional experience.

Mr. Odom joined The Ackerman Group in 1990, following a 15-year career in the CIA's Clandestine Services. At the CIA, he specialized in foreign intelligence operations and counterterrorism and garnered extensive experience in technical surveillance. He had tours in Europe, Latin America and the Caribbean, and served as an instructor in the Agency's operational training program. Fluent in Spanish, he holds a B.A. and M.A. from the University of West Florida and served with a U.S. Navy Seabee battalion in Vietnam.

Mr. Odom currently serves as Executive Vice President, Operations at The Ackerman Group and manages the company’s Salt Lake City office. The company is headquartered in Miami and also has overseas offices in Paris and Bangkok. It specializes in counterterrorism – analyzing risks, protecting personnel and property, planning for contingencies and recovering hostages. They provide clients with intelligence, negotiating, communications and protective expertise when facing a wide range of emergencies – from extortions, to wrongful detentions, to evacuations, to intractable problems with violence-prone labor and fringe groups.

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A diverse panel of pension professionals discusses the latest developments affecting retirement plans on the legislative, regulatory and legal fronts. Topics that may be covered include: MAP-21; 2013 legislation; IRS, DOL, Treasury and PBGC guidance; and recent court cases.

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Learn about strategies to follow and pitfalls to avoid when dealing with a wide variety of PBGC issues relating to underfunded plans. Topics include PBGC reporting traps, Early Warning Program negotiations, downsizing liability cases, missed contributions and related liens, distress and involuntary terminations, bankruptcy disputes, and pre-bankruptcy workouts. Come prepared with your questions!

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Experienced multiemployer actuaries facilitate discussion around the technical and consulting issues facing multiemployer plans. While the speakers come prepared with topics to get started, come prepared with your own to get input from fellow practitioners on the topics impacting your funds.

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Speakers discuss the case of the “carrot vs. stick” in changing adult behavior related to employer health plans. Specifically which approach is more effective in getting employers to participate in benefit programs that control the increase in healthcare costs. Panelists explore the role of behavioral economics in changing employee behavior related to wellness and total health management programs.

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Many employers are or have been grappling with the "pay or play" (pay penalties or provide health care) decision forced upon them by the Affordable Care Act. In addition, employers are considering the use of private exchanges whereby employees can purchase healthcare coverage subsidized with employer dollars. This panel features an employer speaker and a consultant who discuss their experiences with "pay or play" and private exchanges and how the two concepts relate to each other.

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The discussion during this session revolves around leading practices and protocols regarding:

• Decision-making for design;
• Assumption setting/methodologies;
• Ongoing monitoring of ongoing operations (client/vendor); and
• Stewardship of corporate assets.

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States and local governments continue to be interested in Pension Obligation Bonds (POBs) primarily due to low interest rates, the budgetary problems that many jurisdictions currently face and declines in public pension plans' funded ratios. However, the use of POBs is controversial at best and many experts view them as overly risky and unfair to future generations of taxpayers. During this session, the speakers:

• Examine the pros and cons of POBs from the perspective of both the plan sponsor and the retirement system itself;
• Discuss the factors that contribute to the success or failure of POB; and
• Present the results of a projection of the employer contribution requirements for a sample public pension plan with and without a POB issue and under varying future investment market returns.

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With global companies looking for new growth opportunities around the world, many companies have set up significant operations in the emerging markets such as China and India. The panelists discuss the current situation in these markets related to retirement plans, the cultural perception of retirement benefits, latest developments in the social security and occupational pension system, and the current challenges and opportunities facing companies operating in these markets.

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As Defined Contribution plans become the center pillar of retirement design, the panelists explore the type of designs and challenges with a variety of currently implemented programs.

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PBGC representatives interact with practitioners including discussions of recent regulations, guidance, and court cases. Bring your best questions to stimulate the session.

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Liability Driven Investing (LDI) continues to be of strong interest as plan sponsors look at ways to manage the risk of their pension plans. Come to this LDI workshop to learn the nuts and bolts of LDI mathematics including: expected surplus return, funded ratio change and liability tracking error. The session is a true working session, so bring your fully-charged laptops with Excel. Participants are encouraged to use their own plan liability cash flows and initial asset allocation with the remaining inputs to be provided. At the end of the session, participants will have built a one-year probabilistic projection model of their plan capable of providing confidence intervals and tail-risk estimates of their plan’s year-end (deficit)/surplus and funded ratio.

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Speakers discuss current topics concerning Medicare Parts C and D from the consultant and plan perspectives, including changes to these programs as a result of the Affordable Care Act and other recent legislation. Expert speakers provide brief comments on key topics while allowing for audience questions and comments in a facilitated workshop format.

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A state healthcare representative discusses the challenges and future prospects facing health exchanges, and provides insight on the development of non-Medicare insurance markets and how future employer strategic alternatives can expand to include opportunities for public and private exchange offerings.

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Look at latest issues around executive rewards in light of:

• Tax rate changes;
• Sluggish economy; and
• Pay or play.

Other considered topics are deferred compensation, performance based pay, and stock based compensation.

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Traditional pension funding policies address investment volatility directly through the use of various asset smoothing methods and market value corridors. These pension funding techniques smooth the asset inputs so as to produce more stable measures of both unfunded liabilities and contributions. Emerging practice includes the development of direct contribution rate smoothing approaches that base the unfunded liabilities only on market value of assets, and apply their smoothing techniques directly to the resulting market-volatile unfunded liability or contribution rate outputs. Proponents of each approach discuss the theoretical and practical advantages and disadvantages of these competing methods for managing contribution volatility.

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Our largest neighbors to the South, Brazil and Mexico, have managed to maintain a thriving funded pension industry. Speakers in this session provide an overview of each country’s pension system; discuss the fundamental factors driving the growth; outline the role of the actuary, the supervisory systems, and the requirements for tax-advantaged pension programs.

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Have fun in a collaborative environment where you can test what you know about PPA and ERISA and walk away with knowledge that you will find helpful in servicing your clients.

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What are the components needed for a "secure retirement" in the changing landscape of Defined Benefit and Defined Contribution plans? How well are American workers preparing, and how might the (pending? final?) discussions on tax reform and social security impact future behaviors and retirement patterns? Engage with panelists to discuss how the actuarial profession might better champion risk-reducing retirement income solutions for future generations.

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What are the issues that your clients are addressing (or should be addressing) with respect to healthcare reform? What should you be listening for, and what should you do when you hear it? How can you start a conversation to get insight into your client's concerns and preparedness? And, when should you ask for help? The panelists discuss the impact of healthcare reform on retiree medical strategy and retiree medical valuation assumptions and an update on healthcare reform topics for pension actuaries as it relates to client questions and concerns.

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While recent cost trends for pharmacy benefits were modest, this situation is not expected to continue. Presenters explore:

• The next round of drugs coming off patent;
• The pipeline of new drugs and the cost impact of those drugs;
• Emerging cost control designs and programs; and
• Expectations of pharmacy cost trends over the next three to five years.

Attendees gain an understanding of the changes expected in pharmacy benefits and costs.

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The Affordable Care Act included specific funding for co-ops (consumer operated and oriented plans) which are new non-profit health plans. Nearly $2 billion has been funded across 24 entities to establish and operate the plans starting in 2014.

In this session representatives of funded co-ops provide an overview of how they plan to compete in the marketplace with these new plans.

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Once considered to be a passing fad, the science of behavioral economics is increasingly becoming a staple as a driver of compensation and benefit plan design (e.g., 401(k) auto-enrollment to take advantage of employee inertia). In addition, it can inform total rewards design and communication campaigns in driving behavior change by appealing to anchoring, adaptation, the paradox of choice, the endowment effect, and more. Simply put, behavioral economics can help make it “easier to do the right thing, and harder to do the wrong thing.”

The speakers at this session highlight successful examples of approaches and ways to leverage behavioral economics principles in benefit programs.

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The impending replacement of GASB Statements 25 and 27 by Statements 67 and 68 presents obvious and not-so-obvious challenges for public retirement systems and their sponsors. But it also presents unresolved issues for actuaries serving these systems and for the rating agencies that must process the information to be provided under the new standards. Representatives of the affected entities address these challenges and offer thoughts on their responses.

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The speakers discuss, from a consultant's and an auditor's perspective, the ever evolving process of assumption setting under IAS 19 and US GAAP for non-US defined benefit plans. Audience participation is encouraged and a lively debate expected.

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Plan sponsors are looking for more ways to reduce risk. Learn about several methods to transfer or eliminate various risks including lump sum distributions, annuity purchases, crediting market rates, and variable annuity plans.

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We’ve lived with MAP-21 for over a year. What experiences have evolved in funding, benefit restrictions and administration?

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Actuarial Standards of Practice tell us that assumptions must be “reasonable.” Presenters explore how this is applied to assumption studies in today’s consulting environment:

• Discussing the need for an assumption review with your client – and converting this to a project;
• Using old or inherited assumptions, and comfort in signing off in light of materiality;
• Identifying assumptions that should be reviewed;
• Considerations in data collection, process and interpretation of results;
• Communicating findings and recommendations to clients and auditors;
• Case studies illustrating the art and science of assumption setting, including economic and demographic examples; and
• Additional considerations in assumption setting for public plans.

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Even though most employers have implemented health management programs, there is ongoing debate about the savings produced by such programs. The panelists cover:

• An overview of recent studies on health management returns, and the studies that do not get published;
• Recommended methodologies for measurement;
• Leading indicators of a successful health management programs
• Tactics for increasing the likelihood of program savings; and
• A case study of the results achieved by a large employer.

Attendees gain an understanding of the current state of measurement of health management programs.

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Healthcare reform has significant implications on insurance companies but perhaps an even greater impact on hospitals and physicians. Come listen to representatives from these groups talk about issues they have resolved and those that need a solution.

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Human resources and a financial executive share their thoughts, challenge your thinking, and answer your questions to provide an understanding of what clients and users of consulting services expect and how to exceed those expectations.

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Presenters focus on legal issues resulting from plan design considerations for public pension plans including: state constitutional guarantees, collective bargaining agreements, municipal bankruptcies, vested rights, earned benefit reductions, future benefit reductions, hybrid plans benefits, rights and features, etc.

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Outside of the U.S., the UK and Netherlands are two significant pension markets which have been particularly active with pension reform in light of the economic and business developments locally. Our speakers from the UK and the Netherlands will talk about the current developments as it relates to Defined Benefit plan design, Defined Contribution plan trends, and pan-European Occupational Retirement Provision Directives (IORPs), and the expected changes which may result in the future as a result of these reforms.

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Need an update on hybrid plans and the market rate of return? If so this session is for you as the speakers discuss the types of plans employers are implementing today in light of available regulations.

Topics include:

• Types of cash balance plans being implemented today;
• Designs in light of proposed market rate of return regulations;
• Other types of hybrids being considered today.

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There are many retirement issues that surface in mergers and acquisitions. The panelists discuss the financial and compliance issues related to pension, defined contribution, retiree medical, severance, and change of control programs. The financial analysis addresses the balance sheet, income statement, cash flow and the impact financial considerations can have on the valuation of the deal as well as the integration budget.

Speakers start with a discussion of preparing a client for "what to expect" and then explain how to analyze these plans and issues in the due diligence phase, and finally, how to use the findings in the sale agreement and integration planning and costing.

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Current economic conditions are forcing plan participants to delay retirement past the pension plan’s normal retirement age, complicating plan administration. Panelists discuss benefit determinations and distribution requirements when participants work beyond or fail to commence payment by the normal retirement date. Suspension of benefits, post-retirement accruals, potential 415 issues, death benefits before actual retirement and ways to simplify and address client communications around these issues are among the topics discussed.

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There is a lot of confusion about the new health reform law. And, the presence of private exchanges and others working with the state exchanges, it's adding to the confusion. What does the person on the street know about these different avenues of health insurance purchase? The panelists present the types of questions being asked and how they are being answered.

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In a twist on the old game show, this session covers a wide range of answers and questions regarding the Affordable Care Act and its impact on individuals and employers. Attendees play three separate rounds, covering these general topics:

1. Employer Impacts
2. Exchanges and QHPs
3. Retiree Healthcare

Everyone is invited to join the competition for one of these rounds, or (if you prefer) to be a part of the studio audience.

Categories include areas like:

• I’ll gladly pay you Tuesday (pay or play)
• Show me the money (subsidies)
• Bring me a donut hole (Part D subsidies)

Questions range from fairly easy ($100) to fairly difficult ($300), and we will “take a break” at regular intervals to discuss what we’ve learned. Winners may be eligible for valuable prizes!

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What is the key to successful business development and relationships management? In his book Everyone Counts, Everything Matters, our speaker tells us the answer is to be real, passionate and honest. These characteristics create trust, and without trust, it is impossible to develop sustainable client relationships. The speaker shares his insights and perspectives on successful selling skills. This session promises to challenge your thinking and help you improve your ability to generate new business opportunities in an entertaining and informative manner.

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The panelists discuss implementation efforts from the Pension Plan perspective regarding the recently revised accounting/financial standards, GASB Standard Nos. 67 & 68. The panel includes a public plan administrator, a public plan consulting actuary, and a GASB staff member to represent various viewpoints in relation to the issues and challenges associated with adoption of the new requirements. The three panelists share a wide perspective of analyzing and resolving various questions from their own experiences plus review a few of the more detailed questions that, eventually, were incorporated in the Statement No. 67 implementation guide.

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Speakers with experience in different regions of the world discuss the financial systems supporting both public and private retirement schemes as well as other benefit plans in some interesting and far flung parts of the world. The focus is on Latin America, Africa, Eastern Europe and the former Soviet countries.

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How well-funded is the plan? How should we determine cost and contributions? What is the impact on cost and funded status of a proposed change in plan design? Do I have the right medical claim cost?

Measuring plan obligations and determining plan costs are the daily work of the actuary. In these determinations, the actuary may be making judgments or recommendations on the choice of actuarial assumptions, actuarial cost methods, asset valuation methods, and amortization methods, all for use by stakeholders who often have conflicting objectives. While accounting standards and legislation have decreased the discretion of the actuary, economic forces have heightened the need for actuaries to carefully select and clearly communicate the process by which they obtain their final results. As Precept 8 says, “An Actuary who performs Actuarial Services shall take reasonable steps to ensure that such services are not used to mislead other parties.” Come to this interactive session to engage in a lively discussion of current, practical issues in the application of ASOPs 4, 6 and 27.

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The new frontier in the actuarial profession is “Workforce Analytics” where economic and generational changes coupled along with advanced technology provides a wide variety of information on current and emerging workforce issues and opportunities. The marketplace needs actuaries with the talents to interact, interpret and totally evaluate the available data to identify trends and procedures to make qualified recommendations and evaluate results. This is becoming critical for the future of business as we know it to win the war for talent in the marketplace. The speakers during this session provide insight into how this is being presently employed in the business arena and the need for more actuarial involvement.

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The rules against back-loading benefit accruals have existed since ERISA was enacted, but compliance remains a challenge. An innocuous plan design, such as capping service in an integrated formula, can cause a violation and threaten a plan’s tax-qualified status. Accruals of hybrid plan designs can be very tricky to define and test. Topics covered include:

• Is the 133-1/3% test the only alternative for my cash balance plan?
• Under what circumstances may compliance be demonstrated by more than a single test?
• Creative applications of the 3% rule.
• Minimum benefits and the 133-1/3% rule.
• Accrual rule testing for hybrid plans that could credit negative interest: cash balance, variable annuity.

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Panelists provide a brief review of the various business entity types and the rationale for the their selection. The annual accounting cycle is reviewed with a focus on the required tax filings including selected schedules. The role of qualified plans is also addressed, including marketing. Coordination and communication among client advisors is covered with a focus on maximizing client satisfaction and value.

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You are at fiscal year-end, your client wants their financial statement results, and you get the work done. Whew! Now come the external auditor’s questions about the actuarial assumptions. At this session, actuaries assisting audit teams discuss actuarial assumption selection and support. Topics may include: discount rate, long-term rate of return on plan assets, salary scale, and mortality amongst others.

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The use of onsite clinics has increased in recent years as a way for employers to better manage their health care expenditures, improve productivity, and prepare for an upcoming shortage of providers. Panelists describe the growth of onsite clinics, both in terms of the number of clinics and the scope of services, ranging from basic services provided by a single nurse practitioner to a broad range of services provided by a multi-specialty clinic with a pharmacy, lab and other services. They also discuss the development of successful onsite clinics in the financial services and manufacturing industries, including initial goals, implementation challenges, successes, lessons learned and potential next steps. Gain insight from the experts about the opportunities and challenges of onsite clinics, and about key considerations for employers considering establishing them.

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The panelists provide an overview of the status of both private and public ACOs (including Medicaid, Medicare, and pediatric ACOs). Speakers discuss clinical transformation activities and provider-based interventions that are unique to ACOs and which of these efforts have resulted in net savings. Presenters also address payment issues (including healthcare reform implications), how the clinical transformation activities map to current payment models metrics, potential barriers to a successful ACO and an overview of employer reactions.

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A sustainable financial security system is one that meets its commitments. In recent years, we’ve seen many, many examples of systems that, when stressed, are proving to be unsustainable. What are the attributes of a sustainable system, and what role does the actuary play in establishing and helping maintain those systems? Where do things go wrong, and what is (or, ought to be) the role of actuaries in setting things right?

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As public sector pension and OPEB plans consume an increasing share of government budgets, the scrutiny continues to build from a variety of sources: academics, media, economists, taxpayer advocates, the SEC, bond ratings agencies, the general public and even actuaries. The panelists at this session discuss the implications/issues of the ongoing scrutiny. Two PhD economists and public policy experts lead a provocative discussion of the role of actuaries with respect to public pension and OPEB plans. Many public plans face severe difficulties now and in the years ahead. We will discuss the role of actuaries in helping various stakeholders meet those challenges. Questions discussed will include:

• Is the current pension model even sustainable?
• Is it appropriate for actuaries to advocate for change? If so, how should it be done?
• Are actuaries providing the right information to stakeholders?
• Have actuaries added artificial complexity in some areas, while systematically ignoring risk and uncertainty in others?
• Are GASB’s accounting rules appropriate and if not, what are the consequences?
• What measures can and should actuaries provide that differ from those in the accounting rules?
• What can and should the actuary provide even if not requested by the entity compensating the actuary for his/her services?

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Spectacular stock market performance and high real fixed income investment yields in emerging markets have attracted US pension fund managers to examine non-traditional investment opportunities in China, Brazil, Russia, Mexico and other large emerging market economies. Speakers in this session describe the ground rules, the real opportunities, limitations and possible pitfalls surrounding these high potential investment avenues, including an actual case study.

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IRS representatives discuss new developments and respond to your intriguing questions. Come prepared to ask your most perplexing questions.

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What compliance issues are more prominent today, and how have they been addressed? The panelists discuss ERISA litigation impacting defined benefit plans, technical issues such as the application of 415 limitations to lump sums, late retirement, suspension of benefits and Required Minimum Distributions (RMDs) and compliance programs such as Employee Plans Compliance Resolution System (EPCRS).

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Many large companies sponsor Nonqualified Deferred Compensation Plans (NQDC) for their executives. As more companies shift from Defined Benefit plans to Defined Contribution plans, NQDC plans represent a more important source of retirement income for executives. These plans are becoming a more significant element on companies’ balance sheets and income statements. As a result, the issues of benefit security, 409A compliance, administration, taxability and financial management of these plans are becoming more acute. The panelists outline the challenges facing NQDC plan sponsors and discuss some of the (old and new) techniques that they are utilizing to address these issues.

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Healthcare actuaries are uniquely capable of understanding the importance of reining in unnecessary cost. With the large expected increase in total healthcare spent under the Affordable Care Act, one would expect carriers to be anxious to attack fraud and waste. But due to Medical Loss Ratio (MLR) requirements and lack of carrier incentives under self-insured plans, this is not always the case.

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Speakers discuss recent regulations issued under the Patient Protection and Affordable Care Act (PPACA) and the resulting strategic implications for businesses and employer-sponsored healthcare plans. In addition, the speakers (an ERISA attorney and two consulting actuaries) address the status of the State and Federally Facilitated Exchanges and important issues for employers to consider. Panelists provide up-to-date information on employers’ responses and the implications for their long-term strategic direction under the healthcare reform law.

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Speakers show how to help a company identify, measure, and manage the spectrum of risks that affect a business. Examples of applying the concept are presented along with demonstrating the role(s) an actuary can play in the process.

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Join your public pension plan colleagues in an open discussion of current issues facing public pension plans today. No topic is off-limits – media coverage, public perception, GASB, ASOPs, role of the actuary, long-term viability, state constitutional guarantees, municipal bankruptcy, funded ratios, financial economics, etc.

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Speakers discuss the types, form and prevalence of benefit programs provided to globally mobile employees around the world. The presentation focuses on retirement and risk benefits (medical, death and disability) but also includes other programs found commonly in select locations.

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Too many actuaries believe they have all the answers when faced with a myriad of ethical issues involving their own actions or the actions taken by their clients. The closing general session is a fun, interactive session where one of the leading benefits attorneys illustrates the perils and traps that even the most experienced actuarial practitioner may run into when being questioned about a legal or ethical issue.

An attorney presents a series of case studies/vignettes portraying real-world, unreasonable and even outrageous situations that involve a variety of ethical dilemmas facing actuaries today. See some of your peers pit their wits against an experienced attorney in this thought provoking and entertaining session.

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