While all sponsors of a defined benefit plan have assumed some risk, the approach in measuring and managing that risk varies depending on the type of plan and nature of the plan sponsor. Panelists representing each area of pension practice (single-employer, multiemployer, and public plans) share best practices for communicating risk to plan sponsors, and explain how they plan to modify their practice in light of the new risk ASOP. Learn how their approaches are similar, their important differences, and how to up your game when talking risk.

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.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

The Multiemployer Pension Reform Act of 2014 (MPRA) modified the rules for partitions (which need PBGC approval) and added the possibility of benefit suspensions (which need Treasury approval). Presenters review the current state of guidance and provide an overview of approvals since the prior EA Meeting, including the first PBGC partition under MPRA.

Speakers

When a large plan actuary changes jobs and becomes a small plan actuary how does his or her life change? What don’t you need to know anymore and what do you now need to know that you never had to think about before? Speakers discuss many of the differences to assist the actuary transitioning from the large-plan world to the small-plan world.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

GASB Statements 67, 68, 73, 74 and 75 are all in effect. Presenters cover the highlights of the statements and potential issues. Presenters discuss their experience in implementation, and discuss solutions to the issues that arise.

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! Any new standards or exposure drafts issued during the year are included. An overview of the highlights of the 2016 Pension Task Force recommendations is also provided.

Speakers

Panelists will discuss the major differences between IAS 19 (revised in 2011) and ASC 715 as well as the practical considerations when converting from US GAAP to IFRS accounting.

Speakers

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

Speakers

The panelists discuss several methodologies for the valuation of lump sums and the implications of these alternatives. They also address complexities such as account-based plans, bond matching models and subsidized payment forms.

Speakers

A variety of issues arise when defined contribution plans are combined with defined benefit plans for testing. Topics to be addressed include benefits rights and features, coverage, gateway, top-heavy minimums, combined plan deduction limits and other issues relevant in designing the DC plan.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

Economic assumptions used by public plans are evolving to recognize the current low inflation and interest rate environment. Speakers present information about the economic environment, how assumptions are changing, and other considerations for public sector actuaries responsible for evaluating and recommending these important assumptions.

Speakers

Actuaries play an important role in helping plan sponsors address the financial risks associated with their employee retirement plans. Recent years have seen increasing incidence of challenges to actuarial judgment in assumption setting from regulators, auditors, and sometimes even our clients. Financial economics has challenged the tenets of traditional actuarial practice, at times in a very public manner. As professionals we must rise to meet these challenges head on. It is imperative that we “up our game” when it comes to communicating the risks associated with pension plan sponsorship and helping our clients decide how best to balance the often competing interests of benefit security and affordability.

The Actuarial Standards Board is preparing to issue several new ASOPs covering the areas of general assumption setting, actuarial modeling, and the assessment and disclosure of risk with respect to benefit obligations and pension plan contributions. Our panelists explore practical applications of these new ASOPs and how they support the continued evolution of actuarial consulting and communication with our clients.

Speakers

We have new revenue procedures that provide automatic approvals for some method changes for single-employer plans, and revised procedures for requesting approvals for all plans covered by ERISA. The procedures clarify some questions as to what is a method change. The presenters discuss the new guidance emphasizing what is new, and the options and process of getting approval.

Speakers

Do you know enough about investments? Do you know enough about the plan’s investments to engage with your sponsors’ auditors and investment advisors when questions arise about your expected return assumption? Can you take a trust statement and then find enough information to populate your expected return model, Form 5500, or ASC715 report? Are you comfortable discussing at a high level topics like duration, hedge funds, alternate investments, private equity, and alpha- and beta-focused investments? Come to this session, and get more comfortable with investment discussions as they relate to pension plans.

For more detail on setting assumed returns, check out sessions 204 “Discount Rate Setting in a Low Interest Rate Environment” and 804 “Expected Return Q&As for Pension Actuaries.”

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

This is an opportunity for multiemployer actuaries to hear from a panel of PBGC representatives to discuss a variety multiemployer plans topics. Expect to hear about PBGC guaranteed benefit calculations, other practical aspects of reaching the point of plan insolvency, revised financial projections regarding the solvency of the multiemployer guarantee program, as well as evolving experience with candidates for a MPRA partition. We anticipate questions from the audience.

Speakers

Speakers explain the process of determining required minimum distributions for 5% owners in DB plans and the focus on real-life issues that may impact the plan for several years. Different methods of determining the payment method and amount including installment payments and increasing installment payments are addressed along with the impact of benefit restrictions on retirement after payments and plan termination have begun.

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

Variable annuity plans pose special challenges for funding. Statutory requirements were not designed for even pure variable benefits, much less for the more complicated designs that combine variable annuities with traditional formulas or partial guarantee provisions. Panelists discuss ways to address PPA funding rules in an environment of regulatory uncertainty as well as more sophisticated or direct approaches to measuring the liability, risk and rewards inherent in variable benefit designs.

Speakers

The IRS has finalized regulations for qualified plans that partially pay benefits in optional forms of benefit subject to IRC §417(e) (“§417(e) options” such as lump sums and Social Security Level Income Options) and partially in non-§417(e) options (i.e., “bifurcated benefits”). The IRS has also proposed regulations that affect all contributory plans that pay §417(e) options, including refunds of employee contributions. Finally, the IRS has provided additional information on its interpretation of the final regulations (in the form of a recorded presentation posted on its website) that changed many practitioners’ understanding of the final regulations. Speakers cover the §417(e) regulations applicable to bifurcated benefits and the varying interpretations of them, as well as the proposed regulations on contributory plans. The panelists also discuss practical issues and how plans and practitioners are addressing them.

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.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

Over the past few years, the idea of employees and employers sharing risk has moved to the forefront of plan design. Some multiemployer variable benefit designs have been implemented and approved by the IRS. Panelists discuss some of these designs and address regulatory issues that arise, and how to avoid them.

Speakers

PPA has been in effect for single employer plan funding and benefit restrictions for a decade. In the years since 2008, economic conditions have challenged pension plans and given birth to a series of temporary modifications to help manage the short-term effects of these conditions. When we look at PPA against this historical backdrop, how is it doing? Most people would likely tell you that there are things that could be done to make PPA better.

During this session, panelists review the seven basic principles for building an effective funding regime as set forth by the American Academy of Actuaries pre-PPA, and discuss how well PPA has stacked up against these principles. They also share ideas for how PPA may be improved. Do you agree with those ideas? What would you do to “fix” PPA? Come join the conversation.

Speakers

What is the current status of defined contribution and hybrid plans in the public sector? What can we learn from entities that have replaced (or considered replacing) a defined benefit plan with a DC or hybrid plan? Speakers address these issues through case studies.

Speakers

The PBGC's Office of the Advocate helps both participants and plan sponsors who have problems with the PBGC. Our panel interviews the Advocate about the functions of her office and give audience members the opportunity to ask questions.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

Recently, there has been increased focus on terminated vested participants who cannot be located when they reach the age at which a plan requires benefits to begin, or when a plan terminates. Plan administrators, the Department of Labor, the Pension Benefit Guaranty Corporation and other parties are dealing with the issues that arise when participants cannot be found in a timely manner. In this session, a PBGC representative addresses the missing participants program. Panelists also discuss the steps plan sponsors should take to attempt to locate missing participants (including the methods that have been most successful in practice), DOL enforcement actions, and benefit calculations for terminated vested participants who are not timely paid.

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 transitions from one actuary to another, conflicts of interest, disagreements among actuaries, billing problems, and working with difficult clients.

Speakers

Your client has been exploring pension risk transfer techniques. An annuity purchase seems like an attractive option – it reduces headcount without the uncertainty inherent in a lump sum window offer, and it may be attractive (especially for in-pay annuitants and those with small payment amounts). In this session you can learn what you need to know about key decision points, the process, the legal and fiduciary requirements, and the annuity marketplace.

Session 1001 addresses using lump sum windows to settle pension liabilities and session 903 addresses the funding and accounting for de-risking programs.

Speakers

Actuarially Required Contributions are so yesterday, and Minimum Required Contributions have drifted from reality. So, how should plan sponsors really go about funding a defined benefit plan? What should be considered outside of the legal or regulatory funding requirements? Panelists discuss how they help plan sponsors come up with a plan for funding their plan, including establishing a risk tolerance, setting goals, managing timelines and executing strategies. See if, in the midst of PPA insanity, we can still "play actuary."

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

The IRS released proposed regulations on nondiscrimination testing relief for closed plans, including certain changes that would be helpful for plans that are not closed. Many of the proposed changes can be relied upon beginning with the 2014 plan year. Panelists provide an overview of the regulations and outstanding issues. They also discuss proposed legislation to expand relief. Case studies of the types of plan sponsors helped by the various provisions are also presented.

Speakers

What are the best measures for discussing, measuring, and disclosing risks for public sector plans? How does the new risk ASOP affect the work of public plan actuaries? The panelists provide a more detailed discussion with a public plan focus following the general session, Talking Risk.

Speakers

Many large companies in the U.S. sponsor non-qualified deferred compensation (NQDC) plans for executives, and these programs have grown in relative size and financial importance as qualified plan benefits have been reduced. Unlike qualified plans, these programs are generally treated as unfunded promises for financial reporting purposes, whether or not assets have been set aside in a rabbi trust or another vehicle. NQDC liabilities are complex to value, volatile and difficult to manage, and are often of longer duration than defined benefit liabilities. In addition, poor legal documentation and improper administration can result in serious tax penalties for covered executives. In this session, the presenters discuss how companies are managing the effects of these plans on corporate financial statements and cash flow, as well as other practices and legal developments affecting these programs.

Speakers

Hear from representatives of a variety of PBGC departments about issues that directly relate to small plans. Topics to be covered include reportable events, premiums, and terminations. Attendees are encouraged to come prepared to ask questions of subject matter experts.

Speakers

In recent years, interest rates have come down and new mortality studies have confirmed that life expectancies have increased. We know the IRS is developing regulations incorporating the new RP2014 mortality tables for funding and lump sum payment purposes, which may still be effective for 2018 plan years. If regulations are finalized, we will review the impact of the new requirements on pension administration.

The release of updated mortality tables for lump sum payments presents a good opportunity for plan sponsors to review their plans’ actuarial equivalence basis for other optional forms, early retirement reductions and other purposes that may have been developed in a very different environment. This panel explores the related issues with respect to ERISA compliance, relative value disclosures, and IRC §411(d)(6) protections if the actuarial equivalence basis is changed.

Speakers

It’s not news that some multiemployer defined benefit plans face severe funding challenges and expect to become insolvent within the next decade or so, and that the PBGC backstop is itself facing significant funding issues if something is not done to stave off the plan insolvencies. During this interactive session our panel shares various ideas that have been proposed for how to tackle these issues, discuss the key attributes of each, and facilitate a discussion among attendees about the likelihood of success for each proposal. Come prepared to share your thoughts and ideas about how to save the multiemployer pension system.

Note that the allocation of EA credit depends on the actual content of the session.

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

The Actuarial Standards Board recently released Actuarial Standard of Practice (ASOP) No. 51, a new standard on the Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions. The panelists provide a more detailed discussion of the specifics of this new ASOP following the general session, Talking Risk.

Speakers

Nearly every retiree will have accumulated some wealth that is in an account earmarked to help fund his or her retirement years. This accumulation may be from the election of a lump sum benefit 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 of making their money last. In this session we explore the latest trends and emerging solutions and strategies used to optimize retirement savings during retirement. Helping individuals understand the value of lump sums is an important step in planning for retirement and has been a continued concern from policy makers. Presenters address ways retirement savings balances can be expressed as lifetime income to help retirees make effective decisions.

Speakers

The panelists discuss the most commonly overlooked rules and tricky areas in nondiscrimination testing. Topics may include changes in controlled group, determination of HCEs, QSLOBs, the three-year testing cycle, snapshot testing, BRFs, contributory plans, offset plans and closed plans.

Speakers

Withdrawal liability has been around since 1980 and has often been described as a double-edged sword. Withdrawal liability has re-emerged as an important issue for most plans after the financial challenges in the first decade of the millennium. The panelists discuss several difficult withdrawal liability topics including partial withdrawal, the environment for plans and employers today, and offer a glimpse into the new approaches that have emerged.

Speakers

Panelists at this session discuss the funding rules as they pertain to small plans, including end of year valuations and related AFTAP issues. An emphasis is placed on the effect of new mortality tables.

Speakers

Actuaries calculate many liabilities for a single plan, catering to diverse interested parties who do not necessarily share the same priorities. Sometimes one liability measure can be much higher or lower than another, for the same plan as of the same date. Can an actuary explain such a divergence of estimates in a meaningful and constructive way? Panelists provide background on the purposes of different measurements, discuss how those priorities drive methods and assumptions, and share approaches to explaining these measurements and their relevance to stakeholders.

Speakers

Representatives of the Joint Board for the Enrollment of Actuaries discuss current developments at, and activities of, the Board, 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, complying with the regulations that govern enrolled actuaries, and disciplinary issues. Participants are given the opportunity to ask questions and share concerns and ideas with the Joint Board representatives.

Speakers

Why do auditors ask those strange questions? The presenters help actuaries understand the reasons behind the questions. Common areas where further discussions are required are presented. The panelists also discuss responding to audit confirmations, the Public Company Accounting Oversight Board (PCAOB) Staff Consultation Paper 2015-01, “The Auditor’s Use of the Work of Specialists”, the DOL’s study “Assessing the Quality of Employee Benefit Plan Audits”, ASOP 21 and the 2011 Academy Practice Note, “Working with Pension Auditors.”

Speakers

Partial credibility regulations will allow many more plans to submit to IRS for substitute mortality tables than prior rules. Yet experience shows that preparing complete and correct filings is difficult, and obtaining approval can be a frustrating, iterative process. Panelists provide concrete examples of what to do, and what not to do, so your submission can move successfully through the approval process.

Speakers

For multiemployer plans that are in the "Red Zone," whether critical and declining or just critical, plan changes and/or contribution changes must be made to address the requirements to take "reasonable measures" to emerge (on time or at a later date) or "forestall insolvency." The presenters at this session review rehabilitation plan rules and practical considerations with respect to annual "updates" to maintain the path forward when there is pressure to weaken or strengthen the original approach.

Speakers

Small plan design and nondiscrimination testing go hand in hand, and some practitioners believe floor offset plans are the most effective way to provide benefits under a DB/DC combination.  Others are not so sure.  The panelists share their insights and tips on how to design DB/DC small plans, including floor offset plans, and explore benefit calculations, the impact of IRC section 415, and other issues.

Note that the allocation of EA credit depends on the actual content of the session.

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

Plan terminations are complicated, but 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

Qualified plan rules have grown so complex that mistakes are inevitable. What do you do when you discover a compliance problem? IRS representatives and experienced practitioners discuss the EPCRS program, including the self-correction program (SCP), the Voluntary Compliance Program (VCP) and Audit CAP. Topics covered may include the principles underlying corrections, the standard corrections prescribed for certain errors, how to determine whether a correction is eligible for SCP, approaches that have been acceptable to the IRS when certain data or information were not available, and case studies.

Speakers

Treasury and IRS sent final mortality regulations to the Office of Management and Budget (OMB) for review in August 2017, and on October 3, 2017, the IRS issued Notice 2017-60, which provides updated mortality guidance for 2018 plan years. Speakers at this session review the provisions of the new regulations in detail and explore their effect on upcoming valuations. In particular, they consider the option to defer application until the 2019 plan years.

Related discussion on §417(e) guidance for lump sum calculations and other payment form conversions are covered in session 601 Plan Administration Issues.

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

Panelists discuss both the funding and accounting considerations/implications when de-risking pension plans.

Speakers

What do recent revisions to accounting and actuarial standards say about pension actuarial practice, and what new guidance might be forthcoming? Along with a recap of recent activity by the GASB, the ASB, and other actuarial organizations, the presenters provide some interesting and new observations on what ASOPs 4 and 27 now say about the market based liability debate. This includes the new prominence given to the “purpose of the measurement” – and role of “market consistent measures” as both a type of measure and a purpose of the measurement. Speakers review recent activity that seeks to constrain the range of funding policy practices for public plans. This includes not only work published by the CCA and the AAA but also possible directions that new ASB guidance might take.

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

Your client has had a “church plan” for decades. Due to recent litigation, its status as a church plan is now in question. What do you do now with funding calculations, Schedule SB, PBGC reporting, benefit calculations, and other new and possibly retroactive requirements? Panelists discuss practical solutions, as well as the question of whether your client’s church plan is in danger of being excommunicated.

Note that the allocation of EA credit depends on the actual content of the session.

Speakers

Lump sum cashouts are likely to remain an attractive de-risking strategy even after the Section 417(e) mortality basis update. This panel explores the decision considerations for plan sponsors and whether a temporary window or permanent option or both are appropriate. They examine implementation steps, communication strategies, and recent experience for lump sum cashout windows.

Speakers at session 501 discuss using annuity purchases to settle pension liabilities and the speakers at session 903 address the funding and accounting for de-risking programs.

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 reciprocity, compliance testing for non-union participating IRC 415. Come prepared for a lively discussion!

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

This is an open forum on current topics of concern to public plan actuaries. Possible topics this year may include funding policies, mortality assumptions, economic assumptions, risk disclosures, and proposed revisions in Actuarial Standards.

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

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

We are learning more and more about the differences in life expectancy from a socioeconomic perspective. Since 1980, the gap in life expectancy of a 50-year old high-income versus low-income individual has grown from 5 to nearly 13 years. In addition, the opioid epidemic is creating material differences in life expectancy with certain populations. Pension plans continue to largely apply assumptions uniformly across these populations without reflecting these differences. In this session we highlight the most recent findings in these socioeconomic differences in mortality and discuss the potential implications for Social Security, employer pensions, and individual retirement savings.

Speakers