Experienced practitioners lead a review of the government responses to questions posed in the IRS Gray Book and PBGC Blue Book; highlighting the practical implications of the answers. Any new information developed since the 2011 Enrolled Actuaries Meeting is also discussed.

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This lively session is designed for anyone following the controversy regarding proposals to apply market value liability (“MVL”) measures to public retirement plans. Two leading proponents of opposing views on valuing public pension liabilities take the “MVL” discussion to the next level. In a dialog format that goes beneath the surface, they explore the conflicting theories of cost and value for public pension promises.

The session speakers also critique recent media reports predicting state bankruptcies, bond defaults, public pension plan insolvencies and other dire consequences for public plans and their sponsors.

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Susan Dentzer is the editor-in-chief of Health Affairs, the nation's leading peer-reviewed journal focused on the intersection of health, health care and health policy in the United States and internationally. She is also an on-air correspondent with The NewsHour with Jim Lehrer on the Public Broadcasting Service (PBS), where she leads an award-winning unit dedicated to providing in-depth coverage of health care, health policy and Social Security.

Dentzer is a member of the Council on Foreign Relations. She also serves on the Board of Directors of the International Rescue Committee (IRC), the nonprofit organization that works in relief, rehabilitation, protection, postconflict development and resettlement services for those uprooted or affected by violent conflict and oppression worldwide. At IRC, Dentzer heads the Board's Health Committee, which oversees the organization's health programs in 25 countries. She is also a member of the Board of Directors of the Global Health Council, the world's largest membership organization of groups involved in global health, and serves on the Board of Directors of the Japan Society of New York.

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A diverse panel of pension professionals discusses the latest developments affecting retirement plans on the legislative, regulatory and legal fronts. Among the topics that may be covered are: PPA; 2011 legislation; guidance from the IRS, DOL, and Treasury; and recent court decisions.

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Your client has put together a retirement plan committee. The committee members assume several responsibilities, including being a plan fiduciary. What does that include? How can we help our clients understand this responsibility?

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What’s your number? 120%, 110%, 100%, 90%, 80%, 60%? Is that a carryover balance or a prefunding balance? What can I waive and when? It did what to my quarterly contribution requirements? Are you confused? How about your client? Attend this session and learn about the impact of different funding strategies that are focused on funding percentage goals and objectives.

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Healthcare reform is changing the landscape in both the employee-provided and insured healthcare market plans. Learn about the latest developments in legislative, regulatory and litigation activity. Participants are encouraged to share insights on possible/likely paths that employers and health plans may take through this uncharted terrain.

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Medical models are changing in response to healthcare reform, and baby boomers – who have more chronic conditions and use more care than younger generations – are challenged as they try to understand and adapt to changes as they seek care. Panelists discuss the changing medical marketplace that baby boomers can expect to face and review research on baby boomers healthcare needs and desires. Speakers focus on opportunities to better communicate with and engage baby boomers, particularly in the areas of behavior change needed to better manage chronic healthcare conditions and control costs.

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The GASB released an exposure draft completely recasting financial reporting for public plans. Hear an update from GASB staff and actuaries tracking this key issue.

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The speakers compare and contrast IAS 19 with various local standards (including FAS 158), and discuss some of the nuances of how IAS 19 is applied around the world.

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Risk-aware pension plan sponsors are asking new and different questions of their actuaries as the riskiness of pension plans becomes ever more apparent. Speakers at this session examine the principles of Enterprise Risk Management (ERM) and explore ways in which practicing pension actuaries are imbuing these principles into their day-to-day consulting.

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Will healthcare reform lend to growth or the death/diminishment of consumer driven health plans? A panel of professionals experienced in consumerism explains and discusses these issues with you. This lively Q&A format features questions posed to the panelists by the moderator and allows for ample time to address audience questions and feedback.

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Several large U.S. companies recently changed their approach to accounting for their defined benefit pension plans, moving toward a mark to market approach. Why are some companies doing this, while others are not? What are the implications of being an early adopter versus waiting, or not changing at all? This panel discussion deals with these issues, helping prepare attendees to have these discussions with their clients, while anticipating the implications for related issues such as liability driven investing and international accounting standards.

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A fluid regulatory environment combined with significant complexities presented by benefit restrictions create a rugged terrain for plan administrators. Speakers guide you through the available trails.

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The speakers at this session focus on investment and non-investment risks inherent in defined benefit pension plans (longevity, mortality, interest rate risk) and how these risks can be mitigated through investments and plan design.

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The panelists (an actuary and a health economist) explore historical healthcare cost trends and what were the primary drivers of the cost changes. They also discuss what we learned from them to better predict future cost trends and maybe even to enter into the debate on how to control costs in the future. Finally, what are some of the differences in how an economist looks at cost trends versus an actuary?

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Public sector retiree medical programs are increasingly recognized for their contribution to state and local financial woes; the disparity between public and private sector benefits is marked, and the size of the liabilities (frequently unfunded) is enormous. Current and future changes due to Healthcare Reform add more complexity and uncertainty to the valuation of liabilities. The panelists address the following topics:

• Brief survey of GASB 45 costs and liabilities.
• How have Public Sector plan sponsors managed OPEB liabilities?
• How are Public Sector Plan sponsors preparing for Healthcare Reform?
• What's the potential impact of Healthcare Reform on GASB accounting and plan funding?

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South Korea has experienced explosive growth since the 1960s. Some twenty years later, China started on the same journey, both economies transforming from rural to modern industrial within a working lifetime. How have such changes affected both public and private provision for retirement and healthcare? How well will these countries manage their aging populations? What designs are appropriate for employers to attract and retain their workforces, in the face of continuing economic change?

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Mortality and life expectancy improved dramatically in the 20th century, but how long do these trends continue and at what rate? What is the current experience? How does the changing trend affect our financial projections? Our panel of experienced professionals reviews the trends and outlines the results of a new mortality study conducted by the Retirement Plans Experience Committee, which is developing possible replacements for the RP-2000 mortality tables and Projection Scale AA. Panelists discuss the practical implications of the implementation of these new tables.

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Extension of time to fund past losses is simple in concept, but the devil is in the details! The requirements around excess compensation and dividends sometimes put the actuary in unfamiliar territory. Speakers discuss the requirements and their experiences from the trenches.

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As that critical day approaches, what are those crucial steps to take to actually get over the termination hump? Also covered are issues concerning data preparedness, understanding the annuity pricing, evaluation the lump sum/annuity decision making, reporting, compliance and communications.

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Speakers discuss current topics concerning Medicare Parts C and D from the consultant and Medicare plan perspectives, including changes to programs as a result of Healthcare Reform. Bring your questions, issues, and opinions about MA and PD plans for an interactive discussion of hot topics for this line of business.

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Population health management (PHM) is an integrated set of tools and programs for addressing health improvement and cost reduction opportunities for a population. In planning and assessing PHM programs, plan sponsors need to understand how to measure effectiveness and estimate return-on-investment. Hear two experienced professionals discuss the state-of-the-art in PHM—including program design, integration, and evaluation.

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What is the International Association of Actuaries (IAA), why does it exist, and how does it affect the practice of US actuaries? The President of the IAA explains why you should be interested in what goes on at the IAA and how you can impact outcomes internationally. The members of the IAA are the actuarial associations (e.g. the CCA) but individuals can join the IAA Sections; speakers discuss what is on the horizon from one of those sections -- the International Association of Consulting Actuaries (IACA) -- and how you can become a part of that group.

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You’re proficient with pension and post-retirement medical reporting and disclosures but what about the rest of the financial statement? The speakers at this session provide a working knowledge of the accounting concepts you need to know.

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Join us for a fun and fact filled session 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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Eighteen papers were submitted in response to the SOA’s “Call for Models” contest and four were selected as winners and received a cash prize. Three of the four award recipient papers are presented and discussed by their authors, “The Tracker Plan: A controlled Risk Defined-Contribution Retirement Program”, by Rowland Davis, FSA, “Affordable Retirement Income through Savings and Annuities”, by Don Fuerst, FSA, EA, FCA, and “The Total Career Benchmark Model”, by Tom Walker, FSA, FCIA. For those wishing to further discuss and exchange ideas about the important topic of retirement and where it is headed, plan on attending the “Future of Retirement” Symposium which is being held the afternoon of Wednesday, October 26 following the close of the Annual Meeting.

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Experienced consulting actuaries lead an informal, interactive discussion around current multiemployer pension-fund topics including withdrawal liability, PPA zone certifications, PRA 2010 funding relief, reorganization, and communicating with trustees.

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Come to this interactive session with your questions for the PBGC. Representatives from the PBGC share their advice and counsel on current happenings and upcoming issues. The panelists leave time for attendees to share applicable experiences and to ask their burning questions.

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Speakers address the Healthcare Reform Act from the employer perspective. Two employers discuss their response to reform with respect to their company’s medical and pharmacy benefits for both active employees and retirees.

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This is an exciting session to bring you up to speed on ACOs. The speakers discuss the role of ACOs under Medicare and the broader implications of their place in the delivery of healthcare. In addition, there is a lot of activity in various states so the presenters also address ACOs in the context of these state initiatives.

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Aside from press coverage, is the public plan sector exposed to more financial scrutiny, and if so, how should the industry best respond? The speakers address scrutiny from two sources – the SEC and bond rating agencies – and the implications to the plan sponsor, and ultimately the plan.

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Speakers at this session cover the rising pressures on international national health systems and employer provided medical plans. Panelists compare and contrast the national health systems and risk adjustment mechanisms of five countries: Israel, UK, Netherlands, Chile and South Africa. Finally, they discuss the increasing role of the employer in private healthcare worldwide and the impact on medical trend in over 35 countries (based on a 2011 global medical trend survey), as well as what steps employers are taking to manage and mitigate these increases.

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ASOPs 4, 6, 27, 28, 35, 41 are key important standards for pension and health actuaries. All were either recently updated or are in the process of revision. In addition, several standards on “risk” are under development. A panel of ASB members and others discusses recent changes, and how they may change the way we practice.

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Clients seek specialty knowledge from their service providers. Do you have the skills you want to consult on nonqualified DB and DC plans? At this session, professionals from different disciplines discuss the accounting, funding, FICA, tax, and proxy information for nonqualified DB and DC plans and how they may be impacted by plan design.

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During this session plan sponsors present their efforts to provide world class retirement benefits through a primarily DC structure. Speakers focus their discussion on design, delivery, and governance including:

• Pre-tax, after-tax and Roth 401(k);
• Safe Harbor plan design;
• Matching and non-elective contributions;
• Automation;
• Investment funds;
• Financial help (guidance and advice);
• Retirement income solutions/guarantees;
• Employee communications; and
• Success measures.

Panelists discuss best practices for working with retirement consultants and committees, measuring and monitoring success in both the short and long term.

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PPA clarified the legal landscape for cash balance plans. The proposed hybrid plan regulations provide additional clarification, but there are many challenging questions outstanding. Speakers discuss the design and administration of hybrid plans post-PPA and the differences between the needs of large and small plans.

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While the impact of healthcare reform has been relatively modest for active healthcare in 2011, for retiree medical it's a different story. Reform is already here for Medicare participants, especially with new Part D enhancements creating new employer options. It is not too soon for employers to assess their longer term role in pre-65 coverage as 2014 is only two years away. The panelists focus on specific actions employers have taken in 2011, or plan to take in 2012 or later, in response to new opportunities under reform. Issues to be covered include Part D and the Employer Group Waiver Plan option; the state of play as more employers exit their role in post-65 plan sponsorship; and early trends in employer actions regarding pre-65 retiree coverage.

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Amy Katzoff was hired in mid-2010 to lead and implement Dover Corporation's 5-year strategy to consolidate healthcare for its 50+ operating companies (OpCos) and to drive a culture of wellness among these operations, who had previously operated in a predominantly autonomous fashion. She signed on to implement a strategy she didn't create, a consulting firm she didn't hire, and a corporate benefits team of only one other person with one goal in mind – to successfully bring these OpCos -- including their executives and their 15,000 U.S. employees – to move quickly forward on implementing Dover’s 5-3-1 wellness and consumerism strategy. Implementation was a success, including over 30% first year CDHP and 50% health assessment participation. Hear more about Dover's strategy and how Amy and her team overcame the challenges to drive first year change at Dover.

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Public Plans often encounter multiple actuaries, either through actuarial audits or actuaries retained to challenge the recommendations of the system actuary. What ASOP and/or Code of Conduct issues are raised? Speakers at this session also review recent developments in ASOPs applicable to public plans.

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Many employers are now actively moving to 'get out of the pension business' and developing strategies to derisk and exit DB provisions. Consulting approaches and solutions are changing rapidly as a result. Speakers at this session will outline the latest approaches being employed in the United States and United Kingdom, discuss common consulting challenges and talk about likely future trends.

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Plan sponsors view their benefit programs from a different angle than consultants do. All plans have multiple stakeholders and oftentimes their needs are conflicting. Sponsors need us to help them meet those needs. In this session, a panel of clients and consultants debate and discuss what it takes for a consultant to become a client's trusted advisor.

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If you’re not a healthcare expert, navigating healthcare reform can feel like running an obstacle course – just when you’ve scaled one wall, there’s a whole new set of challenges waiting. The speakers at this session provide you with basic training to build a rock-solid core, strengthens your existing consulting skills through real-life exercises, improves your flexibility to deal with continuing uncertainty, and gives you endurance for the long road ahead. No physical activity required, but plenty of mental gymnastics!

Target audience: Non-healthcare consulting actuaries
Skill level/prior experience: None required
Format: Interactive, with case studies to demonstrate the concepts delivered by lecture.

Topics Covered: 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?

For those seeking a more in-depth understanding of Healthcare Reform, please also consider attending the post-meeting seminar “Healthcare for Pension Actuaries.”

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Peter Chan, Assistant Regional Director in the SEC’s newly formed Municipal Securities and Public Pensions Unit, shares information about the creation of a new unit at the SEC, its purpose, and its work to date. Among the information shared is the SEC’s involvement in particular public pension-related matters, including cases in San Diego and New Jersey.

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This is an excellent opportunity for attendees to ask questions and discuss important developments with representatives of the IRS. Don't miss your chance to (possibly) get answers to some questions that have been troubling you.

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Healthcare reform is affecting all parts of healthcare delivery including retiree medical. How are the assumptions and methods for these valuations impacted by the Healthcare Reform Act? What should the pension actuary know about the new challenges and pitfalls?

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In the consulting sector, brand reputation is built on relationships and expertise. Firms market their ideas. Individuals promote their experience. Both rise and fall on the basis of relationships.

Social media is a new tool in the rainmaker’s arsenal. How are social networks changing the personal brand-building process? How are firms using social media – for content development? For networking? For recruiting? For personal brand building? Where do firm brands stop – and personal brands start? How do digital practices differ among small, mid-size and large firms? What can beginners learn from digital trail-blazers? These are some of the questions that we will explore in this interactive workshop on social media.

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Panelists provide an overview and comparison of Retiree Drug Subsidy (RDS) and Employer Group Waiver Plan (EGWP). Why are employers exploring dropping RDS and moving to an EGWP and what are the potential cost savings resulting from this move? Speakers show where EGWP savings come from and the potential impact on GASB/FAS 106 expenses.

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Unlimited annual and lifetime maximums mandated under Health Care Reform impact both the need for stop loss protection and the cost and practices in the stop loss marketplace. A senior actuarial consultant and a carrier stop loss expert discuss changes in the stop loss market place including likely changes and rating approaches, contractual provisions and considerations employers should keep in mind in this evolving market.

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What are some plan changes that are being made to reduce plan costs? Panelists discuss the use of a new tier of benefits and benefit reductions to current members. Constitutional rights to vested benefits and the legal fight are addressed, as are the employer/labor implications.

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The accelerating global trend over the past decade of the movement away from defined benefit approaches to retirement to defined contribution ones has created new challenges for plan sponsors in managing their legacy defined benefit obligations. How are leading organizations responding to this challenge? The panelists discuss new approaches for measuring, managing and mitigating this risk including new technological tools to give financial sponsors desktop access to current information to assess and manage it.

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How can you effectively and simply communicate technical concepts and content to laymen? Speakers at this session show you how; by using real life examples and transforming complicated messages into simple terms.

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Learn from two former PBGC officials about strategies to follow and pitfalls to avoid when dealing with a broad range of issues under PBGC’s single-employer program. Topics covered may include premiums; reporting traps; penalties; PBGC’s enhanced ability to pursue “downsizing liability” against sponsors of ongoing pension plans; PBGC's “Early Warning Program” role in corporate transactions; standard, distress, and involuntary terminations; audits; and addressing PBGC liabilities in the bankruptcy and workout context. Come prepared with your questions!

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Hear what is new and what pitfalls to avoid after the events of the past year. Topics include:

• Discussion of the Dodd-Frank reform measures and what impact they have;
• The "say on pay" votes; and
• SEC proxy rules.

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Every day actuaries deal with myriad questions regarding compliance. Speakers discuss issues arising in fee disclosures, audits, and determination letter filings.

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The speakers focus on DC plan features from both a design and technical perspective and how they help employees become retirement ready. Presenters primarily focus on auto enrollment plan features and the Roth 401(k).

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The Accountable Care Act requires first dollar coverage for preventive care and encourages wellness activity in a number of ways. The speakers at this session review these aspects of the ACA as well as other relevant legislation and regulation. They also consider employer reactions and the role preventive care and wellness may play in provider risk-sharing arrangements.

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Speakers discuss how PBMs use predictive modeling to control drug plan costs and what employers are doing to control drug costs in their plans.

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Join your public plan colleagues in an open discussion of current issues public plan actuaries and the systems they serve.

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Germany’s pension system is quite different as compared with the pension systems seen in much of the rest of the world. Some of the key differences between Germany’s pension system and those seen in other countries are:

• The classification of a pension plan as being "DB" or "DC" is not straightforward in Germany. All retirement benefits are subject to minimum guarantees, and so every German pension plan is technically defined benefit.
• Even when the risks associated with benefits granted have been transferred to an insurer, the sponsoring company still has the ultimate legal responsibility to ensure that benefits promised by the company are provided as a last resort should the provider fail to meet the obligation.
• The most common approach for providing occupational retirement benefits is internally by means of tax deductible book reserves in its accounts. These "direct benefit promises" are protected against company insolvency through mandatory pension insolvency insurance. This is a radically different approach to pension provision as compared with the pre-funding that is typically seen in much of the rest of the world.

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It’s Murphy’s Law – if something can go badly, it will, and usually when you don’t have time to ponder the alternatives. Come, see some of your favorite actuaries deal with difficult ethical situations and help them find workable solutions.

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