As we go into the new Congress, the intersection of Budget Boulevard and Tax Policy Drive is key. Employee benefits (including pensions) are one of the largest “tax expenditures”—and that means that no Congress or President can afford to ignore them. Will personal responsibility drive new tax policy? Will deficit concerns outweigh sound policy? Might the staid DB plan regain some favor? Come hear a panel of experts discuss the possibilities and the bearing that they might have on our work.

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The presenters at this session cover how ERISA defines a fiduciary, and typical fiduciary roles and responsibilities in defined benefit and defined contribution plan governance and administration. Also covered is how to effectively manage fiduciary risk and how to avoid inadvertently becoming a fiduciary.

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Panelists review the new guidance from the past year, with 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 between core and noncore credit depends on the final actual content of the session.)

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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.

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Employers are increasingly unwilling to bear the risk posed by defined benefit plans. In response, new types of defined benefit plans with variable accruals are being developed to share the risk between employers and employees. Come hear a discussion of new innovative plan designs other than cash balance plans.

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Hear a review of the basic funding rules, including guidance provided under the Pension Protection Act. Speakers at this session review how to determine a plan's minimum required contribution and maximum deductible contribution. The presenters also review the impact of MAP-21 on these calculations and changes to funding requirements when a plan is at-risk.

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There are parts of the Pension Protection Act of 2006 that are scheduled to sunset in December 2014. Discussions are underway from a variety of sources for what legislators might want to consider next. The Retirement Security Review Commission of the National Coordinating Committee for Multiemployer Plans is a diverse group that has been deliberating what could be adjusted in the current law. This session, led by two members of that Commission, reviews the proposals and talks about some of the thinking behind those proposals.

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Are your clients considering a plan termination? If so, do you know how to navigate the PBGC and IRS requirements? Our panel reviews the steps involved in a standard termination, focusing on typical pitfalls to avoid and considers PBGC audit experience. A general understanding of the plan termination process is presumed.

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The presenters at this session explore the funding rules, focusing on strategies with respect to quarterly contributions and managing credit balances. The focus is on more complicated problems and solutions with respect to funding of single employer plans. A thorough understanding of the funding rules is assumed. (For a more introductory review of the funding rules, see Session 104.)

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Small plan design options are covered with a focus on current issues, common problems and optimal solutions. Examples include combination of plans, safe harbors and general tested formulas. The speakers at this session focus on cash balance and other hybrid formulas including combination plans.

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During this session, the speakers discuss funding policy for public plans after the ARC. What body, if any, is responsible for developing and monitoring adherence to funding policy guidelines or requirements?

We will hear from:

• The California Actuary Advisory Panel’s Model Funding Policies and Practices; and
• Government Finance Officers Association’s (GFOA) emerging work on “best practices” for public plan funding policies.

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MAP-21 was intended to provide pension plans with funding relief on pension funding by relieving the effects of the current extremely low interest rate environment. It has obviously affected a lot more of our work than anyone expected. Come to this session to hear experts review the new rules on funding, deductions, reporting and premiums – both the obvious and the subtle changes – to help keep you from missing anything. (This session is repeated in session 404).

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Reorganization is a provision of ERISA that has been in the law since the enactment of the Multiemployer Pension Plan Amendment Act in 1980. While many plans have not encountered this in the past, it may be something on the horizon. The speakers at this session cover what triggers a plan to be in Reorganization and what happens within Reorganization.

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A panel of PBGC representatives provides an overview of recently published PBGC guidance, highlights from this year’s “Blue Book”, and other issues of interest to actuaries. There is plenty of time for questions from the audience. Participants are encouraged to come prepared with specific technical questions related to a PBGC topic.

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Panelists discuss ethical problems faced by actuaries in their everyday practices. This session is highly interactive with members of the audience, as well as panelists, suggesting solutions.

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Certain plan features can make 415 limits complex: multiple plans; multiple annuity starting dates; employee contributions; COLAs; pop-ups; partial lump sums; etc. Panelists review 415 limits with combinations of complicating features.

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PPA 2006 requires beginning of year valuations except for plans with fewer than 100 participants. The presenters at this session focus on the challenges posed by year end valuations such as computation of AFTAP and credit balance elections.

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Everyone knows that governmental DB plans are regulated by the Internal Revenue Code but do you know which sections of the IRC apply to public sector plans? Come hear a review of the qualifications requirements that apply to public sector plans and how they impact our work.

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What has the Academy’s Pension Practice Council done for you lately? Join a panel of leaders from the Academy’s pension practice area to learn about major recent projects and ongoing activities from the Pension Practice Council and committees. The moderator then opens the floor for questions and feedback from the audience. Come to this session to get an insider’s look at the pension practice area of the Academy.

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One solution for troubled multiemployer plans has been to seek a merger with another plan. Likewise, other solutions consider the spinoff of liabilities to a separate plan. However, there are responsibilities and government rules that need to be considered with respect to a merger. The speakers at this session cover the issues and rules related to mergers and spinoffs of multiemployer plans.

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Due to recently released new regulations on “Reportable Events,” we added a session to inform/update actuaries on this subject. Session 306 is now “Reportable Events Update.” We realize that many of you selected other sessions in that track that you would rather attend; therefore, the basics and a summary of the new regulations is covered both in Session 206 “PBGC Update” and in Session 101 “Late Breaking Developments.” For those interested in the details about the new regulations, you can attend the Reportable Events session. However, if you are interested in switching to this session 306, please sign up at the registration desk on Sunday or Monday morning so we can properly assign a room with enough space for everyone who is interested.

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The notices they are a-changing! IRS has provided guidance on the ERISA 101(j) notices for benefit restrictions, and more may be coming. Congress also added a requirement for many plans to show additional information in the Annual Funding Notices. Come hear a detailed exploration of the wording, timing, and content the notices must contain before your clients need to provide them. (This session is not recorded.)

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Although potentially an attractive design feature, employee contributions are not too common in single employer plans due to all of the compliance complications. Panelists review designs incorporating employee contributions, their administrative and nondiscrimination testing requirements, and some common pitfalls.

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In this lively and interactive session, panelists discuss best practices for quality control, documentation, retention, and peer review, the tension between best practices and protecting your firm from malpractice litigation. Come hear practical advice on advancing and balancing these potentially competing objectives.

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Experienced practitioners involved in the process of developing the Gray Book lead a review of government responses to this year's questions. They comment on responses of particular interest and facilitate a dialogue on practical implications of the responses and alternative approaches where complete answers are not provided.

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Small plan design options are covered with a focus on current issues, common problems and optimal solutions. Examples include combination of plans, safe harbors and general tested formulas. The presenters at this session focus on traditional (non-cash balance) plan design.

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It’s a brave new world, and the ARC is dead. New Statements 67 and 68 issued by the Government Accounting Standards Board (GASB) require significant new accounting and financial reporting for governmental defined benefit pension plans and employers. Come hear a panel of experts discuss the new requirements and the required changes, which affect all actuaries who work on government plans.

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MAP-21 was intended to provide pension plans with funding relief on pension funding by relieving the effects of the current extremely low interest rate environment. It has obviously affected a lot more of our work than anyone expected. Come to this session to hear experts review the new rules on funding, deductions, reporting and premiums – both the obvious and the subtle changes – to help keep you from missing anything. (This session is a repeat of session 204.)

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If a multiemployer plan becomes insolvent, PBGC becomes responsible for the payment of benefits. Panelists cover how PBGC’s involvement with a multiemployer plan happens and the related issues.

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Panelists explain the rules and provide practical advice on distress terminations and involuntary terminations (initiated by PBGC) when the plan sponsor is in reorganization, liquidation, or financial distress.

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Over the last year the ASB has issued new ASOPs and proposed changes on others. Those changes include revisions to ASOP 6, a new ASOP related to ERM that affects all practice areas, and a discussion draft on dealing with risk in pension plans. Come to this session to learn about the most recent developments relating to these new ASOPs and proposed changes, and how they may change the way we practice.

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Presenters at this session review the rules with respect to cash balance plans, focusing on plans sponsored by larger companies, including proposed and final regulations issued prior to the meeting. Topics include, among others, market rates of return, whipsaw considerations, back-loading, and age discrimination.

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Social Security requires just one decision from participants – when to start drawing benefits. Many people decide to claim their benefits without checking out all their options. Perhaps they do not know that options exist or they may think that options won’t make much difference in retirement. However, options do exist and this decision can have an enormous impact on the post-retirement risks participants face. Deciding when to claim Social Security requires careful consideration. Practitioners and plan sponsors should understand the impact of this decision on the design of employer-provided retirement benefits and consider ways of providing support to employees to foster decisions that improve retirement security outcomes.

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We are currently operating in a vacuum on mergers and spin-offs – there is little relevant post-PPA guidance, and yet plan sponsors and practitioners must make decisions on how to determine whether benefit restrictions apply after these events and how to determine minimum required contributions and quarterly contributions. The panelists at this session explore what approaches practitioners and plan sponsors are taking, and the perceived reasonableness or risks of different approaches.

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Have you ever wished for the opportunity to discuss your problems with a group of peers? This workshop is an open forum on current problems and issues specific to sponsors of small plans. Topics may include PPA, PAA, IRC 401(a)(26), 410(b), 401(a)(4), 401(a)(17), 415 and 401(a)(9) and PBGC Funding Rules for Small Plans. (This session is not recorded.)

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Writing and understanding a new standard is one thing. Implementing it is another. Come hear a panel of experts discuss some of the implementation issues that are surfacing as plans and employer governments start to implement GASB 67 and 68. Bring your own issues and questions to discuss with the panel. Perhaps your question will appear in the Implementation Guide.

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This session is an opportunity for multiemployer plan actuaries to engage in a discussion of practical issues, problems and experiences encountered in their practices. It can be a more in-depth discussion of topics from the other multiemployer sessions or subjects not covered in those sessions. Come prepared with your list of discussion topics! (This session is not recorded.)

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De-risking has been in the press a lot. Come hear experts in the field discuss how plans large and small can use techniques to minimize the impact of volatility on cash flow and accounting. Strategies include shrinking the plan through cash outs or annuity purchases, and using dynamic asset allocation (DAA or glide path) to move toward a liability-driven investment strategy. (Linked to Session 601)

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A lot of time is spent worrying about limits placed on our professional judgment by outside bodies -- IRS, FASB, PBGC, etc. If you’re looking for an overview of the ASB’s Standards affecting pension actuaries issued by our profession, this session is for you! Any new standards or exposure drafts issued during the year are included.

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The panel reviews recent court decisions affecting defined benefit plans and pension actuaries.

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So your client wants to settle their pension liabilities. The speakers on this panel examine the decision considerations between using lump sum cash outs or annuities. They discuss anti-selection, legal and compliance issues. Also the panel looks at lump sum cash out implementation steps, communications strategies, and recent plan sponsor experience. (Linked to Session 506)

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Pension rules have become so complicated that no one can get everything right all the time. What do you do when you discover a compliance problem? Experts discuss real-life case studies and explain the correction programs, including SCP, VCP and Audit CAP.

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Annual contribution rates for some public sector plans are set by state statute or funding policy. The actuary is then charged with determining the financing period (amortization schedule). The speakers at this session discusses methods for making this determination such as using the Ultimate Normal Cost Method or general projection methods in plans that have different benefit tiers. The panel also discusses underlying funding policies and consulting issues that arise with fixed rate plans.

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The SOA is not solely an educational organization. Research is a cornerstone of the SOA, helping drive creative solutions to complex problems. Recent Pension Section research projects have explored such issues as valuing embedded options in retirement plans, moving beyond traditional replacement ratios, evaluating gain sharing plan designs, managing retirement decisions and the biennial Retirement Risk Survey.

Pension Section research forms the foundation for further expansion of the profession and pension actuarial practice. Come learn about some of these recently completed research projects and other ongoing work of the Pension Section Research Team and Committee on Postretirement Needs and Risks.

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Panelists discuss why (and when) estimation techniques are useful in the defined benefit plan environment. "Rules of Thumb" are helpful for use in scenarios such as changes in interest rates, salary scale, mortality assumptions, and retirement rates. Panelists also explore the limitations of the use of estimates in certain situations. (This session is not recorded.)

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The panelists at this session cover the basics of 4010 filings. Is a filing required? What waivers apply? What information must be filed? How do you calculate the liabilities? How does electronic filing work?

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Panelists discuss ethical problems faced by actuaries in their everyday practices. This session is highly interactive with members of the audience, as well as panelists, suggesting solutions. (This session is not the same as Session 207 "Ethics," and "Ethics" is not a prerequisite.)

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We are currently operating in a vacuum on mergers – there is little relevant post-PPA guidance, and yet plan sponsors and practitioners must make decisions on how to determine whether benefit restrictions apply after these events and how to determine minimum required contributions and quarterly contributions. The panelists at this session explore what approaches practitioners and plan sponsors are taking and the perceived reasonableness or risks of different approaches.

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Terminating small plans poses unique problems. Panelists discuss how to deal with multiple owners in an underfunded plan covered by PBGC, HIGH 25 and 436 Restrictions, lost participants and annuitizations.

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Many governmental plan boards and sponsors are asking their actuaries for advice on plan design and contribution changes to address issues of underfunding and sustainability. The speakers at this session provide a brief overview of the type of plan design changes that have occurred since 2008 and focus on the legal constraints on reducing benefits and increasing contributions for participants. The panelists also address other "change agents" affecting governmental plans, such as municipal bankruptcy and IRS policies.

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Speakers at this session review the Schedule SB, paying particular attention to changes to the schedule to accommodate recent regulatory and legislative changes. There is also a review of the many attachments that are required, including those that must be provided for all plans and those that are only required for certain types of plans or plans that have made special elections.

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Where do the corporate financial accounting numbers end up on your client's financial statement? The speakers at this session provide insight into this so actuaries are better prepared to discuss with their clients the impact of the accounting results. Discussion topics include OCI, AOCI, retained earnings, as well as which results flow through P&L and which items are on the balance sheet.

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Session participants are asked to share experiences and issues they have encountered when dealing with the IRS or DOL on audits in this interactive forum. (This session is not recorded.)

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The Chair and Executive Director of the Joint Board for the Enrollment of Actuaries provide an update on Joint Board activities and answer participants' questions regarding regulations, professional, disciplinary, and other topics of interest to EAs. The audience participants are given the opportunity to share their concerns and ideas with the Joint Board.

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A panel of high ranking officials 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.

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Speakers at this session address funding vehicles for corporate retiree welfare benefits, including such options as 401(h) accounts, VEBAs, and 420 asset transfers. As benefit consultants we must help our clients analyze these prefunding options. Come and hear about the latest trends in this area, including the implications and pros/cons of these alternatives.

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This is an open forum on current topics of concern to public plan actuaries. Possible topics this year may include the new GASB statements (67 and 68), Moody’s pension liability measurement, Funding Policies without the ARC reporting requirements. (Linked to Session 403 & 503)

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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. Note: Attendance at this session should be limited to in-house actuaries. (This session is not recorded.)

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Many large companies in the US sponsor Non-qualified Deferred Compensation (NQDC) Plans for at least some of their executives. As more companies shift their qualified pension plan designs from defined benefit (DB) to defined contribution (DC) and cash balance, NQDC Plans are becoming a more important source of retirement income for key employees. As these plans grow, so do their liabilities. And unlike qualified DC plans, these liabilities are unfunded corporate promises and, as such, are having an increasing impact on many companies' financial statements. Historically, actuaries have not been typically involved with valuing these liabilities, but they should be. NQDC liabilities are complex to value, extremely volatile, and difficult to manage. Counter intuitively, they are also often of longer duration than defined benefit liabilities. In this session, we explore the nature of NQDC liabilities from an actuarial perspective and discuss traditional and not so traditional ways companies are finding to manage the impact of the NQDC plans on company financial statements and cash flow.

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Actuaries are coming to grips with a consistent pattern of mortality improvements and are moving to get ahead of the trend. Panelists discuss the appropriateness of building mortality improvements into actuarial valuations and the mechanics of PPA mortality. Also, a member of the SOA's Retirement Plans Experience Committee previews the results of the new mortality study which is developing as a replacement for the RP-2000 mortality table.

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The International Accounting Standards Boards (IASB) issued an amendment to the IAS 19 effective January 1, 2013, that significantly changes international accounting for benefit plans. This standard, as well as an update on the status of accounting convergence, are discussed.

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In 2005, the Academy outlined a principles-based approach to pension plan funding rules. Shortly thereafter, PPA was born. In the years since, economic challenges have continued to test the U.S. pension funding rules that were created by PPA. Five years later, how is PPA measuring up? Our panel analyzes the fundamental principles outlined for single employer plans in 2005 in light of recent experience. Experts in single-employer plans, multiemployer and public plans discuss how these principles apply to each type of plan.

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