We have a new Congress. The last Congress gave us PBGC premium increases, the Cooperative and Small Employer Charity Act, and an extension of the MAP-21 pension smoothing. What can we expect now? What surprises might arise? Come hear a panel of Washington insiders discuss what is hot, what is cold, why we got what we got, and the possibilities for this year and next.

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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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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, the presenters discuss current trends in plan design as well as explore the nature of NQDC liabilities from an actuarial perspective discussing 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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What's next in risk management for your pension plan sponsor? The speakers explore a variety of current investment topics related to pension risk management and immunization: glide path strategies and demographic-based investing, effective immunization implementation including necessary changes in methods, longevity hedging instruments, and insurance company portfolio construction.

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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. Presenters may also review court decisions illustrating issues concerning ERISA fiduciary matters.

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GASB statements 67 and 68 are still being implemented. Come hear a panel of experts discuss issues that have arisen and solutions that are known. Bring your own issues and questions to discuss with the panel. (This session is not recorded.)

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The earliest expiration of selected provisions of the Pension Protection Act of 2006 (PPA) was December 31, 2014. That was fully three months before this meeting. Attend this session to learn what has happened relative to this legislation and the likelihood of additional changes.

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PPA 2006 permits small plans to have valuation dates other than the first day of the plan year. HATFA has clarified the application of the segment rates to end of year valuations. Presenters focus on the challenges posed in determining AFTAPs and maintaining credit balances. They also address how to complete certain items on Schedule SB.

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2014 brought a new law for Cooperatives and Small Employer Charity plans (CSEC) and Eligible Charity Plans (ECP). Presenters cover what the funding rules are under each and invite participants to share questions and experiences.

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

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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; however, additional details are discussed in Session 402.

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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 cashouts or annuities. They discuss anti-selection, legal and compliance issues. Also, the panel looks at lump sum cashout implementation steps, communications strategies, and recent plan sponsor experience.

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The panelists provide an overview of the second round of final and proposed regulations issued in September, including open issues and a discussion of actions likely to be taken by plan sponsors in response.

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The Government Accounting Standards Board (GASB) first issued statements 67 and 68 with respect to pension plans. Now GASB has issued an exposure draft on OPEB liabilities that has similarities and differences from statements 67 and 68. Come hear a panel discuss the proposed GASB statements for OPEB liabilities and the issues and questions that have arisen. (This session is not recorded.)

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Unlike single-employer plans, the assumptions and methods used for multiemployer plans are not prescribed. Actuaries still have ultimate responsibility for choosing all of the assumptions for multiemployer plans. In addition to typical assumptions like mortality, interest, disability, withdrawal and retirement incidence, there are other assumptions that are important to multiemployer plans. The speakers at this session review the “routine” assumptions and funding methods available. They also cover those assumptions that are particularly important to multiemployer plans.

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Complex coverage and nondiscrimination rules under IRC Sections 401(a)(26), 401(a)(4), 410(b), and 414(s) affect most larger plan sponsors. The compliance experts leading this session discuss specific testing strategies that may be helpful when testing larger plans. Topics covered may include cross-testing, testing multiple plans, benefits rights and features, permissive aggregation, and special issues with respect to closed or frozen defined benefit plans. This is an advanced session; attendees are assumed to be familiar with the basic rules of these IRC sections.

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To err is human; to forgive, regulatory. However, for some common errors, the issues go beyond Voluntary Correction Program (VCP) or Self-correction Program (SCP). Forgiveness from IRS and DOL may not protect you from lawsuits, employee problems, practical issues and other risks. There may also be situations where non-standard corrections are warranted and accepted by the agencies. Our panelists discuss errors you have probably had to deal with, review the standard corrections and other ways of dealing with them, and the issues you should consider.

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When is a DRO just a DRO and when is it a QDRO? The speakers review past and current developments regarding Qualified Domestic Relations Order (QDROs), including features of good and bad QDROs, DOL Guidance and ASB standards and model provisions. In addition, the panelists address how to work with one or both parties to a divorce, their attorneys and plan administrators regarding issues and problems that are confronted in the course of completing the QDRO process, issues arising in QDRO drafting and administration, such as separate interest versus shared payment, measurement date, actuarial assumptions, early retirement subsidies, pre- and post-retirement death benefits, and forms of payment for the Alternate Payee.

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In this highly interactive session, panelists and audience members debate solutions to three difficult ethical situations faced by actuaries in their day-to-day practice, including conflicts of interest, selection of assumptions, disagreeable clients, and disagreements with the prior actuary.

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

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Retirement for the AGES provides a framework for evaluating the strengths and shortcomings of retirement systems, both existing and proposed. The framework is based on four key principles – alignment, governance, efficiency and sustainability. During this session the speakers review the principles and their application to specific retirement systems.

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With the new GASB Accounting Statements, public plans may need a different discount rate for funding and accounting. The presenters at this session address the selection, validation, and disclosure of the discount rate used for measurements under different purposes for public plans.

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This session is a good refresher on the basic funding rules including minimum required funding and maximum deductible contributions. MAP-21 and Highway and Transportation Funding Act of 2014 (HATFA) interest rates and at-risk calculations are included in the content covered in this session. (Basic HATFA rules are covered in session 702).

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For smaller employers and partnerships, plan design and nondiscrimination testing go hand in hand. Often plan design is driven by maximizing the benefits for owners and other key employees while maintaining compliance with the complex nondiscrimination testing rules. Our panel of experts in nondiscrimination testing strategies share their insights and tips to help you work with your clients to design an optimal program to meet their objectives.

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Overview of accounting rules and calculations for pension and other post-retirement medical plans. This session is introductory and focuses on the basics under ASC 715.

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An ultra-fast look at the uncertainties in the fundamental particles of ERISA. Absence of authority and conflicts between statutes, regulations, rulings, judicial decisions, gray book and soft guidance, speeches, common practice and what “everybody knows” create uncertainties with respect to some of the most fundamental building blocks of ERISA. The panelists illuminate these uncertainties to help you provide practical and effective advice to your clients. What is/are:

• An accrued benefit
• A definitely determinable benefit
• An interest rate
• Reasonable actuarial assumptions
• A plan document
• A plan amendment
• A fiduciary
• Vesting
• A cessation of operations
• A normal retirement date
• Reasonable notice
• Alienation
• A vested retiree medical benefit
• Insignificant
• Egregious

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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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Over the last year, the ASB has issued new ASOPs and proposed changes on others. Those changes include revisions to ASOP 6 and 35, a new ASOP related to modeling that affects all practice areas, and exposure drafts on dealing with risk in pension plans and on retirement plan benefits in domestic relations actions. 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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Taking a plan through the termination process - either a standard termination or a distress termination - is long and complex. Speakers address timing, plan amendments, funding, distributions and other issues involved in the termination of large single employer plans. Near the end of your glidepath? Plan termination may be in your future.

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The panel provides an overview of the second round of final and proposed regulations issued in September, including open issues and a discussion of actions likely to be taken by plan sponsors in response.

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The panelists provide the perspective of two non-public plan actuaries on public plans, balanced by a public plan actuary. Public plan actuaries learn how their work is viewed by pension actuaries outside that area. Topics may include funding methods, disclosures, prescribed assumptions, client issues and reasons for the perceived underfunded status of many public plans. The setting and regulatory environment for public plans and non-public plans compared and contrasted.

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The Society of Actuaries has issued final updated mortality tables. Panelists discuss both the mortality and mortality projection tables and how to use these in valuing defined benefit plans. Attend this session so you don’t make a fatal error when working with the tables.

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The panelists provide a current look at pension surplus opportunities for sponsors of defined benefit plans. Also covered are the variety of options sponsors have to utilize surpluses efficiently and effectively. All practical options available to employers are discussed, from the common strategies to the lesser known ones. This session is a must for anyone who may be in a position to consult with sponsors facing this scenario, now or in the future.

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Panelists at this session discuss current topics that impact accounting under ASC 715 and IAS19 including de-risking strategies, the release of new mortality tables, the expected return assumption, and much more.

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Many employers provide nonqualified deferred compensation that is subject to special timing rules for payment of FICA tax. The presenters cover the basics of FICA taxation of nonqualified deferred compensation, including legal requirements and common practices. Topics may include: timing requirements and options available with respect to different types of nonqualified plans, calculation and payment of the tax, methods of withholding the employee portion, strategies to minimize the tax, and error correction.

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Qualified variable annuity plans offer participants lifetime income without exposing plan sponsors to the volatility of investment and interest rate risk. New hybrid regulations clarify several aspects of these innovative plans. Design and valuation issues unique to these plans are illustrated.

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Corporate plans finally have some clarity around market rates of return and other issues. Now the real work begins-- helping your clients bring their plan design into compliance and figuring out how to best accomplish their goals. The speakers focus on larger plans that have different issues and concerns than small and self-employed plans (covered in Session 707). The content in this session builds on the basics covered in Session 204/404.

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Multiple employer plans can arise under current rules in many situations, including joint ventures and changes in corporate structure. The presenters at this session provide an overview of current issues related to multiple employer plans, including funding, deduction, exclusive benefit, benefit restriction, non-discrimination and withdrawal liability issues. In addition, the speakers discuss proposals to change the current regulatory structure that applies to multiple employer plans in order to make them an attractive vehicle for small to mid-size employers to provide defined benefit pensions.

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When the ASB released the revised ASOP No. 27 in late 2013, they provided guidance in setting a forward-looking investment return assumption that encourages an actuary to consider the implications of using an arithmetic return and a geometric return. While actuaries could define the difference between an arithmetic and geometric average, do we understand the implications of using one or the other when setting future investment return assumptions? To aid in actuaries’ understanding, the American Academy of Actuaries developed a Practice Note providing background information and discussing the complex issues involved in making this evaluation to aid actuaries in selecting an appropriate assumption in compliance with ASOP No. 27. Our panelists discuss the technical aspects of evaluating arithmetic and geometric return assumptions and important considerations in selecting the appropriate assumption for the intended measurement.

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The panel discusses key decision points and issues for employers with respect to healthcare coverage under the Affordable Care Act (ACA). They address differences in the ACA impact on small compared to large employers, other ACA benefit and cost impact considerations, and exchange implementation issues. Where applicable, the presenters explore how these may affect retiree medical valuations.

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Small plans can be tricky. Lawmakers and regulators create pitfalls to designs. The presentation should help you navigate those gotchas before they attack your small plans. The panelists discuss issues based upon their practical experience.

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Overview of accounting rules that apply to postemployment benefit plans (e.g., LTD, severance) under ASC 712, 710 and 450. The presenters discuss the types of plans that are accounted for under each standard and common issues.

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Panelists discuss legal, actuarial, and practical issues relating to early retirement windows. Topics covered include non-discrimination testing (including top 25 rules), cost estimates (including estimating acceptance rates), AFTAP calculations, benefit restrictions under Sections 415 and 436, and designing windows to achieve sponsor objectives.

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In this highly interactive session, panelists and audience members debate solutions to three difficult ethical situations faced by actuaries in their day-to-day practice, including conflicts of interest, selection of assumptions, disagreeable clients, and disagreements with the prior actuary. The presenters cover different case studies than Ethical Dilemmas I and does not require Ethical Dilemmas I as a prerequisite.

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Many participants who receive a large lump sum payment or successfully accumulate a substantial balance in their 401(k) or other retirement plan are unsure how to make it last a lifetime. Presenters discuss current options to manage an account balance or lump sum in order to secure income for a lifetime. Presenters also examine possible public policy changes and ways employer-sponsored plans can be enhanced to improve retirement security.

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The speakers at this session cover a number of more complicated issues that arise in performing benefit calculations. Potential topics are: multiple annuity starting dates, required minimum distributions, determining amounts eligible for rollover, taxation of benefits with a basis, QDROs and other benefit offsets, MDIB rules, and benefits beyond normal retirement date.

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With the new GASB 67 and 68 accounting standards, there is a separation between accounting and funding. However, the public plan sponsors need to have a funding policy. A panel of practitioners discuss progress that has been made, practical considerations and the latest guidelines from professional societies. The panel focuses mainly on recent developments for fixed rate plans and direct rate smoothing.

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Withdrawal liability has been around since 1980. Because of the funding challenges created by the decline in the covered workforce, and the investment experience during the 2000s, withdrawal liability has re-emerged as an important issue. The panelists provide a brief overview of withdrawal liability, how it has changed over time, the environment today, and a glimpse into the new approaches that have emerged.

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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. The panelists discuss current topics and lessons learned.

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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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Some defined benefit plans are considering refining mortality assumptions to reflect their specific plan experience. While a plan might not be large enough to provide fully credible data, experience data still might be partially credible and can be used to refine assumptions. The panelists examine the process for deciding how plan specific experience can be used and integrated with standard published tables.

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Congress changed the interest rates last year, leaving actuaries to scramble. The panelists in this session review the obvious and subtle funding and Sec. 436 changes driven by the Highway and Transportation Funding Act of 2014 (HATFA) and how the subsequent guidance shapes operations. Funding requirements, assets, credit balances and benefit restrictions are all affected.

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The panelists discuss the pension benefits the PBGC guarantees -- the types of benefits, limitations, and the impact on participants – and how the total benefits are assigned to six defined priority categories. They also touch on practical approaches to avoiding complicated calculations and dealing with prior mergers. This session is of interest to actuaries working on pension spinoffs with underfunded plans.

(It is assumed attendees at this session have some knowledge of calculating termination liabilities using expected retirement age [XRA] and PBGC rates.)

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Representatives from the Department of Labor provide an overview of recent interpretive and regulatory guidance. Among the topics that they may address are:

• Recent changes to Form 5500;
• E-File – Top Hat Plans and Apprenticeship Plans;
• Annual Funding Notice Final Regulations;
• Field Assistance Bulletin 2015-01 – HATFA;
• CSEC Plan Funding Notices;
• MPRA Changes to Section 101(k) and 502 of ERISA;
• Lifetime Income Illustrations in DC Plan Benefit Statements; and
• Information Letter – Lifetime Income Provided Through Target Date Funds.

(This session is not recorded.)

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What are the best measures for discussing, measuring, and disclosing risks for public sector plans? The panelists address techniques already being used in plans around the country as well as the latest innovative thinking from practicing public plan actuaries.

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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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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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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 pension actuaries associate the Society of Actuaries with tough exams (and more recently new mortality tables), but there is also a regular pipeline of research projects underway that are of interest to pension actuaries. These projects span a range of topics, from those that support current practice to those that cover emerging areas. The panelists provide an overview of several recently completed research projects representing the spectrum of SOA-sponsored retirement research. Anticipated topics highlighted include: pension risk transfer and a framework for plan sponsors to evaluate readiness, encouraging retirement income options in DC plans, valuing embedded options in pension plans, multiemployer plan trends, and views of individual retirees on risk in retirement.

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More than ever, effective pension plan management requires integrating liability and investment considerations. Our panel presents some of the basic investment terms and concepts that are important for actuaries to understand in talking with plan sponsors, investment advisors, and auditors. Topics may include: How is duration measured? What are alpha, beta, and correlation coefficients? How does diversification and periodic rebalancing improve expected return? How is risk defined? What is a hedge ratio and credit ratio? How should we measure funded status and measure its performance?

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This is an open forum on current topics of concern to public plan actuaries. Possible topics this year may include GASB statements 67 and 68, the proposed OPEB statement, Moody’s pension liability measurement, funding policies without the ARC and possible new legislation on reporting liabilities. (This session is not recorded.)

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This session 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 discussion of topics from the other multiemployer sessions or subjects not covered in those sessions. Come prepared with your own list of topics! (This session is not recorded.)

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Want to discuss issues with your peers? This is an open forum on current problems and 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, and 401(a)(9), and PBGC issues for small plans. (This session is not recorded.)

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Speakers at this session present a refresher on ASOP 6 and discuss what is new in the revised version including the public plans/pooling issue. Definitely of interest to anyone practicing in the retiree medical arena.

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Risk: The potential of future losses or shortfalls from expectations due to deviation of actual results from expected results. In recent years, new approaches for measuring, managing and mitigating risk have emerged. Measuring and mitigating risk is important, but what about communicating risk? How can actuaries provide more valuable communications that promote transparency and better understanding of the risks inherent in measuring retirement plan obligations and determining the range of future obligations, costs, contributions or funded status? Putting retirement plan risks into context for plan sponsors and trustees is an important element of risk communication. What measures and techniques are being used today, and how can we continue to improve as we move into the future? How can we as actuaries establish an effective vocabulary for communicating risk to our clients, plan participants and other stakeholders? Come to this session to get a look at how our actuarial experts in risk communication are doing it and how you could incorporate some of their highly effective techniques into your practice.

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