With a new Administration and Congress, what changes can we expect on the benefits and retirement policy front? Is tax reform a real possibility? What would it mean? The panelists discuss likely priorities of the new Administration and the new Congress with respect to overall retirement policy, Social Security reform, taxation, regulation of fiduciaries and other matters that affect the design and operation of retirement programs. Possible priorities of relevant government agencies is also explored.

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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.

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So your client wants to settle their pension liabilities. The presenters 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, communication strategies, and recent plan sponsor experience.

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With the recent regulation change, many more actuaries are seeing clients affected by 4010 reporting. Panelists at this session provide a comprehensive recap of how to determine who needs to file (including possible waivers), what must be filed, how to determine the actuarial liabilities for the filing, and the actual e-filing process. Whether you are newly involved in 4010 or it’s just been a few years since you had the pleasure, attending this session brings you up to speed.

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The Solutions Not Bailouts report from the National Coordinating Committee for Multiemployer Plans included the concept of a risk-sharing approach that is neither a defined benefit nor defined contribution plan, in the multiemployer setting. Proposed "Composite Plan" legislation was developed to start the process of bringing this concept to life. The speakers at this session cover the characteristics of such a plan, which focuses on 15-year actuarial projections, as well as other multiemployer risk-sharing approaches, commonly known as "adjustable," "variable (benefit accrual or annuity)," or "sustainable."

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The U.S. Department of Labor (DOL) recently issued final rules defining who qualifies as an investment advice fiduciary under ERISA and the Internal Revenue Code, and it requires the attention of plan sponsors and their advisers. The new fiduciary rules may necessitate changes in such areas as investment education, participant support, third-party advisory services, and plan governance.

The panel reviews some general background on how ERISA defines a fiduciary, typical fiduciary roles, and then takes a closer look at the new rules and what effect they may have on you as a consultant and your clients as plan sponsors.

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New GASB Statements 74 and 75 for Other Postemployment Benefits (OPEB) are beginning to apply for years beginning after June 15, 2016 and June 15, 2017 respectively. The Implementation Guide for GASB No. 74 came out last fall. Drawing upon the experience with GASB Nos. 67 and 68, presenters cover the highlights of the new statements and potential issues to consider during their implementation.

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The panelists discuss the calculation of retirement benefit values for proxy disclosures (Pension Benefit Table and Summary Compensation Table). Related calculations discussed may include change-in-control calculations, the calculation of retirement benefit disclosures for Form 990 (annual return for tax exempt organizations), and the calculation of retirement benefits for the CEO pay ratio disclosures.

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Speakers at this session address recent research about longevity, including the drivers of past improvements in mortality, and how geography and other demographic characteristics have and will impact longevity in the future. Speakers discuss current studies and data to help the actuary understand where longevity may be headed for the population in general and for specific groups relevant to retirement arrangements.

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

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Panelists at this session discuss current topics that affect accounting under ASC 715, ASC 960, and IAS 19.

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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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One solution for troubled multiemployer plans has been to seek a merger with another plan, or the transfer of liabilities to a separate plan. In December 2014, the Multiemployer Pension Reform Act (MPRA) expanded the available options to PBGC-facilitated mergers, including potential "financial assistance." New PBGC regulations must be considered with respect to any merger or transfer, even if not facilitated. The speakers at this session cover the issues and rules related to mergers of and transfers from multiemployer plans under MPRA in comparison to the prior rules.

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Speakers at this session cover taxation and deduction issues for qualified plans. Issues relating to appropriate match-up of the plan year and the plan sponsor’s taxable year are also addressed as are communication issues with the plan sponsor’s CPA.

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The California Public Employees Retirement System (CalPERS) recently outlined a risk reduction investment strategy. Other plans may have considered or implemented different approaches. The speakers discuss the actuary’s role in investment or other risk management strategies in use in or applicable to public sector retirement systems.

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Panelists provide an overview of the accrual rules and outstanding issues. Concerns that have arisen in IRS audits and determination letter filings are also discussed, as well as experiences with making changes to satisfy IRS auditors. Finally, the speakers explore creative approaches to correcting accrual rule failures.

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Finding missing deferred vested participants has been getting more attention over the last year. The Department of Labor finds that some plans are not doing a good job locating missing participants who are due benefits. The IRS recently revised instructions for the Form 5500, Schedule H, Question 4(I) to clarify that failure to provide benefits when due includes failure to timely start payment of required minimum distributions unless reasonable efforts have otherwise been made to find them. Has your plan sponsor been making a reasonable effort?

As plan administrators and their actuaries focus more on these missing deferred vested participants, we must often work through requirements around applying late retirement actuarial increases, whether retroactive payments apply, and how to handle payments starting after 70 ½ required minimum distribution. In some cases, we’ve found Voluntary Correction Program (VCP) filings are necessary to correct past practice.

The panelists explore what reasonable efforts a plan administrator might take, what tools are available to find missing participants, and at what point benefits may be forfeited. They also cover how to determine benefits commencing after normal retirement age, issues with after 70 ½ commencement, and VCP filing experience.

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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 conflicts of interest, disagreements among actuaries, and working with difficult clients.

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We all issue actuarial reports, but do we know what should (and must) be in them? In this world of electronic communications, are we sure we know exactly what is included under the umbrella of “actuarial communication?” With the recent changes in communication and disclosure rules in the ASOPs, it can be easy to miss a step. The presenters provide practical advice to help you make sure your actuarial reports comply with professionalism standards and the various ASOP requirements. You can also learn some of the common pitfalls to avoid when issuing an actuarial communication.

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Over the past few years, PBGC has been actively updating the rules and guidelines for reporting plan and plan sponsor information. As they continue to monitor risks to the private pension insurance system, they are looking for additional information from sponsors. The reportable event rules were significantly revised for 2016 with waivers based on both plan funding and company financial criteria. At this session, you may learn about the events that trigger reporting, available waivers, and how to help the plan sponsors you work with comply with those reporting rules. Attendees interested in the PBGC's early warning program (that often coincides with reportable events) should attend Session 203 "Dialogue with and Update from the PBGC for Single Employer Plans."

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This is an opportunity for multiemployer actuaries to hear from a panel of PBGC representatives to discuss a variety of issues affecting multiemployer plans. Topics expected to be covered include PBGC guaranteed benefit calculations, revised financial projections regarding the solvency of the multiemployer guarantee program, as well as final regulations and evolving experience with candidates for a MPRA partition. We anticipate questions from the audience.

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Everyone knows that governmental Defined Benefit (DB) plans are regulated by the Internal Revenue Code (IRC), 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 DB plans and how they affect our work.

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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. If the regulations are finalized, panelists intend to provide an overview of the final regulations. Otherwise, panelists review the proposed regulations and discuss outstanding issues. Case studies of the types of plan sponsors helped by the various provisions are also presented.

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The American Academy of Actuaries’ Pension Cost Work Group released Issue Briefs covering alternative pension cost recognition, in August 2015 and December 2016. The presenters review the more granular application of yield curve rates in determining the elements of pension accounting cost, along with its theoretical rationale and implications. The speakers also cover the current situation with regard to implementing this approach for bond models and the various implementation issues that arise with a granular approach such as more complex roll-forwards and the need to more closely assess the valuation of lump sums.

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Setting an expected return on asset assumption has been a staple of actuarial practice for years, but lately the rules of the game are changing. To meet our professional obligations, actuaries must stay abreast of new considerations and emerging practices that change the way we think about setting this key assumption. Clearly, one size does not necessarily fit all when it comes to forecasting future investment returns for modeling plan funding, expense and solvency metrics.

New thinking about setting a future investment return assumption considers:

• Differences between arithmetic and geometric average returns and the implications of each approach;
• Duration of plan liabilities and investment practices designed to manage changes in liability duration over time;
• Plan solvency levels and expected future cash flows;
• Plan sponsor financial health and risk tolerance;
• Historical returns and how to put them in the proper context; and
• The influence of current market conditions on future capital market returns over various time horizons.

Our panelists discuss these key considerations in emerging practice for selecting this often critical assumption.

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Actuaries are routinely asked to predict what economists and investment professionals who specialize in financial markets cannot forecast. How is an actuary to select a reasonable assumption? Panelists at this nuts and bolts session consider topics such as: who owns the assumption, sources and benchmarks from history, types of investments and allocation, time horizon and purpose, adjustments for alternative views of the future, stochastic simulations and implications for deterministic rates, arithmetic versus geometric, and median versus mean.

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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. An overview of the highlights of the recent Pension Task Force report is also provided.

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Looking for a one-stop session for plan termination? Speakers walk you through the steps you should take to prepare for and complete a smooth termination process. Expect a recap of the IRS and PBGC requirements including the timeline, and a discussion of effective coordination between the actuary, legal counsel, investment manager, and the plan administrator. Panelists provide tips to avoid some of the typical pitfalls while a PBGC representative may also share audit experiences.

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Under MPRA, solvency projections are the primary consideration for "critical and declining" (C&D) status certifications. If that gateway test results in C&D status, further projections are needed to determine and certify whether a suspension and/or partition might avoid insolvency, while not materially exceeding the level required to do so. Given final suspension and partition regulations issued in 2016 (by Treasury/PBGC, respectively), and the denial of Central States' and other applications, how should actuaries approach the key assumptions, including short‐ and long‐term investment return, mortality improvements, industry activity, expenses, etc., for these solvency projections?

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What's new with cash balance plans in the small plan and professional plan space? Speakers discuss interest crediting rates, pay credit formulas, and issues with the accompanying DC plan.

Note that the allocation between EA Core and Noncore credit depends on the actual content of the session.

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The Conference of Consulting Actuaries’ (CCA’s) Public Plans Community’s white paper “Actuarial Funding Policies and Practices for Public Pension Plans” has been a resource for actuaries for over two years. Many public sector retirement systems have implemented new funding policies based on actuarial principles similar to those in the white paper. Alternatively, an interpretation of financial economics on funding may look much more like private sector plan funding. Speakers discuss these different approaches, as well as how they may or may not align with the objectives of the plan sponsors.

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Sometimes it is clear when a valuation reflects a funding method change, but not always. Is it a method change, a change in plan interpretation, a change in software, or a correction? If it is a method change, it is not always clear how to get approval, and when and what will be approved. The presenters discuss guidance in place post-PPA, and the options and process for getting approval.

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In this highly interactive session, panelists and audience members debate solutions to difficult ethical situations faced by actuaries in their day-to-day practice. The presenters at this session cover different case studies than are covered in Session 301 “Ethics.”

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Representatives of the Joint Board for the Enrollment of Actuaries review sections of the regulations concerning renewal of enrollment and standards of practice for Enrolled Actuaries (EAs). The representatives also answer participants' questions regarding regulations, the re-enrollment process, professional discipline, and other topics of interest to EAs. Participants are given the opportunity to share concerns and ideas with the Joint Board representatives.

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Come hear experienced practitioners discuss the PBGC Blue Book questions and answers, as well as new PBGC guidance and a variety of PBGC issues relating to single-employer plans. Topics may include premiums, reporting, penalties, and plan terminations. A PBGC representative will be available on the panel to provide a PBGC perspective.

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Plan administrators face a formidable array of rules in paying qualified plan benefits. Varying situations require different options, disclosures, timing, etc. Speakers at this session discuss topics such as:

• Election materials and deadlines;
• Spousal disclosures and waivers;
• Failure to defer notice;
• Required "optional" forms;
• Relative value exhibit;
• Retroactive annuity starting dates;
• Minimum distributions; and
• Multiple annuity starting dates.

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For smaller employers plan design and nondiscrimination testing of DB and DC plans 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. The panelists 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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There has been a lot of activity recently at the state level to find ways to extend tax-qualified retirement savings opportunities to more workers. There are proposals that would allow non-related companies to join in a plan (open multiple employer plan concepts), auto-IRA ideas that are now DOL approved, and discussions of other state sponsored plans. With DOL already saying there is no reason ERISA would preempt the IRA approach, these ideas have the potential to radically change the retirement landscape for private plans. Come hear a discussion of what has gone on so far and what may be coming.

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If the only certainties in life are death and taxes, what role can credibility play in these known facts? As it turns out, death and taxes are connected through predictions of mortality that now rely on credibility theory. New regulations under Internal Revenue Code Section 430(h)(3) provide guidance for requesting substitute mortality tables applicable to minimum required/maximum deductible contributions and PBGC premiums. Speakers at this session plan to address, to the extent proposed/available:

• Outline of regulations including effective dates;
• New IRS mortality rates and improvement scales;
• Available criteria for fully credible data;
• Partial credibility alternatives;
• Table construction and graduation; and
• Mortality improvement.

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In September 2015, IRS released final regulations on payment of quarterly required contributions, including the effect on the calculations of late payments or funding balance elections, determination of the wrap-up contribution, liquidity shortfall calculations and handling of short plan years. These regulations included certain liberalizations from the proposed regulations. Panelists cover the calculation of quarterly required contributions highlighting the areas of change.

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In this interactive session, panelists and audience members discuss practice management issues, such as quality control, work flow, and internal and external communications, that can impact the risk of being sued for malpractice. Not to be discussed in this session: engagement letters, limitations on liability, or any issues that raise the possibility of anti-competitive activities.

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The Multiemployer Pension Reform Act of 2014 modified the rules for partitions (which need PBGC approval) and added the possibility of benefit suspensions (which need Treasury approval). Final regulations had important changes from the proposed rules. Presenters review the state of the guidance and provide an overview of the actuarial aspects of applications, analyzing denials and approvals to date (including the Treasury suspension decision on the Central States application).

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Speakers cover the various issues in determining lump sum benefits including calculation methodologies, how Section 436 restrictions can impact the lump sum calculations, and Section 415 and 417 issues.

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Many public employee retirement systems have undergone plan redesign since the great recession, including exploration of changing from defined benefit to defined contribution plans. From the perspective of the efficiency of delivering retirement benefits, defined benefit programs generally outperform defined contribution programs. Panelists provide information about current research in plan design, as well as specific experiences from case studies.

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As the corporate sector continues to move employees from DB to DC plans, their employees’ need for lifetime income remains. How can employees best use their DC account balances as a source of income throughout retirement? Presenters discuss the current use of the most obvious approach, providing annuities in a DC plan, and some more innovative approaches that allow the participant to manage their withdrawals. With the growing use of DC plans as a primary retirement vehicle makes this a critical issue of the day.

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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.

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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. They also discuss the recent proposed regulations under Section 457 that address the treatment of deferred compensation arrangements maintained by tax-exempt organizations and certain governmental agencies.

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Historically, our clients have focused significant attention on investing in the physical wellness of their employees. Some have started extending this concept to financial wellness, including whether their employees are appropriately preparing for retirement. Join the panel to hear how we can help our clients in this evolving area to help improve employees’ retirement readiness.

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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. Likely topics include: understanding the impact of debt on retirement, looking at financial stress metrics in various DB pension systems, and introducing a DC plan evaluation framework.

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Since regulations were issued, several statutes have passed affecting top-heavy rules. Speakers at this session review the top-heavy rules and discuss dealing with issues that are not addressed in IRS guidance.

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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, funding policies in practice, and risk disclosures.

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Some things we know we just don’t know. There are gray areas in the Internal Revenue Code that provide compliance challenges that actuaries wrestle with in advising their clients on how to navigate through these issues. Our panel of compliance experts reviews their Top 10 list of known unknowns, and provide their views on possible approaches to handling these situations when they arise in practice.

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In recent years, interest rates have come down, and stayed down, and new mortality studies have confirmed that life expectancies have increased. Many plans have actuarial equivalence definitions for optional form factors, early commencement reductions and other purposes that were developed in a very different environment. The release by IRS of proposed updated mortality tables presents a good opportunity for plan sponsors to review their plans’ actuarial equivalence assumptions. Presenters at this session explore the related issues with respect to ERISA compliance, relative value demonstrations, developing annuity benefits at earlier commencement ages under bulk lump sum programs, and IRC §411(d)(6) protections that apply when actuarial assumptions are changed.

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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.

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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!

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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.

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Your client has had a “church plan” for decades but a court just decided that it is not a church plan. 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.

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Defined benefit (DB) plans are built on the premise of a benefit that is defined. But with a defined benefit comes defined risk. The original DB designs placed that risk solely with the plan sponsor, but that does not always fit well with corporations’ overall risk tolerance and financial goals. In response, new designs are in use and more are being built to allow for the sharing of risk, while still giving some definition to the benefits employees receive. These DB risk sharing approaches are emerging in the Netherlands and Canada, and have been referred to as defined ambition, collective defined contribution, and auto-rebalance plans. In the US, the term composite plan has been introduced in a multiemployer plan setting. Learn about the structure, benefits and concerns of these DBish designs and what DB plans of the future may look like.

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