As we emerge from the COVID crisis, the current and potential future states of capital markets will greatly influence actuarial work as we develop and set key assumptions for our clients including the discount rate, expected return on assets, and salary scale. Speakers provide an update on the current state of equity and fixed income markets and discuss how they apply to actuarial work.

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Speakers discuss the latest developments in the private pension plan sector. Topics that may be covered include:

• Recently enacted and pending legislation;
• Proposed and final regulatory guidance and other regulatory activity;
• Recent litigation; and
• Pending and adopted revisions to the Actuarial Standards of Practice.

Please note that due to the time sensitive nature of this session, actual program content may not be known until shortly before the meeting.

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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 since 2015. In fact, many public sector retirement systems have adopted funding policies based on actuarial principles similar to those in the white paper and for the most part, are generally in good actuarial condition. Unfortunately, not all plan sponsors have historically funded their plans on an actuarially sound basis and now, in this era of shrinking government revenues, find themselves unable to afford the level of contributions required to keep the unfunded actuarial accrued liability from increasing and the funded ratio from decreasing.

Speakers at this session review the current economic climate (including Covid-19 considerations), discuss alternate funding strategies in the case of shrinking government revenues, and highlight a good example of stewardship that will provide a positive example of a State System that already has been following an effective funding strategy.

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Withdrawal liability continues to be important for multiemployer plans and contributing employers. Withdrawal liability issues have given rise to much litigation and there have been recent court decisions that affect those calculations. Also, in January, the PBGC issued final regulations regarding simplified methods to reflect benefit reductions, benefit suspensions, surcharges, and contribution increases. Panelists will address the effect of the court decisions and the new PBGC regulations.

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As many private sector plan sponsors have moved to a primarily DC plan approach to providing retirement benefits, EAs should understand the challenge of converting accumulated account balances into retirement income. The speakers cover approaches that rely on insured guaranteed benefits as well as those that do not provide guaranteed income but rely strictly on a systematic withdrawal of investments. Legislators increasingly appreciate the importance of plan sponsors providing their retiring workforce with in-plan options. Innovative defined contribution plan designs are also addressed.

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A panel of PBGC representatives provides an update on the operations of their single-employer program. Topics include recent PBGC guidance, hints and tips about their programs, along with your questions.

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Credit Rating Agencies continually refine and expand their methodologies for analysis of public pension financial ramifications for state and local governments. Our panelists review the latest pension guidance from S&P Global Ratings that illuminates analytical views on key pension risk factors, including the discount rate and amortization components. An overview of S&P’s three-pronged approach (funding level, funding discipline, and affordability) to analyze public pension budgetary pressures is also presented, as well as details on how the guidelines were created, what risks they address, and how they are applied to credit analysis.

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Despite the passage of ARPA, some plans may still require MPRA tools or face insolvency. In addition to the new ARPA financial assistance program (for which regulatory guidance is not anticipated until July), PBGC remains responsible for the payment of guaranteed benefits when a multiemployer plan becomes insolvent or undergoes a MPRA partition. Speakers cover how PBGC’s financial assistance to a multiemployer plan works, including issues related to calculating benefit guarantees, timing of reductions, notifications, financially assisted mergers, and post-insolvency reporting.

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For smaller employers and partnerships, plan design and nondiscrimination testing go together. Plan design is often driven by maximizing the benefits for owners and other key employees while maintaining compliance with the complex nondiscrimination testing rules. Speakers at this session, 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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There have been two new ASOPs issued in recent years that apply to pension actuaries. ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Plan Contributions, was effective for any actuarial work product with a measurement date on or after November 1, 2018. ASOP No. 56, Modeling, was effective for work performed on or after October 1, 2020. Both of these resulted in changes to how pension actuaries work, and the disclosures associated with that work. Practitioners will discuss how they have complied with these new ASOPs.

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Speakers address recent topics that affect accounting under ASC 715, ASC 960, and IAS 19.

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Recent mortality studies by the Society of Actuaries Retirement Plans Experience Committee (RPEC) have given pension actuaries many new tables to consider. How do these base tables and improvement scales compare to prior studies and to each other? Presenters share insights, applications, and experiences including discussion of private plan assumption setting, valuations, and communicating with auditors.

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Many plan sponsors, both large and small, continue to evaluate strategies to transfer or mitigate investment risk. The demand for investment de-risking approaches coupled with the need for investment return has led to a wide range of strategies designed to help dampen volatility, protect improvements in funded status, and still close funding shortfalls through asset returns. The panel addresses the historical evolution of investment strategies and the driving forces behind the changes along with strategies being considered by plan sponsors to adapt to the current environment as well as anticipate future needs.

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The SOA periodically releases new mortality tables (most recently PUB-2010 and PRI-2012), along with an annual update to the Mortality Improvement Scale. In addition, the Social Security Actuaries develop annual mortality tables for the broader US population. For most actuaries, these periodic updates are our primary focus as we adopt mortality assumptions, which are traditionally a core element of actuarial work.

In addition to dramatic changes in US mortality rates and a decrease in observed longevity as a result of COVID-19, there is a lot more afoot – a panel of experts kicks the tires and discusses potential answers to the following:

• What are recent US longevity patterns across the full population and different socioeconomic subgroups?
• Is our recent slowdown in mortality improvement reflected in other developed nations?
• Are longevity improvements cyclical?
• What should we consider as a lasting legacy of COVID-19?
• How DO the experts project future improvement?
• Do lifestyle and geography provide better predictors for individual longevity than income - or even gender?
• What are the key mortality trends related to medical advances and causes of death?

The discussion will include “big data” techniques that plan actuaries and annuity providers might use as a way to determine the appropriate basis for a plan-specific mortality assumption, especially when “credibility” is a concern.

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Pension actuaries are often asked to project valuations results to future years, sometimes for near-term budgeting and other times to evaluate the risks associated with various scenarios or strategies. Speakers discuss and present projections for governments, private employers, and multiemployer plans - from simple roll forwards to ALM - and how to decide which approach to use.

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Using case studies, the presenters help actuaries understand the basis for questions commonly asked by auditors, including where further discussions are required.

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The selection of actuarial demographic assumptions has always been central to the role of the actuary. Through training and experience, the actuary is well positioned to choose the demographic assumptions required to prepare actuarial present value calculations. The setting of actuarial assumptions, and the underlying rationale to support key assumptions, continues to be a point of interest for various interested parties. As a self-regulated profession, we rely upon best practices and the Actuarial Standards of Practice along with requirements from governing bodies to set appropriate assumptions for our clients.

Our presenters focus on setting non-mortality demographic assumptions support for pension plans, thinking through “key” assumptions to a plan, and developing a rationale that supports the assumptions to be communicated to others.

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Presenters cover code sections 404 and 430 including the interplay between the two. Which assumptions are the same and which are different for deduction purposes vs minimum funding purposes? Timing of deductions versus minimum funding is addressed in detail as are the relevant amendments.

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The Actuarial Standards Board (ASB) recently issued updates to ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations, and ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. Both are effective for any actuarial report that is issued on or after August 1, 2021 AND includes a measurement date on or after August 1, 2021 and will result in changes to the way pension actuaries work. In addition to these two pension specific ASOPs, the ASB also has an ASOP exposure draft for all actuaries – Setting Assumptions. Although it is still an exposure draft, there are some differences between this general ASOP and the pension actuarial ASOPs that pension actuaries will need to understand. Learn how practitioners are planning to update their practices in response to these ASOP changes. In addition, ASOP No. 4, Measuring Pension Obligations and Determining Pension Costs or Contributions, is currently being updated by the ASB and, if finalized before this session, plans for complying with changes to that ASOP will also be discussed.

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A recent publication from the National Institute on Retirement Security presented case studies for states that shifted new employees from DB to DC or hybrid plans. What can actuaries learn from these case studies? Speakers at this session present highlights from that research, as well as considerations for actuaries evaluating the potential closure of a defined benefit plan.

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This is an opportunity for multiemployer actuaries to hear from a panel of PBGC representatives to discuss a variety of multiemployer plans topics. Expect to hear about withdrawal liability and other recent regulations, financial projections regarding the solvency of the multiemployer guarantee program, highlights from the PBGC 5-Year Report to Congress, as well as PBGC surveys of plan provisions and benefit accrual rates. We anticipate questions from the audience. The session will also highlight the agency’s recent settlement with a large plan that attempted to isolate its severely underfunded legacy liability through a split-plan arrangement.

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People are working longer and plan administrators are dealing with late retirement distributions more than ever. In addition, recent legislation has changed minimum required distribution rules. When participants remain employed or delay commencement of their benefit past normal retirement, various applicable – and sometimes conflicting – requirements can lead to very complex benefit determinations. Panelists at this session explore the intricacies of suspension of benefits, post-NRD accrual rules, retroactive annuity starting dates, 415 limitations, benefit restrictions, and 401(a)(9) minimum required distributions. The speakers also discuss corrective measures for addressing compliance failures with respect to these issues, and how late retirement interacts with actuarial work.

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The speakers review recent court decisions, ongoing litigation and complaints filed that could affect defined benefit plans or pension actuaries.

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The COVID-19 pandemic has taken over half a million U.S. lives in the past year and has had a significant negative impact on the economy. Speakers at this session focus on potential impacts of the pandemic on public sector employee retirement systems including the impact of COVID-19 mortality experience in comparison to the expectations of public sector mortality assumptions including Pub-2010. Panelists also consider impacts of other demographic and economic experience vs. assumptions for public sector plans.

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Panelists provide an overview of the Social Security program’s current financial position along with near- and long-term projections, and identify the most critical economic and demographic drivers of the program’s financial well-being. Key assumptions relied on in making these projections are identified, along with the methodology used in selecting them.

Our experts also discuss the kinds of changes to current taxes and benefits are projected to be required to achieve long-term sustainability, and look at legislative proposals (past and potential in the future) to bolster the long-term financial status of the program.

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Many of our clients faced challenges in 2020 that may even be carrying over into 2021. Speakers at this session present a host of potential implications if your client has modified staffing, delayed contributions past deadlines, or had other significant events occur. Don’t let required filings, calculations or deadlines surprise you or your client.

Note that a final allocation of EA Core/Noncore credit depends on the actual content of the presentation.

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ERISA litigation is on the upswing and a core issue often involves identifying plan fiduciaries. Speakers provide an overview of the basic roles and responsibilities of key players with respect to an ERISA plan. The panelists then explore how the fiduciary rules commonly intersect with the work of an Enrolled Actuary and how that actuary can avoid inadvertently becoming a fiduciary.

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Panelists discuss the American Academy of Actuaries' 2015 Public Policy Practice Note on selecting investment return assumptions and considerations for both private and public plans. Experts on capital markets and investment advisors also address concepts and issues that actuaries might consider as part of the assumptions setting process.

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Representatives of the Joint Board for the Enrollment of Actuaries discuss current developments and other information relevant to Enrolled Actuaries and the profession at large. Topics may include tips to successfully prepare an application for initial enrollment, navigating an audit of continuing education, and complying with the regulations that govern Enrolled Actuaries. Attendee questions are encouraged.

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Large and small plan sponsors continue to evaluate strategies to transfer or mitigate pension plan risk. The demand for de-risking approaches has led to a wide range of techniques designed to help dampen or remove volatility and protect improvements in funded status. Speakers discuss strategies involving governance, investments, and liabilities.

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With single-employer pension funding relief on the horizon yet again, this session will serve as a refresher of the history of pension funding relief since the Pension Protection Act, and the details of 2021 relief (whether it has been adopted by the time of the meeting, or if not, the structure of the proposals working through Congress at the time of the meeting). While the relief will grant potentially significant reductions in short-term cash contribution requirements for plan sponsors, is the relief “good policy” and an appropriate funding strategy to follow? Under what conditions does this answer potentially change? The speakers will explore plan sponsor situations where the relief will be beneficial vs. those where the short-term savings could be swamped by increases in PBGC variable rate premiums.

Note that a final allocation of EA Core/Noncore credit depends on the actual content of the presentation.

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For some public sector plans, contribution rates are set by state statute and are adjusted infrequently. The speakers at this session present examples, discuss funding policy considerations, and review consulting issues that arise with fixed rate plans.

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After years of discussion and debate, substantive measures intended to stabilize the multiemployer pension system were enacted on March 11. The American Rescue Plan Act of 2021 includes a special financial assistance program for deeply underfunded multiemployer plans, as well as temporary funding relief measures that are broadly available. In recent years policymakers have discussed a wide range of long-term systemic reforms to the system, but none were included in this legislation. Panelists discuss the events that led to the passage of the multiemployer provisions of the Act, what we know and do not know about how the special financial assistance will work, and the challenges that remain.

Note that a final allocation of EA Core/Noncore credit depends on the actual content of the presentation.

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PPA 2006 permits small plans to have valuation dates other than the first day of the plan year. HATFA clarified the application of the segment rates to end of year valuations. Presenters focus on the challenges posed in determining AFTAPs and maintaining carryover and prefunding balances for plans using an end of the year valuation date. Completion of certain items on Schedule SB will also be discussed.

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A panel of government representatives from the IRS and Treasury Department 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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Join your public retirement plan colleagues in a candid, open discussion of current issues. Actual session topics are determined by the attendees, but may include economic assumptions, ASOP 4, and practical discussions of issues raised in other sessions.

Note that a final allocation of EA Core/Noncore credit depends on the actual content of the presentation.

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This is an opportunity for multiemployer plan practitioners to engage in a discussion of practical issues, problems or experiences encountered in their practices. It can be a more in-depth analysis of topics from other multiemployer sessions or more arcane subjects such as recent issues related to the end of a rehabilitation or funding improvement period. Come prepared to participate in a lively discussion.

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Come prepared to discuss issues with your peers. This is an open forum to discuss issues specific to small plans. Topics may include IRC 401(a)(26), 410(b), 401(a) (4), 401(a)(17), 415, 416, 401(a)(9), 430, 436 and PBGC issues for small plans.

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In this highly interactive session, panelists and audience members discuss solutions to difficult ethical situations faced by actuaries in their day-to-day practices, including honesty in marketing, disagreements among actuaries, difficult clients, and conflicts of interest.

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