> ASPPA Introduces New Webcourses for 2007
> 2007 Syllabus Changes Announced for ASPPA’s Defined Benefit (DB) Course
> 2007 Examination Registration
> 2007 RPF-1 Examination Revised
> Impact of the Pension Protection Act of 2006 on ASPPA Education and Examination Programs
> The ERISA Outline Book 2007 Edition
> Call for Nominations for 2007 Educator’s Award
> 2006 Educator’s Award Winner – S. Derrin Watson, APM
> Benefits of ASPPA Membership
> A QPFC Perspective
> Education and Examination Committee Leadership
> Education Calendar of Classes and Exam

ASPPA Introduces New Webcourses for 2007 – Coming early May

Related Links : Publications Order Form : Continuing Education : Professional Credentials : Study Guide References print page

Four new webcourses, DC-1, DC-2, PFC-1 and PFC-2, are currently under production and will be available to help candidates prepare for ASPPA’s respective examinations. Each webcourse consists of six one-hour sessions, which are approved for ASPPA continuing education (CE) credit. The registration fee is $150 for members and $175 for nonmembers and includes all six sessions. Individual sessions will not be available for separate registration. Previously developed RPF-1 and RPF-2 webcourses are currently available. For more information on webcourse topics, instructors and registration, please visit http://www.asppa.org/education/ed_online.htm

2007 Syllabus Changes Announced for ASPPA’s Defined Benefit (DB) Course

by Raymond D. Berry, MSPA
Previously published in the Winter 2007 issue of The ASPPA Journal

ASPPA’s Education and Examination (E&E) Committee is pleased to announce that changes have been made to the syllabus of the Administrative Issues of Defined Benefit Plans course (DB course). The DB course is a requirement for ASPPA’s CPC and QPA credentials. The changes will better serve the educational needs of those in the retirement community preparing to become CPCs and QPAs. The DB examination for this revised course will continue to be offered in both the spring and fall. The new syllabus changes are effective for 2007.

The DB course concentrates on the administrative issues of defined benefit plans. As such, it is geared toward the plan administrator, rather than the plan actuary. The course has been designed to include relevant topics that typical administrators need to know. Certain topics that were considered to be more actuarial in nature have been removed. The DB course remains an intermediate course and builds on the material in the Retirement Plan Fundamentals course, the RPF-1 and -2 examinations, as well as the Defined Contribution Administrative Issues Basic Concepts (DC-1) examination.

Specifically, the following topics have been removed from the syllabus, since they were deemed to be more actuarial than administrative:

• Funding methods
• Financial Accounting Standards (FAS)

The following administrative topics have been added to the syllabus to better prepare administrators for typical tasks performed:

• Qualified Domestic Relations Orders (QDROs)
• Distribution requirements (including retroactive annuity starting dates, required minimum distributions and relative value calculations)
• Participant notifications
• Top 25 employee distribution restrictions

The following topics continue to be included in the syllabus:

• Function of Pension Benefit Guarantee Corporation (PBGC)
• Types of DB benefit formulas
• DB accrual rules
• Calculation of accrued benefits
• Accruals under top heavy plans
• Protected benefits
• Calculation of present value of accrued benefits (PVAB)
• Actuarial equivalence related to alternate benefit forms
• Distribution options
• Hybrid plans: cash balance, pension equity, floor-offset designs
• Post normal retirement age accruals
• Ancillary benefits
• Coverage, participation, nondiscrimination testing (not general testing)
• Nondiscrimination safe harbor formulas
• Permitted disparity rules

ASPPA’s E&E Committee anticipates that this revised DB course will be more relevant to those taking the DB examination and to their employers and, therefore, will make the course of greater value to ASPPA’s membership. For those who want to further their DB studies after this course, additional DB topics are covered in the materials for ASPPA examinations Advanced Retirement Plan Consulting (C-4), Advanced Actuarial Practice (A-4) and the Enrolled Actuary (EA) examinations.

For more information or to register for the DB examination please visit: http://www.asppa.org/education/ed_ed.htm. Take advantage of the early registration deadline for the Spring 2007 examination window (May 14-June 29) by registering today!

2007 Examination Registration

Registration is open, so sign up today if you plan to take an ASPPA examination during the spring examination window. ASPPA’s 2007 spring proctored examination window will be May 14 – June 29. Early registration ends April 13, and the final registration deadline is May 14.To learn more about ASPPA examinations, visit the Education and Examination Web page on the ASPPA Web site at http://www.asppa.org/education/ed_ed.htm or you can visit the online registration page directly at https://router.asppa.org/eseries/scriptcontent/custom/meetingsearch.cfm?MEETING_TYPE=EXAM.

Remember to register early and contact Prometric to schedule your examination appointment immediately after you receive your eligibility e-mail. Please keep in mind that the most preferred spots do generally fill up quickly—particularly for the C-3 and C-4 examinations—so plan to make your appointment as soon as possible after receiving the e-mail from ASPPA.

For candidates taking the PFC-1, PFC-2 and DB examinations, the results from the examinations will be analyzed for statistical integrity and scores will be posted and mailed by September 1, 2007 for the spring examination window and by February 28, 2008 for the fall examination window. Grades will be available online at http://www.asppa.org/education/ed_passlist.htm before hard copies of the grades are mailed. ASPPA’s other multiple-choice, proctored exams, DC-1, DC-2 and DC-3, will continue to provide immediate scores to the candidate upon completion of the examination. The grades from essay examinations, C-3 and C-4, will be sent to candidates approximately eight weeks following the examination.

2007 RPF-1 Examination Revised

ASPPA’s Education and Examination Committee determined that some revisions to the 2007 Retirement Plan Fundamentals Part 1 (RPF-1) Version 1 and Version 2 examinations were necessary for the benefit of examination candidates. ASPPA is dedicated to providing courses that represent the high standard of educational excellence that the Society is known for.

As of March 1, 2007, the revised RPF-1 examinations are available online for download. If you downloaded the RPF-1 examinations prior to March 1, please disregard and download the revised examinations at http://www.asppa.org/education/ed_forms.htm. ASPPA provides the examinations online as pdf documents as a service to candidates so candidates can review the examinations in their entirety before completing and submitting examinations online.

Each RPF examination consists of 75 multiple choice and true/false questions. Upon completion of an RPF examination, candidates receive an immediate score and feedback report. A score of 68 or more out of 75 is a passing score. Please note there are two versions of each examination. If you fail one version, you can register, pay and take the second version in the same calendar year. For example, if you register for RPF-1 version 1 and you fail, you can register and pay for the RPF-1 version 2 examination the same year. Once a candidate completes both RPF examinations (RPF-1 and RPF-2) in the Retirement Plan Fundamentals examination series, he or she will be issued a Retirement Plan Fundamentals certificate.

For additional information on the RPF examinations or to register for the 2007 exams please visit http://www.asppa.org/education/ed_rpf_info.htm.

Impact of the Pension Protection Act of 2006 on ASPPA Education and Examination Programs

ASPPA’s Education and Examination (E&E) Committee will not test on the changes brought about by the Pension Protection Act of 2006 (PPA) in the 2007 courses. Examination questions and study materials that clearly conflict with the new legislation will be excluded from testing in the 2007 program year. Examination questions and study materials related to PPA will be incorporated in the 2008 programs.

ASPPA realizes the importance of current, practical knowledge to its members and other retirement plan professionals. ASPPA conferences, webcasts and other forums will, as always, continue to offer a wealth of opportunities for retirement plan professionals to learn about the latest industry regulations, standards and practices.

The ERISA Outline Book, 2007 Edition

If you haven’t already done so, it’s time to make room on your bookshelf for The ERISA Outline Book, 2007 Edition by Sal L. Tripodi, APM, J.D., LL.M. This year’s edition features a full update for the Pension Protection Act of 2006 (PPA), including commentary, examples and any guidance on PPA issued by the end of 2006. The contents are available in the traditional book format (five volumes and an index) or on a fully searchable CD-ROM. Companies with multiple users should consider purchasing a network license for up to 20 concurrent users. Order your copy today through ASPPA’s online bookstore at http://store.asppa.org.

Call for Nominations for 2007 Educator’s Award

The Education and Examination (E&E) Committee is seeking nominations for ASPPA’s Educator’s Award to recognize and honor outstanding educators.

Submit your nomination of an ASPPA member who has made a significant contribution to pension education (e.g., through instruction, conferences, ASPPA Benefit Councils, promotion of ASPPA's education program or preparation of education materials). For additional information, please visit http://www.asppa.org/forms/ene-nom.htm. Nominations must be submitted by June 1, 2007. Please include a few paragraphs in support of your nomination, including nominee background information.

The recipient of the award will be invited to attend an award presentation ceremony to be held at the 2007 ASPPA Annual Conference. In addition to an Educator’s Award recognition plaque, the recipient will receive complimentary travel to the meeting, one night’s hotel accommodation, ASPPA Annual Conference registration and news coverage articles in The ASPPA Journal and The Candidate Connection.

2006 Educator’s Award Winner – S. Derrin Watson, APM

The 2006 Educator’s Award winner, S. Derrin Watson, APM, has more than 30 years of pension industry experience. He has been involved with qualified plans since 1977 and has maintained a strong focus in the controlled group/affiliated service group arena. He is the leading authority on controlled group, affiliated service group and leased employee issues. In his current position as a consultant and educator for SunGard, LLC, Derrin spends approximately 35 weeks out of the year teaching seminars around the country. In addition to teaching seminars, Derrin frequently speaks at ASPPA and other conferences. His contribution to ASPPA education also includes writing extensively for The ASPPA Journal. Derrin serves as an editorial advisor for the Journal of Pension Benefits and writes the popular Who’s the Employer column for BenefitsLink. Derrin is also the managing partner of the Pension Information eXchange (PIX).

Derrin joins past Educator’s Award recipients: Carol R. Sears, FSPA, CPC in 2005; Lawrence C. Starr, CPC, QPFC in 2004; Gwen S. O’Connell, CPC, QPA in 2003; Joan A. Gucciardi, MSPA, CPC in 2002; Sal L. Tripodi, APM in 2001; Charles J. Klose, FSPA, CPC in 2000; Janice M. Wegesin, CPC, QPA in 1999; David B. Farber, MSPA in 1998; and Cheryl L. Morgan, CPC, QKA in 1997, as a recognized leader in furthering ASPPA’s educational goals.

Benefits of ASPPA Membership

Did you know that you could become an ASPPA member before you complete the requirements for an ASPPA credential? ASPPA offers four categories of membership, including affiliate membership—which is a great choice for those who are currently pursuing, but have not yet earned, an ASPPA credential. ASPPA’s membership includes 6,000+ pension industry professionals across the county. In addition to demonstrating your abilities as a highly skilled and educated professional by completing ASPPA examinations and courses, why not take advantage of the superior levels of advocacy, education and networking afforded by becoming a part of ASPPA’s membership?

ASPPA members receive resources necessary to stay abreast of current regulatory and legislative issues and industry trends. Member benefits include exclusive publications and news services such as The ASPPA Journal and the ASPPA asap; providing essential industry updates, the new online Discussion Forums; a means for members to discuss and exchange technical information, questions and ideas relating to the retirement plan industry, discounts on registration for conferences, webcasts and many ASPPA examinations and study tools; and remarkable networking resources. For additional information regarding the benefits of becoming an ASPPA member, please visit http://www.asppa.org/membership/member_over.htm.

A QPFC Perspective

by Sadie A. Gensler-Hooker, CPC, QPA, QKA, QPFC
Previously published in the Winter 2007 issue of The ASPPA Journal

Probably the best advice I ever received in this business was, “You need to know what you don’t know.” Qualified plans are not rocket science, but there are so many nuances to the rules and regulations. It never seems to fail that once you think you know something, legislation changes or there is a caveat to the rules that you overlooked. For this reason, retirement plan professionals need to continue educating themselves.

As a retirement plan professional who earned ASPPA’s Certified Pension Consultant (CPC) credential a few years ago, I thought I could sit back and just worry about satisfying my continuing education requirements, but like most things in this business, things changed and ASPPA rolled out the new Qualified Plan Financial Consultant (QPFC) credential.

ASPPA’s QPFC credential is designed for those individuals who focus mostly on assisting plan sponsors with investment and fiduciary issues, rather than primarily administrative issues. It requires the passage of four examinations: the two Retirement Plan Fundamentals (RPF-1 and -2) open book examinations and the two proctored Plan Financial Consulting (PFC-1 and -2) examinations, given at Prometric testing centers.

With new opportunities for plan sponsors to provide investment advice to their participants due to the Pension Protection Act of 2006 (PPA), along with the Department of Labor’s (DOL) new qualified default investment alternative guidance and renewed focus on the disclosure of 401(k) investment fees, it is important for retirement plan professionals to have a thorough understanding of their fiduciary responsibilities when consulting with their clients. The QPFC credential offers an excellent opportunity to distinguish yourself from your peers. By satisfying the requirements for this credential, you demonstrate that you have a comprehensive understanding of not only the different investment vehicles offered inside qualified plans, but also the fiduciary responsibility requirements associated with offering them.

I took all of the examinations in the spring of 2006, but for those who do not want to attempt so much in a short time, ASPPA offers a number of different avenues to assist you in studying for this credential. First and foremost, I highly recommend buying the study materials. Even before taking the examinations, during sales presentations with prospects, I was able to utilize some of the things I learned while studying. In addition, ASPPA is hosting a series of webcourses. Another good resource is your local ASPPA Benefits Council (ABC). Some of the local ABCs are offering study groups, and they may be able to get you in contact with others in your area pursuing this credential.

The most important advice I have, though, is to know what you don’t know, take some time to study and review the fundamentals. Don’t let your ego get in the way!

For more information on the examinations that will educate you for the QPFC credential, please visit: http://www.asppa.org/qpfc.htm. For detailed information on the examinations or to register for the examinations, please visit: http://www.asppa.org/education/ed_ed.htm. Register today!

Sadie A. Gensler-Hooker, CPC, QPA, QKA, QPFC, is a managing director, institutional sales for MassMutual Retirement Services and the president of the ASPPA Benefits Council of the Texas Gulf Coast. Throughout her career, she has worked both in the administration and marketing of retirement plans. She is also currently serving on the ASPPA Education and Examination Committee as a Subject Matter Expert and has taught two of the recent PFC-2 webinars. (sgenslerhooker@massmutual.com)

Education and Examination Committee Leadership – Kim L. Szatkowski, CPC, QPA, QKA, Joins E&E

The Education and Examination (E&E) Committee is pleased to announce that Kim L. Szatkowski, CPC, QPA, QKA has joined ASPPA as the new Senior Technical Education Consultant and Co-chair of the E&E Committee. She joins the following ASPPA members in leading the direction of E&E’s educational goals and courses:

Robert L. Long, APM, Co-Chair
Raymond D. Berry, MSPA, Vice-Chair
Shelia Grant Dott, CPC, QPA, Vice-Chair
James J. McKinney, IV, CPC, QPA, QKA, Vice-Chair

Prior to joining ASPPA, Kim was the national sales and marketing director for Actuarial System Corporation (ASC). Kim formerly owned KLS Services, a TPA consulting and pension training firm. Before forming her own company, Kim held a variety of management, plan administration, training, software development and customer service positions at Lebenson Actuarial Services, SunTrust Banks, The Weiss Organization and Financial Data Planning Corporation (FDP).

Kim became an ASPPA member in 1983 and her previous involvement with ASPPA’s E&E Committee includes teaching ASPPA courses and participating in the development of the Daily Valuation exam and study guide initially used for the QKA credential. She currently serves as an Associate Editor of The ASPPA Journal.

As the Senior Technical Education Consultant, Kim will work closely with the other E&E Technical Education Consultants (TECs) and Subject Matter Experts (SMEs) to help manage projects and processes as well as working closely with the Co-chair and Vice-Chairs to further the overall goals of E&E.

ASPPA would like to extend thanks to our dedicated volunteers, SMEs and TECs for their continued commitment to providing quality educational programs for retirement plan professionals. For a complete list of E&E Committee members, please visit: http://www.asppa.org/about/about_comm.htm#Anchor15.

Education Calendar of Classes and Exams

*Please note that when a deadline date falls on a weekend, the official date shall be the first business day following the weekend.

***PLEASE NOTE: Beginning in 2007, the C-3 and the C-4 examinations will only be offered once per year. The C-3 will be offered in the spring and the C-4 in the fall.