How was your March 15? How is your April 15 going? Are you looking forward to a break in deadlines as the weather gets nicer? My answers are wild, even wilder, and most definitely.
When we last left off, I wrote about the then-upcoming ASEA Actuarial Insights (virtual) Conference. I attended said conference and very much enjoyed being able to replay the sessions for maximum understanding. Two thumbs up for that conference and timely agenda.
Also exciting is the new “Slack” channel that Andrew Benkhe set up for non-work-related discussions among our actuarial group. It’s a way to discuss travel, workouts, music, etc, with the same group of great people who post on the Google Group and help make us technical experts. Reach out to me or Andrew, or look on the Google Gorup for info to join the (non-work) discussions.
Speaking of great people, our President-Elect Charles Brown leads us off with his article on ASEA leadership in 2024 and this year’s goals. An obvious must-read, with the bonus of knowing that I’ve so enjoyed working with Charles on the EA-2L Exam Committee for the last few years. We both made it to the Toronto and Tampa meetings with a few other MSEAs. Fun AND educational, while also offering an opportunity to earn continuing education credits. You can find Charles’ article here: https://www.asppa.org/asea/grateful-asea-and-looking-ahead-2024
I truly hope you know about the ASEA Academy for future actuaries. If only I had this resource as a troubled-youth (slash 20- to 30-something). Sincerely—a terrific idea. Read Allison Wielobob’s article about it here: https://www.asppa.org/asea/asea-academy-here
I can only recommend you read the next article if you want to be an expert in our field. Ted Godbout writes about proposed long-term, part-time employee (LTPTE) rules for 401(k) plans. It’s not my forte, but as I work on combo plans, I have read it more than once already. Interesting and important—and you can find Ted’s article here: https://www.asppa.org/asea/ara-urges-irs-revise-proposed-long-term-part-time-guidance
Last but not least, we actuaries understand that a spouse’s notarized signature is required to approve non-QJSA/QOSA benefit elections.by a retiring participant. In the eight New York state public retirement systems, a participant can elect non-QJSA forms of payment without their spouse’s knowledge or approval. This has left a trail of misery for the widows of participants who elected the life annuity form of payment without their spouse’s input.
The New York State Bar Association (NYSBA) is supporting the Trusts and Estates Law Section recommendation for the Equity for Surviving Spouses Act (ESSA), which would simply make the Joint and 50% survivor form of annuity the standard form, as is already the norm for ERISA-covered DB Plans.
Volunteer work has led me to meet the attorneys of the Trust and Estates Law Section of the NYSBA. They have spent countless volunteer hours in developing and gathering support for ESSA. Read the press release from NYSBA here. https://www.asppa.org/asea/nysba-urges-passage-law-protects-public-employee-pensions-surviving-spouses
Alan
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