The Candidate Connection

Vol. 15 Number 1 April 2008

>2008 Examinations
>Early Registration Deadline for Spring Exams is April 17
>C-3 and C-4 2008 Exam Schedule
>2008 RPF Courses: December 15 (Midnight, EST) Exam Deadline
>ASPPA Exam Policies: Postponement, Transfer and Cancellation
>ASPPA Exam Procedures: Confirmation E-mails and Prometric Testing Procedures
>Supplementary Study Tools – Webcourses and Practice Exams
>The ERISA Outline Book, 2008 Edition – Now Available
>ASPPA Enrolled Actuary (EA) Fall EA-2A Review Courses
>Academic and Continuing Education Credit for ASPPA Exams
>ASPPA Exams Approved for CFP, ChFC and CLU Credit
>ASPPA CE Credit for ASPPA Examinations
>ASPPA Examinations May Earn You College Credit
>2009 Education and Examination (E&E) Program Changes
>Call for Nominations for 2008 Educator’s Award
>Benefits of ASPPA Membership
>Education Calendar of Classes and Exams
>Stay In Touch

2008 Examinations

Early Registration Deadline for Spring Exams is April 17

Registration is open, so sign up today if you plan to take an ASPPA examination during the spring examination window. ASPPA’s 2008 spring proctored examination window will be May 15 – June 27. Early registration ends April 17, and the final registration deadline is May 14. To learn more about ASPPA examinations, visit the Education and Examination Web page or you can visit the online registration page directly.

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 examination—so plan to make your appointment as soon as possible after receiving your eligibility e-mail from ASPPA.

C-3 and C-4 2008 Exam Schedule

ASPPA’s Financial and Fiduciary Aspects of Qualified Plans (C-3) examination will be offered on May 21 during the spring examination window, and the Advanced Retirement Plan Consulting (C-4) examination will be offered on November 13 during the fall examination window. Essay examination results will be mailed to candidates approximately eight to ten weeks after the examination date. A list of passing candidates will be posted on the ASPPA Web site just prior to hardcopies of the examination grades being mailed. ASPPA does not release grades by phone or fax. Grades are not released to anyone other than the candidate unless the candidate requests a Grade Release Form from ASPPA.

Please visit the Education FAQ page to view answers to candidates’ questions on the upcoming program enhancements and changes to the CPC program in 2009. A free informational recorded webcast is also available for review until July 31, 2008. Simply register online for the free webcast. Please also take a moment to review important information at http://www.asppa.org/education/ed_ed.htm.

2008 RPF Courses: December 15 (Midnight, EST) Exam Deadline

Course Materials

New in 2008: Candidates can purchase either an electronic PDF or printed copy of the Retirement Plan Fundamentals Course Parts 1 and 2. The RPF course set, however is only available in electronic format. These study materials may be ordered through ASPPA’s online bookstore at http://store.asppa.org.

When purchasing the course in PDF format, you will receive an e-mail within two to three days after your payment has been verified. The e-mail will contain log-in information and a link to download the course. Please note that this log-in information is only valid for 30 days, so be sure to download the material right away. We recommend that you save the file(s) to your computer.

For those who order the course in print, orders will be shipped according to the customer’s shipping preference selected. Expedited shipping is available by contacting the ASPPA Book Order Department at 301.645.8001.

Exams and Submission Deadline

The 2008 RPF exams must be submitted online by December 15, 2008 (Midnight, EST). The RPF examinations are available online as PDF documents so that you can download the exam and review before taking online. The non-refundable registration fee for each RPF exam is $160. Register online for an RPF-1 or RPF-2 exam or download the RPF registration form and send via mail or fax to 703.516.9308.

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 do not pass, you can register and pay for the RPF-1 version 2 examination the same year. Once a candidate passes both examinations (RPF-1 and RPF-2) in the Retirement Plan Fundamentals examination series, he or she will be issued a Retirement Plan Fundamentals certificate within approximately four to six weeks.

Candidates can earn 7.5 ASPPA continuing education credits upon successful completion of an RPF exam. For additional information on the RPF examinations or to register for the 2008 exams please visit http://www.asppa.org/education/ed_rpf_info.htm.

ASPPA Exam Policies: Postponement, Transfer and Cancellation

With the spring 2008 examination window approaching, below are some important reminders about ASPPA examination policies. This information, along with additional reminders, can also be found on the Candidate Corner section of the ASPPA Web site and in the 2008 Education & Professional Development Program Catalog.

Postponement Policy
If a candidate is unable to take an examination within the scheduled window, it may be postponed to a future window. The candidate must submit the Examination Postponement Form to ASPPA by the postponement deadline. The postponement fee is $125.

A candidate who does not sit for a scheduled examination with Prometric during the window that he/she registered for must cancel the appointment with Prometric (within 48 hours of the scheduled examination – otherwise it is considered a late cancellation) and submit an Examination Postponement Form to ASPPA. ASPPA will charge a candidate a no-show/late cancellation fee of $75 for a proctored multiple choice exam and $84 for a proctored essay exam when a candidate fails to cancel an appointment with Prometric. The fee will be charged approximately three to four weeks after the exam windows closes.

A candidate who does not submit an Examination Postponement Form by the deadline date forfeits the examination registration fee. The postponement form and fee must be received by ASPPA on or before the postponement deadline. The postmark date is irrelevant. If it is necessary to postpone an examination, note that the study materials purchased in preparation for the examination may not be the current study materials for examinations in a different calendar year.

Spring 2008 Exam Postponement Deadlines:

May 15 – June 27	DB, DC-1, DC-2, DC-3, PFC-1, PFC-2 spring examination window
May 15	Postponement deadline for C-3 examination
May 21	C-3 examination
June 13	Postponement deadline for DC-1, DC-2, DC-3, DB, PFC-1, PFC-2 spring examinations

Please refer to the Education Calendar for Fall 2008 examination postponement deadlines and other important dates.

Refund and Transfer Policy
Fees for examinations and postponements are non-refundable. The right to sit for an ASPPA examination belongs exclusively to the person named on the examination registration form. That person may transfer the right to someone else; however, the transfer must be in writing and must be received no later than the final registration date.

Cancellation Policy
If a candidate is unable to take an examination, the exam must be postponed or transferred to another candidate. ASPPA exams cannot be refunded. ASPPA reserves the right to cancel a candidate’s exam. Prior notification will be sent via e-mail and followed with a letter via mail.

ASPPA Exam Procedures: Confirmation E-mails and Prometric Testing Procedures

ASPPA Exam Procedures: Confirmation E-mails and Prometric Testing Procedures Below are some important reminders about ASPPA examination procedures when testing. This information, along with additional reminders, can also be found on the Candidate Corner section of the ASPPA Web site and in the 2008 Education & Professional Development Program Catalog.

Examination Confirmation E-mails
Candidates who register online for exams will receive an automatic response confirming registration and the receipt and processing of full payment. Approximately six to eight weeks prior to the beginning of the exam cycle, DC-1, DC-2, DC-3, DB, PFC-1, PFC-2, C-3 and C-4 exam candidates will receive a formal “eligibility” confirmation e-mail containing all the information a candidate needs to schedule an appointment at a Prometric testing center as soon as possible. It is up to the candidate to schedule an appointment. ASPPA cannot assist with scheduling. Eligibility e-mails for the spring exam window will be sent on a weekly basis starting the first week of March.

Prometric Testing Center Procedures
Change of Testing Center or Date/Time of Examination
If a candidate needs to change the date, time or location of a scheduled examination within the same testing window, he/she must contact Prometric directly, by telephone or at www.prometric.com/ASPPA, within 48 hours of the scheduled examination. The ASPPA staff cannot assist with this process. If a candidate needs to change the date of a scheduled examination to another testing window, he/she must cancel the scheduled appointment with Prometric and submit an Examination Postponement Form to ASPPA by the postponement deadline. A candidate who does not cancel a scheduled Prometric appointment directly with Prometric and does not submit an Examination Postponement Form to ASPPA by the deadline forfeits the examination fee and will be charged a no-show/late cancellation fee if they do not cancel his/her appointment with Prometric.

Forms of Identification
Examinee must present one form of ID bearing both phone and signature. Acceptable forms of ID include:

Driver’s license
Military ID
Passport

• Photo must look like the examinee.
• Signature on ID must match the Daily Test Taker Roster.
• Form of ID must be valid.
• Candidates name on ID must identically match Prometric’s system. Common discrepancies: spelling, candidates who go by a middle name, recently married or divorced candidates.

Information provided to Prometric is the same information that the candidate provided to ASPPA. If any of your information has changed and does not match your ID, please contact ASPPA at educasppa@asppa.org.

Late Arrival
Candidates are permitted to enter the examination room as much as 30 minutes after the scheduled examination start time. After 30 minutes, no candidates will be permitted to enter the examination room. All candidates must finish the examination by the required ending time, regardless of the time they begin. If, due to inclement weather, an examination testing site closes on the day of the examination, the candidate can postpone the exam until the next cycle. To maintain the integrity of ASPPA’s examination program, examinations are given only on the dates scheduled.

Failure to Appear
If a candidate fails to appear for an ASPPA examination, the entire examination fee will be forfeited, postponement will not be allowed and the candidate is subject to a no-show/late cancellation fee.

Special Requirements
It is ASPPA’s intent to accommodate candidates who have physical, visual, hearing or other special needs. Specify any accommodations you require on the examination registration form (or contact ASPPA if you are registering online) and notify the Prometric testing center when scheduling your examination appointment.

If you have any questions regarding ASPPA’s exam policies or procedures, please e-mail the Education Services department at educasppa@asppa.org.

Supplementary Study Tools – Webcourses and Practice Exams

Practice Exams
Practice exams developed in 2007 are available to assist candidates preparing for the DC-1, DC-2, DC-3, DB, PFC-1 and PFC-2 examinations. These practice exams contain a representative pool of items candidates can expect to see on the corresponding ASPPA examination. Please note that these practice exams do not reflect the PPA revisions that have been made for the 2008 course year. Candidates are encouraged to refer to exam syllabi to guide their exam preparation.

Webcourses
DC-1, DC-2, PFC-1 and PFC-2 exam candidates can benefit from webcourses developed in 2007 to prepare for ASPPA’s respective examinations. Each webcourse consists of six sessions, each of which is approximately one hour in length and 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 are not available for separate registration. Please note that these webcourses do not reflect the PPA revisions that have been made for the 2008 course year. Candidates are encouraged to refer to exam syllabi to guide their exam preparation. For more information on webcourse topics, instructors and registration, please visit http://www.asppa.org/education/ed_online.htm. Corporate registration also available.

The ERISA Outline Book, 2008 Edition – Now Available

The ERISA Outline Book, 2008 Edition by Sal L. Tripodi, APM, J.D., LL.M. is available for purchase through the ASPPA bookstore at http://store.asppa.org. Features of this year’s edition include:

• Interim and discretionary amendment guidance, including guidelines for adopting PPA 2006 amendments.
• Final regulations on IRC §415 limits, 403(b) plans, QDIAs, Roth 401(k) and IRC §409A.
• Automatic enrollment guidance, including rules for qualified automatic contribution arrangements (QACAs) and eligible automatic contribution arrangements (EACAs).
• New rules under IRC §417(e), latest guidance on cash balance plans, PPA funding rules and on benefit restrictions under new IRC §436.
• Revisions to the Form 5500 series and the determination letter procedures.
• Information on hundreds of new cases, rulings and general guidance from the courts, Treasury, IRS, DOL and PBGC.

The contents are available in the traditional book format (five volumes and an index) or in CD format. Single-user CDs are available for Windows 2000, XP and Vista operating systems. Macintosh-compatible single-user CDs are also available for purchase. Please be sure to select the product compatible with your computer system when ordering. Companies with multiple users should consider purchasing a network license, which accommodates up to 20 concurrent users.

This year’s CD editions differ from the PDF format used in previous years. The 2008 edition will rely on an HTML format with advanced search capabilities and increased anticipated compatibility with various computer systems.

Order your copy today through ASPPA’s online bookstore at http://store.asppa.org.

ASPPA Enrolled Actuary (EA) Fall EA-2A Review Courses

The Joint Board for the Enrollment of Actuaries (JBEA) administers two actuarial examinations that must be successfully completed by individuals to satisfy the actuarial knowledge requirement for the designation of Enrolled Actuary. These examinations are co-sponsored by ASPPA, the Society of Actuaries and the Joint Board for the Enrollment of Actuaries. ASPPA offers review courses to assist candidates in preparing for these examinations. The EA-1 and the EA-2 (Segment B) examinations are given each May; the EA-2 (Segment A) examination is given each November.

In preparation for the EA-2A examination this fall, ASPPA is once again offering weekend review courses for the examination. The four-day EA-2A courses are scheduled for August 22-25, 2008 in Washington, DC and October 3-6, 2008 in Chicago, IL. Early registration ends July 31, 2008.

Each student enrolled in an ASPPA EA review course receives Web access to a set of handouts, including practice problems and solutions to be worked prior to the course. The syllabus, suggested readings and other information regarding the EA examinations are included in the program.

Course participants are expected to have completed 150 hours of study time in preparation for the course. Preparation coverage should include, but is not limited to, the materials listed on the EA-2A reading lists.

The EA courses will be taught by David Farber, MSPA, EA, ASA. For more than 20 years, David has received excellent reviews for the EA preparatory and actuarial primer courses he teaches. David earned his BA in Mathematics from the University of California at Santa Cruz in 1976, his California mathematics teaching credential from the University of California in Los Angeles in 1977, and has been an Enrolled Actuary since 1982. David has been an Associate of the Society of Actuaries since 1980 and a member of ASPPA since 1985. He is a frequent speaker at ASPPA conferences and seminars, and served as ASPPA’s director of technical education from October 1995 to December 1996.

Tuition for EA-2A is $1,175 for early registration and $1,250 for regular registration. Remember, early registration ends July 31, 2008.

For more information on the EA examinations, please visit http://www.asppa.org/education/ea_exams.htm.

Academic and Continuing Education Credit for ASPPA Exams

ASPPA emphasizes the importance of the continuing professional and educational development of its members. ASPPA also recognizes the importance of providing educational opportunities to earn continuing education (CE) credit for other designations.

Below is a list of educational opportunities to earn ASPPA and non-ASPPA continuing education credits with ASPPA examinations. For information on all opportunities to earn ASPPA continuing education credits, please visit http://www.asppa.org/education/ed_conted.htm.

ASPPA Exams Approved for CFP, ChFC and CLU Credit

Successfully completed ASPPA examinations have been approved for Certified Financial Planner (CFP) credit by the CFP Board. Credits through PACE have also been approved for Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) designations for the successful completion of the following activities:

CFP® certificants must complete the CFP Candidate Reporting Sheet in its entirety and submit to ASPPA at educasppa@asppa.org after successful completion of an examination. ASPPA will report CFP CE hours electronically to the CFP Board. Please refer to the ASPPA Web site for additional details and to download the CFP Candidate Reporting Sheet.

For additional information on the CFP designation, reporting and earning CE, please refer to the CFP Web site. The ChFC and CLU designations are designations awarded by The American College.

ASPPA CE Credit for ASPPA Examinations

A candidate can receive ASPPA CE credit for the following ASPPA activities:

• Receive a score of 7, 8 or 9 on any PFC-1, PFC-2, DC-1, DC-2, DC-3, DB, C-3, C-4 or A-4 examination, or a passing grade on the A-1 (EA-1), A-2 (EA-2A) or A-3 (EA-2B) exams, not previously passed (20 credits/examination). Self-study time for these exams cannot be used for additional CE credit. Credits will be applied to the cycle in which you receive your grade.
• Receive a score of 5 or 6 on any PFC-1, PFC-2, DC-1, DC-2, DC-3, DB, C-3, C-4 or A-4 examination or a score of 5 on the A-1 (EA-1), A-2 (EA-2A) or A-3 (EA-2B) examinations, not previously passed (15 credits/examination). Self-study time for these exams cannot be used for additional CE credit. Credits will be applied to the cycle in which you receive your grade.
• Successful completion of the Retirement Plan Fundamentals Course, RPF-1 and RPF-2 (7.5 credits per exam).

ASPPA exams, including those taken to earn a first credential, may be claimed for credits in the two-year CE cycle in which the grade is issued. Please refer to the ASPPA Continuing Education Guidelines for requirements and reporting.

ASPPA Examinations May Earn You College Credit

Effective November 2004, most ASPPA examinations were awarded college credit recommendations from the American Council on Education (ACE). What does this mean for you? If you pass an ASPPA examination, you may earn college credit for that examination. Twelve ASPPA exams received college credit recommendations totaling 15 semester hours in the upper division baccalaureate degree category and three semester hours in the lower division baccalaureate/associate degree category. The examinations awarded credit recommendations are: PA-1, PA-2, PA-3, DC-1, DC-2, DC-3, DB, C-3, C-4 and A-4. The C-1 and C-2(DC) examinations, which existed before the January 2004 restructuring, have also been awarded credit recommendations. Candidates may receive academic credit for any of these exams retroactively for ten years (valid for exams listed and taken after 1994).

Candidates must note that the credits awarded to ASPPA exams are recommended credits. Institutions are not required to grant a candidate the credit recommended by ACE, nor are they limited to granting only the stated credit recommendations.

The Adult Learners page of the ACE Web site provides a list of cooperating colleges and universities. The institutions on this list generally accept the ACE college credit recommendations.

For more information about specific college credit recommendations for ASPPA exams or for transcript information, visit the ASPPA Web site or contact the Education Services Department by e-mail at educasppa@asppa.org. For more information on ACE, visit http://www.acenet.edu.

2009 Education and Examination (E&E) Program Changes

For more than 40 years, ASPPA has been the premier educator for retirement plan professionals. This requires periodic review of courses and credentials to be certain we are serving the needs of our members along with the industry as a whole. Outside market forces also influence our direction, as they should.

Beginning in 2009, we are pleased to announce some new and exciting enhancements to ASPPA’s educational programs. These changes are the result of two primary factors:

• Introduction of the IRS’ Enrolled Retirement Plan Agent (ERPA) designation; and
• Our desire to refresh and revitalize the Certified Pension Consultant (CPC) program.

See http://www.asppa.org/education/ed_faq.htm for an explanation of the 2009 program changes that were approved by ASPPA’s Board of Directors at their October 2007 meeting.

Whether you are in the process of taking exams to attain a credential, considering taking your first exam, or an existing credentialed member, we recognize the impact these changes will have and appreciate the fact there will be short-term transitional issues. Please rest assured these changes are being implemented only after careful consideration of their long-term benefits.

For those affected by the short-term transitional issues, it’s important to recognize that there is ample opportunity in 2008 to attain the CPC credential under the existing requirements. It’s also important to recognize that the changes being introduced provide flexibility so future curriculum adjustments can be made more easily.

ASPPA’s leadership and the Education and Examination (E&E) Committee are very excited about these changes, and are confident that they will enhance existing ASPPA credentials and further our goal to remain the premier educator in the retirement plan industry.

Free Informational Recorded Webcast on the 2009 &&E Program Changes
Register for and listen to the free informational recorded webcast, originally presented on January 30 by ASPPA’s President, Sal L. Tripodi, APM, ASPPA’s CEO/Executive Director, Brian H. Graff, Esq., APM, and the E&E Committee’s Co-chair, Robert L. Long, APM. The recorded webcast is available until July 31, 2008. Register online for the free recorded webcast today!

Call for Nominations for 2008 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.html. Nominations must be submitted by June 1, 2008. 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 2008 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, a complementary registration to the 2008 ASPPA Annual Conference and news coverage articles in The ASPPA Journal and The Candidate Connection.

Benefits of ASPPA Membership

Did you know that you could become an ASPPA member before you complete the requirements for an ASPPA credential, and that becoming an ASPPA member entitles you to discounts on many of the examinations and study tools? 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 more than 6,500 pension industry professionals across the country. 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; essential industry updates; 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 and webcasts; 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.

If you have any questions regarding the benefits of becoming an ASPPA member or upgrading your membership status, please contact the ASPPA Membership department at 703.516.9300 or members@asppa.org.

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. All registration and postponement forms and payment must be in the ASPPA office by the deadline dates.

Stay In Touch

We need your help. Please don’t forget to update your contact information if you move, accept a new job or simply change your e-mail address. It is quick and easy to update your contact information by logging into your online account on the ASPPA Web site. Keeping your information current ensures that we can communicate important examination and educational updates to you—whether we’re announcing an important change in policy or reminding you of examination deadlines. We want you to have the information you need to pursue your professional development goals, so please remember to let us know if your contact information changes. Questions? E-mail educasppa@asppa.org.