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Continuing Education Frequently Asked Questions
Questions
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How many hours of continuing education do I need to maintain my credentials?
How do I earn continuing education credits?
What happens if I become ill or disabled?
What happens if I temporarily leave the work force?
What if my employer does not reimburse me for participation in CE activities?
Do I need to meet continuing education requirements forever?
What subject matter is acceptable for ASPPA continuing education credits?
How do I report my ASPPA CE credits?
Do I submit all my backup material with the CE Program Reporting Form?
What happens if I do not file a timely CE form?
How can my ASPPA CE credits meet other organizations’ CE requirements?
Can I get ASPPA and/or JBEA credit for viewing a webcast or webcast recording?
Answers
1. Who is required to earn CE?
As a professional society, ASPPA recognizes the importance of the continuing professional and educational development of its members. To this end, ASPPA’s Board of Directors voted in favor of a resolution stating that, beginning with the 2001-2002 CE cycle, *all ASPPA credentialed members must comply with ASPPA CE requirements. Previously, ASPPA CE requirements were voluntary, rather than mandatory, for credentialed members who received their credentials prior to 1990. Effective January 1, 2001, all credentialed members, regardless of their credential date, need to accumulate CE for each two-year reporting cycle.
* Effective March 19, 2005, the ASPPA Board passed a resolution establishing a new continuing education requirement for FSPAs and MSPAs to coincide with the requirements and three-year continuing education cycle that the Joint Board for the Enrollment of Actuaries’ currently adheres to.
2. How many hours of continuing education do I need to maintain my credential?
CPCs, QPAs, QKAs, QPFCs and APMs, need forty credit hours during a two-year period measured on a calendar year basis. Credit cycles begin in odd years (2007, 2009, etc.) and end in even years (2008, 2010, etc.).
FSPA and MSPA members satisfy their ASPPA CE requirements by maintaining their Enrolled Actuary status and satisfying the JBEA CE requirements.
3. How do I earn continuing education credits?
There are a variety of interesting and educational ways to meet your CE credit requirement, many of which are outlined below. Keep in mind that topics must cover pension, employee benefits or investment related topics.
A. Attend an educational program sponsored by ASPPA:*
* Check program brochure for exact number of CE credits. Credits shown are for 2005 and are subject to change for 2006 events.
B. Attend the Enrolled Actuaries Meeting ............. 20 credits
C. Attend a non-ASPPA-sponsored seminar or educational program offered by any of the following:
1. A nationally recognized professional society or other nonprofit professional association
2. A college or university
3. An organization or company (other than your own) that provides educational programs and meetings to retirement plan or employee benefits professionals
Programs sponsored by those identified in Item C above must meet the requirements established by ASPPA for a non-ASPPA-sponsored seminar, (For further details, see CE Guidelines.)
Note: CE credits for Item C are based on a one credit per 50 minute credit hour with a maximum of 15 credits per program. Retention of the attendance records and written outlines is the responsibility of the credentialed member.
D. Sit for an ASPPA-sponsored examination (PFC1, PFC2 , DC-1, DC-2, DC-3, DB, C-3, C-4, A-4), that was not previously passed. CE credits awarded will depend upon the score. Credits will be applied to the cycle in which the score is received. Beginning with the 2003-2004 CE cycle, ASPPA exams—including those taken to earn the first designation, may be claimed for credits in the two-year CE cycle in which the grade is issued.
Passing Grade
20 credits
Failing Grade (no less than score of 5)
15 credits
E. Successfully complete the ASPPA-sponsored Pension Administrator’s course (PA-1, PA-2, PA-3).
[Five credits per exam].
Successfully complete the Retirement Plan Fundamentals Course (RPF-1, RPF-2).
[7.5 credits per exam].
F. Serve as a speaker at any professional meeting or program covering acceptable subject matter (as defined in question 10), including an ASPPA qualified in-house training program
[Four credits per 50 minutes speaking time, with a maximum of 10 credits]. Preparation time does not qualify for credit.
G. Serve as a panelist at any professional meeting covering acceptable subject matter as defined in question 10
[1.5 credits per 50 minutes, with a maximum of 10 credits].
H. Publish an article on acceptable subject matter as defined in question 10
[One credit per 50 minutes preparation time; maximum 10 credits per article].
I. Instruct any course sponsored by ASPPA. The CE hours below are for single instructors. Prorate these hours for multiple instructors.
PFC1, PFC2, DC-1, DC-2, DC-3, DB
20 credits
C-3, C-4, EA-1(A)11, EA-1(B)11 , EA-211 Retirement Plan Mathematics ASPPA offers these courses as an educational service for students who wish to sit for examinations which ASPPA cosponsors with the Society of Actuaries and the Joint Board for the Enrollment of Actuaries. In order to preserve the integrity of the examination process, measures are taken by ASPPA to prevent the course instructors from having any access to information which is not available to the general public. Accordingly, the students should understand that there is no advantage to participation in these courses by reason that they are offered by a cosponsor of the examinations.
J. Instruct a course sponsored by a college or university or another professional organization
[Four credits per 50 minutes of instruction; maximum 20 hours per course]. Preparation time does not qualify for credit.
K. Serve as an ASPPA exam subject matter expert (SME), exam writer, reviewer, or pre-tester. Credits will be awarded by the Education and Examination Committee Vice-chair or TEC (credit verification form located in Section III) according to the following guidelines:
[Maximum 15 credits per year].
SME Full Year 15 credits SME Partial Year 7 credits Essay exam grader 5 CE credits Multiple choice exam reviewers and pre-testers 3 CE credits Essay exam reviewers and pre-testers 4 CE credits L. Serve as a full-time member of the ASPPA Education and Examination Committee
[15 credits per year].
M. Successfully complete a non-ASPPA-sponsored self study program covering acceptable subject matter (as defined in question 11) that contains an examination or other procedure by which you demonstrate your mastery of the subject matter to the program sponsor, i.e., a passing grade (for further details, see CE Guidelines). These programs may be offered by any of the following:
1. A nationally recognized professional society or other nonprofit professional association
2. A college or university
3. A commercial vendor
4. A government agencyNote: CE Guidelines for Item M are based on a one credit per 50 minute credit hour with a maximum of 15 credits per program. Retention of the documentation which demonstrates your mastery of the subject matter is the responsibility of the credentialed member.
N. Attend a qualified in-house training program sponsored by the company for which you are either an employee or a representative.
These programs must meet the requirements established by ASPPA for qualified in-house training programs (for further details, see CE Guidelines).
O. Participate in a qualified study group program, including webcasts or other interactive media.
Study group must include at least one ASPPA credentialed member and must meet the requirements established by ASPPA for qualified study group programs (For further details, see CE Guidelines.)
4. Is preapproval available for non-ASPPA-sponsored programs, qualified in-house training programs, qualified study group programs, or non-ASPPA-sponsored self study programs?
There is no pre-approval process. Rather, we ask that the ASPPA member and the sponsoring party comply with the guidelines and requirements set forth in this document. Retention of the attendance records is the responsibility of the credentialed member.
5. Am I exempt from the continuing education credits requirement for the cycle in which I receive my credentials?
No. For the initial cycle in which you are awarded a credential (or in which you are reinstated), you must meet the continuing education requirements on a prorated basis using the following chart
application for credentialed membership approved
continuing education requirements
First six months of the cycle
30 credits
Second six months of the cycle
20 credits
Third six months of the cycle
10 credits
Last six months of the cycle
0 credits
6. I earned my initial credential during the 2005-2006 cycle and am therefore subject to the requirement of 40 CE credits. If I earn an additional credential during the current cycle, am I subject to 40 CE credits based on my first credential or am I subject to the prorated amount of credits based on when I received my second credential within the current cycle?
You will be subject to the 40 CE credit requirement, based on your initial credential.
7. What happens if I become ill or disabled?
In this case, an exemption may be requested. Requests for exemption for reasons such as hardship or disability may be submitted in writing to the ASPPA Membership Department. Each case will be reviewed on an individual basis, considering whether the disability or illness renders you incapable of meeting the continuing education requirements. You may be asked to submit a statement from a licensed physician.
8. What happens if I temporarily leave the work force?
You may request a reduction from your continuing education requirements for a period of up to two cycles if you temporarily leave the work force. Requests for a reduction in CE credits should be made to the ASPPA Membership Department. Include length of and reason for your absence in your request. Credit hours may be waived as follows:
length of absence within cycle |
number of credits waived |
Less than 2 months |
no reduction |
2 months-12 months |
20 |
13 months-24 months |
30 |
9. What if my employer does not reimburse me for participation in CE activities?
Your ASPPA credentials and the CE requirements are your responsibility. There are low-cost alternatives to meeting the CE requirements, such as in-house training programs, study groups, and ASPPA quizzes and webcasts.
10. Do I need to meet continuing education requirements forever?
Once you have reached retirement status from all related employment (age 60 and actively employed less than 500 hours per year), you may request to have your CE requirements waived for the current cycle. Requests for Retired status should be sent in writing to the ASPPA Membership Department. Please provide your eligibility details (age and employment status). CE filing is optional for Retired members.
11. What subject matter is acceptable for ASPPA continuing education credits?
The following list is not intended to be all inclusive. Other subject matter may also be approved. Questions should be directed to the ASPPA Membership Department. As a general rule, all pension-related subjects are acceptable.
Acceptable Subject Matter
Accounting for Retirement Plans Investment Strategies Actuarial Science IRAs and SEPs Auditing Retirement Plans Laws and Regulations Related to Retirement Plans Business Practices of a Pension/Actuarial Firm Nonqualified Retirement Plans Computer Systems for Retirement Plans Participant Advice Diversification Participant Education in Retirement Planning Employee Benefit Planning Pension and Profit Sharing Plans Estate Planning Portfolio Theory Ethics Nonqualified Retirement Plans Financial Planning Retirement Plan Administration Fiduciary Issues and Responsibilities Related Retirement Plan Design to Retirement Plans Retirement Plan Industry Trends Funding of Pension Programs Retirement Plan Rollovers (Annuities, Investments, Insurance) Sarbanes-Oxley Health and Welfare Benefit Plans Series 6 Licensing Investment Analytics Series 7 Licensing Investment Benchmarks Series 65 Licensing Investment Fees State Life or Annuity Insurance Licensing Investment Monitoring Taxation of Distributions Investment Product Alternatives Total Retirement Planning
12. Is the use of audio or video tapes, in lieu of a speaker or instructor, an acceptable way to obtain CE credits?
Yes, as long as you satisfy all other requirements for either qualified study group programs or qualified in-house training programs.
13. Can I get all of my CE credits through participation in qualified study group programs or qualified in-house training programs?
Yes.
14. How do I report my ASPPA CE credits?
Credentialed members may now view their ASPPA-sponsored continuing education credit status for the current CE cycle and submit their CE reporting form through the ASPPA Web site. Log into the Members Only page and then select the CE Reporting Form link.
The ASPPA Continuing Education Guidelines and Forms are mailed to all credentialed members in January of the CE renewal year CE filing year (in even years). Continuing education reporting forms must be received by ASPPA no later than the tenth day of January following the end of the two-year CE cycle.
15. When must this form be filed?
This form, whether electronic or hard copy submission, is due in the ASPPA office by January 10 of the year following the end of the CE cycle. For those mailing in hard copy forms, be sure to allow for sufficient time for the postal delivery process. If this deadline falls on a weekend, forms are due by the Friday preceding the deadline date.
16. Do I submit all my backup material with the CE Program Reporting Form?
No, however retention of the attendance records and written outlines is the responsibility of the credentialed member. These records must be retained for a minimum of four years following the end of the CE cycle and may be requested by ASPPA in the event of an audit.
Credits are calculated using the following formula: One credit for each 50 minutes of instruction; a maximum of 15 credits per program
18. What happens if I do not file a timely CE form?
Your credential(s) will be suspended. If you were unable to file on time because of extenuating circumstances, contact the ASPPA Membership Department.
19. What happens if I fail to complete some or all of the required number of continuing education credits in a cycle?
If you fail to complete some or all of the required number of credits within a continuing education cycle, your ASPPA credentials will be suspended.
The suspension will end upon submission of 40 CE credit hours, payment of a $50 Reinstatement processing fee and approval for reinstatement by ASPPA. The 40 credit hours must be earned with the 24 month period preceding your application to reinstate. If a member is reinstated in this fashion, these reinstatement hours shall not also be credited toward the CE requirements for the cycle in which you apply for reinstatement.
Subsequent to your reinstatement, you will be responsible for earning a prorated amount of CE credits for the cycle in which you are reinstated (in this example, the 2007-2008 cycle). The proration is as follows:
- If reinstatement is granted in the first six months of a cycle, 30 CE credits will be required.
- If reinstatement is granted in the second six months of a cycle, 20 CE credits will be required.
- If reinstatement is granted in the third six months of a cycle, 10 CE credits will be required.
- If reinstatement is granted in the last six months of a cycle, no CE credits will be required.
20. What if a post-cycle audit results in a determination that the CE requirement has not been satisfied?
If some or all of your credit hours are disqualified, you may be reinstated pursuant to the procedures identified in question 19.
Fraudulent misrepresentation of entitlement of your continuing education credits will be referred to the ASPPA Professional Conduct Committee.
21. How can my ASPPA CE credits meet other organizations’ CE requirements?
ASPPA Conference Programs
ASPPA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors for its “grouplive” events (conferences). NASBA has final authority on the acceptance of individual courses for CPE credit. Please refer to the ASPPA Web site for a listing of conferences approved by NASBA for CPE credit.ASPPA conferences are designed to offer Enrolled Actuaries core and non-core JBEA credit hours. Attendance verification is provided to attendees that submit the provided CE forms at the end of each session. The final decision as to applicable credit rests solely with the Joint Board for the Enrollment of Actuaries.
For other CLE, CFP, CPE or state insurance credit, complete the Continuing Education Checklist. The individual requesting the credit is responsible for completing the Checklist and including any filing fees for non-ASPPA organizations that may apply. ASPPA will evaluate the complexity of the filing process and determine whether or not it is feasible for ASPPA to complete the remaining portion of the forms and file them with the governing agency. Contact the ASPPA Conferences Department if you have questions regarding this process.
ASPPA Credentialing Programs
Successfully completed ASPPA examinations have been approved for CFP credit by the CFP Board for the following activities:
Examination CFP Credits RPF-1 & RPF-2 15 credits each DC-1, DC-2, DC-3, DB, PFC-1, PFC-2, C-3 & C-4 20 credits each Credits through PACE have also been approved for ChFC and CLU designations for the successful completion of the RPF-1 & RPF-2 (15 credits each), DC-1, DC-2, DC-3, DB, PFC-1, PFC-2, C-3 & C-4 (20 credits each).
22. Can I get ASPPA and/or JBEA credit for viewing a webcast or webcast recording?
ASPPA webcast presentations are generally 100 minutes in length, and therefore qualify for two ASPPA continuing education credits. To receive JBEA credit for viewing an ASPPA webcast you must:
- Register for the webcast.
- Listen and view the entire webcast.
- Take and successfully complete the webcast quiz within three months of the original presentation date.
Print and retain the online participation certificate provided upon successful completion of the quiz. This certificate must be retained by the webcast registrant and provided to the JBEA at the end of appropriate JBEA CE cycle. There will be a $10 charge for re-issuing of webcast certificates.
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American Society of Pension Professionals &
Actuaries
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© ASPPA 1999-2006. All rights reserved. ASPPA is a non-profit professional society.The materials contained herein are intended for instruction only and are not a substitute for professional advice.