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ASEA Monthly

Tom Finnegan, the inaugural President of the American Retirement Association (ARA), passing in August has left ASEA members to reflect on his unparalleled contributions to our industry. Finnegan was a leader, cherished friend, and colleague to many within the ARA and the broader industry. Finnegan... READ MORE
Given that we are in the midst of what I tell everyone is an intense deadline, I will keep my introduction to the articles brief so we can get back to Forms 5500. Our first article is from Robert Mitchell of the Benefit Consulting Group, and concerns disaster delays. Quite a few of us were on the... READ MORE
The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.  Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms... READ MORE
So many factors are in play in running a practice and serving clients—and mental health is  fundamental to doing both effectively.  In “‘Holding’ Pattern: Is Mental Health Holding You Back?,” a session at the 2023 NTSA Summit, Eric Jenkins, LCSW/Therapist at Willow Pines Therapeutic Services,... READ MORE
“I analyze risk for a living. It’s my job to worry.” So said Ben Stiller’s character, Rueben Feffer, in the 2004 movie, “Along Came Polly.” If you are like me, you get this question all the time when you tell people you are an actuary. Without going into a lot of detail, I usually answer this... READ MORE
My previous article examined the Internal Revenue Code (IRC) Section 404(a)(7) combined deduction limit. In addition to Section 404(a)(7), self-employed individuals also are subject to the limits of IRC Section 404(a)(8). (Editor's Note: The previous article, "404(a)(7) Deduction Limit Deep Dive,"... READ MORE
As some of us gather at our first conference since the pandemic, there is excitement in the air for this week’s Symposium. The biggest question we face…will flights leave on time coming and going? I had to drive to the EA-2L Exam Writers Committee Meeting in Toronto after my flight was cancelled.... READ MORE
Until recently, ERISA seldom appeared in national headlines—let alone the Speaker of the House making an Instagram video about it. But many Members of Congress have proclaimed that the new Department of Labor (DOL) prudence regulation allows investment managers for ERISA plans to “push a political... READ MORE
Based on a posting I made to the ASEA Google Group concerning IRS determination letters (DL), a suggestion was received to write an article reviewing some of the history and current reasons one may apply for a DL today. When I began my pension career in 1970 at Penn Mutual Life Insurance Company... READ MORE
As part of the 1,653 pages of the Consolidated Appropriations Act, 2023 we got, from pages 817 through 946, the SECURE 2.0 Act of 2022. Here we review aspects of this new pension law impacting me and my clients starting with the death blow to ADP testing as practiced when these 401(k) plans... READ MORE
Hope your summer is off to a fun start. The end of June and beginning of July period truly feels like my one break during the busy year, even as the storm of September is on the horizon. First up this month, the ASEA Monthly staff presents its write-up of David Kupstas’ recent presentation—I  the... READ MORE
While there’s a multitude of ASEA Membership benefits, one of the most impactful for your career is the ability to get involved in your organization. Volunteering with one of the ASEA committees can connect you with your fellow actuaries in ways you may never have experienced otherwise.  And if you... READ MORE
Why does it seem that so many in the actuarial field are into distance running?  Is it that we like challenges?  Is it that, as one of my coworkers suggested, we just like suffering?  Everyone’s story is different.  I got into running a few years ago through my husband, Nick, who is an avid runner... READ MORE
The combined deduction limit for defined benefit (DB) and defined contribution (DC) plans has always been a source of confusion for me. Sure, I understand the basics: when the DB plan is PBGC-covered, a deductible contribution of up to 25% of compensation may be made to the DC plan, while up to the... READ MORE
Happy Summer ASEA!   The fourth issue in four months is here! Thank you to Elizabeth, Joey, David, and the writers!  Elizabeth did double (or more likely octo) duty this month. She provided this article about various volunteer opportunities. I hope someone is inspired to get more involved with... READ MORE
On Wednesday, June 7, the American Retirement Association's pension guru Kelsey Mayo and I hosted a webcast to give our pension actuary members an update on our legislative advocacy efforts so far in 2023 and give a preview of what is in store for the future. Even though the second major... READ MORE
Greetings from the rearview mirror! One of the last actions in my term as president was to present a change in the operating principles.  In December 2022, I alerted the membership to a proposed change to the operating principles regarding the election of the Executive Vice President. The vote was... READ MORE
At the end of the plan year, some of our small cash balance (CB) and traditional defined benefit (DB) clients will contact us wanting to know what “the” contribution is for the previous year, as though there was a single option for what they are required to put in.  In fact, there is not one... READ MORE
In recent years there has been a lot of discussion around the topic of Imposter Syndrome. Initially called the “Imposter Phenomenon” in the 1970s by Pauline Rose Clance and Suzanne Imes, “an internal experience of intellectual phoniness” and the fear of it being exposed, was once believed to be a... READ MORE
Hello ASEA!! We had our first nice weekend in New York in two months, and I’m heading out for a week away — so it’s all good spirits here. Our third issue in three months! Big thanks especially to Elizabeth Duda, as well as Joey Santos-Jones and David Kupstas. Let’s also give it up for David... READ MORE

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