ASEA Monthly

By Norman Levinrad 10/12/2016

Hi folks. Are you bored with no work to do? If so, here’s another ACOPA enews for you to read! Bored? Yes, I know, here we are again with the Oct. 17 Form 5500 deadline a few days away, and dealing with the inevitable last-minute clients and filings. Somehow it seems to always be the same clients... READ MORE

Takeover from Prior Actuary

By Richard Kutikoff 10/12/2016

Editor’s note: This is the second of a two-part series on takeovers. Part 1, “Losing a Client to a New Actuary,” explores the best and worst practices in working with the new actuary when you are the old actuary. Part 2 looks at the other side of the coin — the best and worst practices in working... READ MORE

The (Welcome) Revision of the Section 417(e)(3) Regulations

By James E. Holland 10/12/2016

Since the issuance of the final regulations under § 417(e)(3) of the Internal Revenue Code in 1988, practitioners have been critical of the interpretation taken by the IRS in situations where a benefit was being paid partly in single-sum and partly in an annuity form. The IRS has regarded that... READ MORE

Q&A: Jim Holland

By Norman Levinrad 10/12/2016

Many of us first heard of Jim Holland in the 1980s, when he was working at the IRS during the small plan audit program, so I thought Jim would be a good victim for an enews interview.Norm: Jim, thanks for doing this interview. Had you worked in private practice before you started at the IRS, or was... READ MORE

From the Leadership Council

By Kurt Piper 10/12/2016

From Sept. 29 to Oct. 2, Karen Smith, Bill Karbon, Judy Miller and I attended a meeting of the North American Actuarial Council (NAAC), which consists of the presidents and presidents-elect of the five U.S. actuarial organizations, the Canadian Institute of Actuaries (CIA) and the three Mexican... READ MORE

From the Executive Director

By Judy Miller 10/12/2016

Twice in past few months I have had the pleasure of participating in discussions about recent activities of The Actuarial Foundation (TAF) and its plans for the future. Having spent about an hour with the ACOPA Leadership Council (LC) and TAF Executive Director Jason Leppin in August, one might... READ MORE

From the Executive Editor

By Norman Levinrad 9/12/2016

Hi there! I hope you all had a great summer. Being buried in 9/15 deadlines makes it all too easy to forget the time off and trips we took just a few weeks ago. Personally I had a lovely summer. My wife and I took a trip to the UK that included a 7-day self-guided walk in the Cotswolds in England... READ MORE

From the Leadership Council

By Karen Smith 9/12/2016

Judy Miller has written an excellent article about what the ACOPA LC has been up to, so I wanted to take this opportunity as my term as ACOPA President is beginning to wind down to make the case on a personal cause of mine. Maybe I have been hanging out with my Millennial employees too much, but I... READ MORE

From the Executive Director

By Judy Miller 9/12/2016

Since the last issue, we had a very successful ACOPA Symposium in early August. A big thank you to the committee. Sara DeFillipo (chair), Ray Berry and Drew Forgrave put together a great event. Discussion was very lively, and time went by quickly. If you haven't attended an ACOPA Symposium, plan on... READ MORE

Losing a Client to a New Actuary

By Richard Kutikoff 9/12/2016

Editor’s note: This is the first of a two-part article about the best and worst practices in working with the new actuary when you are the old actuary. Part 2 will appear in the October ACOPA Monthly.It’s Friday at 4:59 p.m. and you see the following email from your client: "Dear Mr. Actuary: You... READ MORE

Q&A: Bela Palli

By Norman Levinrad 9/12/2016

This month’s Q&A features Ms. Bela Palli, the manager of the Standard Termination Compliance Division at the Pension Benefit Guaranty Corporation (PBGC).Norm: What’s your position at PBGC and how long have you been there? Do you have any private sector experience? If so, what was it?Bela: I... READ MORE

Are All Actuaries Nerds?

By Norman Levinrad 9/12/2016

There is a perception that actuaries are a boring, nerdy bunch. But I know some of you have pretty cool hobbies, and there’s nothing people with hobbies enjoy more than talking about their hobbies (as anyone who I have corralled to talk about motorcycles knows full well). So are all actuaries nerds... READ MORE

From the Executive Editor

By Norman Levinrad 6/17/2016

Hi there, fellow ACOPA members. Did you know we are so famous that an entire continental soccer championship is named after us? Like me, I am sure you are all totally engrossed in watching COPA Sudamerica Centenario. It’s the 100th anniversary of this tournament and is being held here in the U.S.... READ MORE

The Story of Michael

By Rick Block 6/17/2016

Michael is an Enrolled Actuary and an MSPA. One day, Michael receives a phone call from a local divorce attorney. The attorney is looking for an actuary to value retirement benefits in a divorce action. Currently, Michael limits his practice to certifications on Schedules MB and SB, PBGC Form 1... READ MORE

Calculating Generational Mortality Rates

By Daveyne Totten 6/17/2016

The idea of using generational mortality rates for valuing pension benefits has been gaining traction in recent years. Many large plans are already using 2-dimensional mortality improvement scales for purposes of FASB accounting, and the IRS appears to be considering including a 2-dimensional... READ MORE

Q&A: Janice Wegesin

By Norman Levinrad 6/17/2016

I am sure many of you regularly use the 5500 Preparer’s Manual in your practice. Recently I interviewed its author, Janice Wegesin. Here’s the interview. Norm: Janice, thanks for doing this interview. You’re well known in the profession for your expertise in Form 5500 and many of us have had your... READ MORE

From the Executive Director

By Judy Miller 6/17/2016

Karen, Kurt and I wrapped up an American Retirement Association Government Affairs Committee (GAC) meeting June 14 with visits with staff of the committees of jurisdiction on Capitol Hill. Presidents and Presidents-Elect of ARA and other membership divisions were also in the Hill contingent. (For... READ MORE

ACOPA Leadership Council Update

By Karen Smith 6/17/2016

Earlier this month, ACOPA members were emailed information about two changes to the ACOPA Operating Principles (OP). In July, ACOPA members will have an opportunity to vote on these changes. I recommend that membership approve the changes.The first set of OP changes are related to the disciplinary... READ MORE

From the Executive Editor

By Norman Levinrad 5/17/2016

Hi there ACOPeeps, I hope you are all enjoying springtime – the sunshine, the flowers, the birds, the pollen, the severe allergies, and the catch-up work on all the stuff you put aside the last few months. Two weeks ago I was in my truck for six hours (each way) with my friend Thomas. Thomas is a... READ MORE

Otherwise Excludable Employees and Entry Dates

By Lynn Young 5/17/2016

In a recent Chief Counsel Advice Memorandum, the IRS responded to a request regarding the application of the “otherwise excludable employees” for purposes of coverage testing. Specifically the request was whether it was permissible to apply the maximum statutory requirements to determine the... READ MORE

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