ASEA Monthly

This decade is a big one for 50th anniversaries and celebrations. In 2015, the Grateful Dead celebrated their 50th anniversary with concerts in California and Chicago. In 2017, my high school classmates will celebrate their 50th birthdays (Go Ward Melville Patriots!). But 2016’s biggest 50th... READ MORE

Hi there and Happy New Year. I woke up this morning hoping I’d won the $1.5 billion Powerball, but unfortunately I hadn’t — apparently three other people will instead share my winnings. But then I realized that the way I live compared to most people in the world is already like winning the lottery... READ MORE

As previously indicated in Part 1 of this article, the suspension of benefits process can be very complicated. A phrase we often hear, “It depends on the specific set of facts and circumstances,” is very much applicable in applying the suspension of benefits rules. A variety of situations can arise... READ MORE

The Internal Revenue Service (IRS) has announced the end of the determination letter program as we know it. Beginning Jan. 1, 2017, the IRS will no longer accept determination letter applications based on the 5-year remedial amendment cycle (see IRS Announcement 2015-19). Plan sponsors with EINs... READ MORE

In December 2015, Judy Miller, Kurt Piper, Lynn Young and I went to Scottsdale, Ariz. to attend several actuarial inter-societal meetings.First, there was a meeting of the Council of U.S. Presidents (CUSP) meeting. CUSP used to be a committee of the American Academy of Actuaries and is currently an... READ MORE

What is “Suspension of Benefits”? The purpose of this post is to provide an overview of the rules as they apply to the suspension of benefits and to the adjustment of benefits not received during the suspension period as it relates to defined benefit plans. (To read Part 2, click here.) It is not... READ MORE

One of ACOPA’s responsibilities is to present the views of our membership to regulators and other relevant bodies. Last month I wrote about legislative proposals, and the success we (ASPPA/ACOPA, and now ARA) have had getting Congress to take our proposals seriously. Of course, getting our... READ MORE

In September 2015, more than seven years after issuing proposed rules, the IRS issued final rules under IRC §430. This article will describe the changes and additions made by the final rules. Note: This is Part 2 of a two-part article. Part 1 appeared in the November ACOPA Monthly.  Timing and... READ MORE

Assume you are the enrolled actuary for a traditional calendar year defined benefit plan sponsored by a small employer. The owner of the business generates about 90% of the firm’s revenue and his benefit from the plan represents about 95% of the total benefit liabilities for the plan. The employer... READ MORE