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ASEA Monthly
Note: This is Part 1 of a two-part article. Part 2 appears in the December ACOPA Monthly.
In September, more than seven years after issuing proposed rules, the IRS issued final rules under IRC §430 that address how to:
determine the minimum required contribution (MRC);
determine quarterly...
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In preparing for this October edition I learned how hard it is to get people to write articles with an October 15 deadline… for the life of me I don’t understand why that’s the case! Despite everyone’s busy work schedules, I did manage to gather some interesting content for this newsletter. If you...
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As pension actuaries, among the challenges we face for our larger clients is providing the needed information for compliance with Accounting Standards Codification Section 715 (“ASC 715”) – formerly known as Statement of Financial Accounting Standards Nos. 87/88/158. This section of the Accounting...
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The first big problem in being on the losing or (alleged) winning side of a takeover plan is money. Sometimes the client owes the prior actuary money and doesn’t intend to pay and yet still needs information or documents from the prior actuary. From The ARA Code of Conduct:“When a Principal has...
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Whether you work with multiemployer pension plans or not, it’s worth taking a little time to learn about what has been happening over the past few years. In February 2013, the National Coordinating Committee for Multiemployer Plans published “Solutions not Bailouts: A Comprehensive Plan from...
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Hi there. I am writing this on September 15, so you all know my mental state. But the craziness is over, at least for five seconds until I shift my attention to the September 30 AFTAP certification deadline. I personally had a great summer, despite the hectic last few weeks, and I hope you all did...
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On July 9, 2015, the IRS issued Notice 2015-49, which states that the Treasury Department and the IRS intend to amend the required minimum distribution rules under IRC §401(a)(9) to address the use of lump sum payments to replace annuity payments being paid by a qualified defined benefit pension...
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The 2015 ACOPA Actuarial Symposium was held on August 7-8 at the Sheraton Chicago Hotel and Towers in the heart of the Windy City. The two-day event was jam-packed with workshops and discussions that were as lively and vibrant as the fireworks at the Navy Pier. Day 1 SessionsThree panelists — Kyle...
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A spirited discussion recently took place on the ACOPA listserve revolving around how the “Firm name,” “Telephone number” and “Address of the firm” lines at the bottom of page 1 of the Schedule SB (collectively the “contact information”) can or should be completed. If the actuary is an employee of...
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We’ve had more than the usual amount of guidance coming out in August and September — 2016 mortality tables, final IRC §430 regulations originally proposed in 2008, and final PBGC reportable events regulations. No surprise that we did not get everything we asked for in our §430 comment letter, but...
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Earlier this year, the ACOPA Leadership Council started the process of reviewing and updating the ACOPA strategic plan. The plan had not been updated in several years, and with the formation of the American Retirement Association it seemed like the perfect time to update it. The members of the...
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A few months ago, I was sitting in a noisy bar having a few beers with Lynn Young when she asked me if I’d be willing to go watch a soccer game with her. I immediately said “yes.” The bar was very loud and I’m hard of hearing; as it turned out, Lynn had actually asked me if I’d be willing to be the...
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In late July, I had the pleasure of attending the Senate Finance Committee hearing on the nomination of Tom Reeder to the position of PBGC Executive Director. I can’t think of a better person for the job, and it appeared that both Chairman Orrin Hatch and Ranking Member Ron Wyden agreed. If he has...
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We are nine months into our leadership terms and it has certainly been a busy and exciting year for both leadership and our volunteers. With the restructuring of the organization and the formation of the American Retirement Association, ACOPA has been going through changes to adapt to the new...
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For the Summer 2013 IRS CPE training (which we’ll refer to below as the “IRS CPE chapter”), one of the topics was floor-offset arrangements. For the training, a floor-offset arrangement was characterized as two separate, related plans. The “floor plan” is a defined benefit plan, and the “base plan...
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One of the most challenging things enrolled actuaries face is the takeover of a defined benefit plan. A takeover in this context is typically defined as a change in both the enrolled actuary and the business organization providing actuarial services.Once we get beyond the initial stage of reviewing...
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