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 Program Schedule
Sunday, October 30
The Gray Book, which consists of questions and answers from consultants and answers from the staff of the Treasury Department and the Internal Revenue Service, is published by the Conference and the Academy for the Enrolled Actuaries Meeting. The panelists discuss the questions and answers in the 2005 Gray Book with a particular focus on what has been learned since the 2005 EA Meeting. Intensive audience participation is expected. *Attendees at the 2005 EA Meeting may not be eligible for EA or PD credits from this session.
7:00 AM – 8:00 AM 8:00 AM
– 10:15 AM Opening
Remarks: 1. Stuart H. Alden The Conference’s business session with the treasurer’s report, election of new directors and other announcements, precedes the opening session.
Globalization is an inexorable force that affects trade, manufacturing, distribution and finance. National economies throughout the world are increasingly seeking to establish global standards in areas as diverse as technology and accounting. The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) are working together to achieve global convergence and establish common accounting standards in many areas. Of particular interest to the actuarial profession are the implications of potential changes to U.S. accounting standards for pension expense and related areas of practice as the concept of global convergence is explored by IASB and FASB. The keynote speaker, Sir David Tweedie, Chair of IASB, addresses the challenges of achieving global convergence and transparency in a framework of real economic values.
10:15 AM – 10:35 AM 10:35 AM –
11:50 AM
This opening session sets the stage for the two main health tracks, Consumerism and Medicare Reform. Four sessions each are dedicated to these two important topics and the challenges consulting actuaries face. This session is designed to provide an overview of historical and future expected Medical and Rx trends, Medicare reform, employer actions, and vendor response/products, which are of interest to consultants in all practice areas.
Corporate plan sponsors must manage the funding and accounting aspects of their retirement program. Investment policy is a key determinant to the longterm cost commitment for the plan, and also a potential risk that financial performance will not be as expected. Sponsors have a need to quantify the financial rewards and risks associated with investment policy alternatives, and identify an appropriate risk/reward tradeoff in the context of their overall businesses.
The panel of “distinguished professionals” discusses the latest developments affecting pension plans on the legislative, regulatory, and legal fronts. Among the topics that may be covered are:
The actuarial employment landscape is changing. As consulting firms and insurance companies consolidate and pressures mount with respect to the future of defined benefit plans, the traditional areas of actuarial employment are unlikely to provide employment growth. Where will future actuaries work? What unique skills do actuaries provide? How are we perceived by the broader employers compared to other professionals? What do we need to do to continue to be relevant? This session reviews some of the findings from recent member and employer surveys in both the USA and Canada and provides an update on recent organizational efforts to enhance “the broader image of actuaries.”
As an employee benefits actuary, you will be astonished by the similarities between a pension valuation and a stock option valuation. Or, you may be dismayed by the differences. Either way, you’ll want to attend this session that is designed to acquaint you with the basics of this emerging practice area. Panelists provide a summary of the new FAS 123R, an introduction to options pricing models, and an overview of the critical actuarial aspects of this valuation process.
Multi-employer Welfare Associations (MEWAs), Risk Retention Groups (RRGs), Multi-municipality Self Insurance Funds, and other collective risk-sharing entities involve actuaries in implementing their strategies. The strategic issues facing collective risk-sharing entities can be more complex than the issues faced by single-owner entities. An RRG board member and an actuary describe the strategic issues they face.
12:05 PM – 2:00 PM As in prior years, there will be an entertaining and motivating luncheon speaker. Details will be available on our website as soon as arrangements have been confirmed. 2:15 –
3:30 P.M.
More and more employers are giving employees choices, such as DB or DC, retiree medical subsidies, and other options. The choices may be one time or ongoing. In this session, a client that gives all current and future employees retirement choices explains the design, how they communicate effectively to assure employees make the “right” decisions, and the resultant employee elections.
Not surprisingly, stock option valuations under FAS 123R involve selecting a cost method (pricing model) and setting actuarial assumptions. What are the attributes and sensitivities associated with different pricing models? What criteria might be used to help select an appropriate model? What are the critical actuarial assumptions and what can be learned from conducting an analysis of past exercise behavior? The panel of experienced stock option actuaries address these questions and other special challenges encountered in conducting stock option valuations.
Medical malpractice insurance premiums continue to drive doctors out of business while at the same time medical malpractice claims are driving insurers out of the market. Two actuaries with experience in the medical malpractice area lead a roundtable discussion of ways to update the traditional risk financing solutions and look at new solutions including recent and pending legislation.
Government agencies (IRS, DOL, PBGC) continue to expand their audit programs. How can you help clients identify and correct these issues? And how does the answer change based on the other services you provide?
PBGC’s financial condition has driven federal pension funding policy since the mid-1980s. Now facing a massive deficit, the agency is once again in the funding mix. Speakers review PBGC’s financial experience and consider proposed changes.
This session sets the stage for the Consumer Driven Healthcare track. Topics include:
With increasing focus on liability matching, plan sponsors and consultants need to implement long duration strategies. Speakers discuss traditional long bond portfolios, as well as STRIPS, futures, options, and swaps. Ongoing measurement and management of funded status are also discussed.
Skyrocketing contribution rates, growing unfunded liabilities, and bloated benefit levels have lead many government agencies to consider abandoning the uncertainty of defined benefit for defined contribution plans. Officials from some of these agencies discuss the thoughts and experience behind their actions.
3:30 PM – 3:50 PM 3:50 PM –
5:05 PM
In recent years, pension liabilities have taken an increasing role in the process of setting investment strategy and asset allocation. The speakers describe how liability-driven investment strategies may be applied in practice to reduce risk and improve the funding process in the context of best ALM practices based on the recent SOA monograph on asset-liability management.
Employer 2006 options and decisions for the Medicare Modernization Act (MMA) are beginning to jell. However, many decisions are “short term,” as employers wait for the market to evolve. Learn about current options-subsidy, integration with Part D, sponsors of Prescription Drug Plan (PDP) or Medicare Advantage Prescription Drug Plan (MAPD), and issues that should be considered in strategic planning for 2007 and beyond.
To what lengths will the actuaries go to win this year’s version of ERISA Jeopardy? Come to participate and watch the intrigue while at the same time learn the bare truth about the detailed intricacies of the laws we deal with on a daily basis. Volunteers for contestants are welcomed with open arms.
The Academy Council on Professionalism established a task force to implement ideas to mitigate legal risk faced by actuaries. The panel, made up of task force members, elicits audience participation in reviewing the legal risks and the task force’s proposed initiatives to mitigate those rules.
In this environment of heightened corporate accountability, businesses of all kinds and sizes are faced with assessing and reporting on a plethora of risks. Explore with us how a consulting actuary can add value to the task.
Learn how to help your attorney and client, and how to get their help. Not about technical testimony content – our speakers focus on the process.
When’s the last time you reviewed your processes and procedures for providing client services? Do you have internal controls in place to ensure the accuracy and completeness of your work? Can an assessment of your internal controls improve your overall practice? Most businesses have implemented the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. At this session, experienced professionals present an overview of Section 404, the internal control framework, and how you may use the internal control framework to improve your practice.
6:30 PM - 9:30 PM This year the Monday Evening Event takes place on-site at the Grove Park Inn. Meeting attendees and their registered guests are treated to a casual outdoor event. You can meander around the pools, dance, or just sit back, relax, and listen to music while dining on local cuisine. This is a great opportunity to relax away from the meeting and spend social time with your peers. It will be an evening to remember! Tickets and Name Badges Required.
7:00 AM – 8:00 AM 8:00 AM
– 9:40 AM
Actuarial return assumptions still exceed 8% while investment professionals assume around 7% for a diversified portfolio. Active management outperformance, or alpha, may provide the difference. Speakers discuss alpha opportunities of asset classes, the interest in hedge funds, and the use of alpha in an actuary’s best estimate.
Discussion of proposed changes to the current rules governing defined benefit plan funding, PBGC financing, and participant disclosures. Panelists also discuss alternative approaches and implications of the changes for the PBGC, plan sponsors, participants, and the future of the defined benefit system.
This is an open forum to speak and exchange ideas, information and experiences, on current topics of interest to actuaries who work with public employee retirement systems. Topics for discussion may include actuarial assumption, (economic & demographic), plan design trends, DROPs, and funding ratios.
This is an open forum to speak and exchange information and ideas on topics of interest to actuaries who work with multiemployer pension plans. Topics of discussion may include underfunding issues, creative plan design, collective bargaining, and withdrawal liability issues.
Some vendors have aggressively entered the Prescription Drug Plan (PDP) market and expanded in the Medicare Advantage (MA) market, while others are more cautious. Listen to PDP and MA vendors discuss their experiences in this new marketplace – challenges, surprises, acceptance – and their thoughts about the future direction of the market.
Global convergence of accounting and actuarial standards will affect all practice areas. The speakers address issues identified in the opening general session and discuss recent developments of practical interest to consulting actuaries. (This session is a follow-up to Sir David Tweedie’s talk on Monday morning.)
The issue of retirement income adequacy is a matter of increasing concern for employers, government, and individual employees. Recently, the concerns have been heightened by the erosion of DB plans, lasting effect of stock market declines since 2000, high rates of medical inflation, concerns about Social Security and Medicare, and continued legislative, regulatory, and legal uncertainty. In this session, we examine projected retirement income levels, using “real” data, of 62 employers representing 960,000 employees! The analysis considers alternative retirement ages (62, 65, 67), different investment returns, impact of increased employee savings, and impact of retiree medical costs (no, moderate, or high employer subsidy). Employers use this information to predict future workforce movement.
Are you viewed by clients as belonging to the big group of bland undifferentiated advisors? Or are you a valued partner? This workshop focuses on the essential tools of:
There is a follow-up to this session – “Growing Your Business” Session 48. 9:40
AM – 10:00 AM 10:00 AM – 11:40 AM
This session’s focus is on actuarial experience in consumer driven healthcare with a particular focus on migration, cost impact, and employee satisfaction. Employer presenters will provide insights into their programs. Major CDH plan administrators will provide results from their offerings. Please come prepared to share your experiences as a participant (for those of you enrolled in a CDHP) and as a consultant.
Now, more than ever, we are getting questions regarding our assumptions – mortality, early retirement, discount rates, salary scales, etc. The increased scrutiny on our assumptions is causing many of us to ask how should we set our assumptions and defend them to our clients and their auditors while following our own actuarial standards. Come ready for a lively discussion. (FAS 106 assumptions included if possible.)
The Medicare Modernization Act of 2003 makes dramatic change to the Medicare system with the introduction of a prescription drug benefit. This new benefit introduces a host of issues affecting FAS 106 valuations including changes to design, claim costs, healthcare cost trends, and election patterns.
The Bush Administration has proposed sweeping changes to the Social Security system, permitting the option of personal accounts. In this session speakers examine the technical issues being addressed as well as the political and social issues. The speakers include an advocate for personal accounts, an advocate for continuation of the current benefit methodology, and the Chief Actuary of the Social Security Administration.
Following financial difficulties of the Equitable Life Assurance Society in the United Kingdom, a government investigation known as The Morris Review, cited a number of governance and professionalism issues of broad interest to the global actuarial profession. Speakers provide an overview of the Morris Review and its implications for consulting actuaries.
Hear what senior executives have to say on what they consider to be key risk issues in the M & A area and how outside advisors and actuaries can help address these issues.
Accounting for retirement benefits has drawn increased attention from the SEC and FASB and has become more complex. Come to a session where actuaries from the Big 4 accounting firms share insights on working effectively with auditors and share their front line stories of complex questions received, answers to these questions, and the supporting FASB documentation.
NOON – 2:05 PM
As actuaries, we don’t want our work to be used to mislead. Our clients often have a specific agenda and want us to support their view. How do we respond if the client wants to extract or otherwise modify our work product? Case studies and possible responses are discussed.
7:00 AM – 7:30
AM
7:30 AM – 8:45 AM
If you would like to enhance the quality of your work by discussing current professionalism issues with your learned peers, then this session is for you. Topics for discussion may include peer review, fiduciary responsibility, records retention, electronic communications, the Morris Review, etc. Come prepared to ask questions, give your opinions and share ideas.
Join CDHP practitioners to better understand key assumptions for determining expected costs and premiums, initially and for renewal years. How do they differ from full replacement versus optional plans? What unique accounting issues do CDHP plans present?
We have a cornucopia of recent pension regulatory guidance – relative value disclosure, retroactive annuity starting dates, 411(d)(6), 415, etc. Are you and your clients keeping up? Speakers examine the recent guidance and their experience with what clients are doing.
We’ve all read the headlines about companies in or near bankruptcy and what they are considering doing with their pension and health plans. A panel of experienced practitioners (been there, done that) discuss the alternatives from the viewpoint of legal, plan design, and HR considerations.
Many companies are shifting to DC only programs. While employees understand their account balances, most don’t know how much is enough! In this session speakers look at DC design, communication, and investment effectiveness. The discussion includes:
The Administration’s funding reform proposal includes the use of yield curve discounting instead of a single rate. Several FAS proposals also include yield curves. The presenters discuss the issues involved in constructing appropriate yield curves and discounting benefit payments with them.
An asbestos expert discusses recent issues and their impact on the insurance industry and self-insurers.
This session is a follow-up on the “Engaging Your Client” (Session 32.) Business executives share their views of how/why they use consultants as well as how the consultants add value.
8:45 AM – 9:05 AM 9:05 AM
– 10:20 AM
This session’s focus is on cash balance plan issues, primarily those resulting from transition from a traditional plan to a cash balance plan. Panelists discuss proposals to bless cash balance plans provided certain transition rules are followed. Implications for plan sponsors and participants are also addressed.
This is an excellent opportunity for attendees to ask questions and discuss important developments with IRS representatives. This is your chance to (possibly) get answers to the questions that have been troubling you.
How have the design and delivery of non-qualified deferred compensation programs been impacted by the new accounting standards applicable to stock option programs? What new approaches for compensating executives are we likely to see? What old approaches may reappear? We hope to address those issues and more.
Retirement programs can have a major impact on the financial value of a company or other public entity. An equity and bond rating analyst discusses how to incorporate retirement plan financial information into their analysis.
This session is an advanced discussion to build on CDHP issues presented in earlier sessions. Come prepared to share your experiences and opinions on issues such as CDH potential impact on retiree medical; creative uses for HRAs; HSA vs. HRA; your favorite nit to pick.
Establishing risk/reward objectives, incorporating regulatory constraints, selecting asset classes, and establishing a strategic asset allocation are common elements but the specifics differ. Learn what happens in different regions and consider the insights in regard to your practice.
Small employers have different goals and different needs than large employers and these differences are reflected in how small plans are designed, funded and communicated. Technical and compliance issues critical to small plans — such as top-heavy, lump sums and restricted distributions — may be only minor considerations in larger plans. Consulting takes on a different cast when your client is the company, the plan and the primary recipient of plan benefits all rolled up into one person. Come share your experiences and hear how others have dealt with these issues.
NAIC Instructions and Academy Practice Notes changed again. Hear the latest updates from COPLFR and regulators on this critical opinion.
10:20 AM - 10:40 AM 10:40
AM – 11:55 AM
Terrorism is a global problem requiring global solutions. Terrorism events in one country can affect life, health, pension, and casualty insurers in many countries. This has been addressed in the United States by the Terrorism Risk Insurance Act (TRIA), which expires December 31, 2005. The dramatic events of September 11, 2001 highlighted the need for a multi-disciplinary solution to this challenge.
A changing regulatory environment, workforce demographics, and potential changes to Social Security are recasting the model for employer provided retirement plans. Retirement in the 21st century will significantly evolve for plan sponsors and participants alike. Speakers explore different employer strategies for plan design in the 21st century, and debate their merits based on hard facts, personal opinions, and blind conjecture.
Review of IRS approach to phased retirement issues. Discuss practical issues and fairness and the impact of changing demographics on acceptance of phased retirement.
Actuarial attestations for employer’s Medicare drug subsidy receipt are in. What did we learn? Participants should come prepared to discuss their experiences in data collection, plan identification, normative databases, and filing with CMS.
The speakers touch on a number of issues related to employer-sponsored prescription drug benefits. These include transparency, Rx trends, specialty and injectable drugs, and integration with CDHPs (Consumer Driven Health Plans).
How have the deferred compensation regulations changed the way companies structure their benefits? Case studies are presented and discussed.
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© 2009 Conference of Consulting Actuaries. All rights reserved. |
