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Return to 2006 EA Meeting Home
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EXHIBIT
HALL A OPEN |
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REGISTRATION DESK OPEN |
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6:00 PM -
8:00 PM |
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2:00 PM -
8:00 PM |
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EXHIBIT
HALL A OPEN |
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REGISTRATION DESK OPEN |
8:00 AM - 9:00 AM
10:30 AM - 12:30 PM
1:45 PM - 7:30 PM |
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7:00 AM - 12:45 PM
1:45 PM - 6:00 PM |
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CONTINENTAL BREAKFAST
8:00 AM
- 9:00 AM
GENERAL
SESSION – 001
9:00 AM –
10:30 AM |
| 001 |
Pension Funding
Reform |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Moderator: Donald J. Segal
Panel: 1. Ronald Gehardtsbauer, 2. Gerard C. Mingione, 3. Kent A.
Mason,
4. Ethan E. Kra
The panelists at this session examine the current state of
pension funding reform. If legislation has been enacted, the panelists will
address the expected effects of the changes, how plan sponsors are reacting,
and whether the desired objectives of the changes are being/will be met. If
legislation has not passed and funding reform is still being discussed, the
various alternatives are discussed along with the likelihood of enactment.
Survival of defined benefit plans is the undercurrent of the discussion. |
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REFRESHMENT BREAK (EXHIBIT HALL A)
10:30 AM – 11:00 AM
TRACK #1
11:00 AM – 12:30 PM |
| 101 |
What’s Been
Happening? Legal & Regulatory Update |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. John H. Lowell, 2. James A. Stinchcomb, 3. Marjorie R. Martin
The panel highlight hot new issues, regulations, and rulings
from the IRS, DOL, and PBGC. They also emphasize the practical application
of these new developments and their effect on client consulting assignments.
(Repeated at
Session 501.) |
| 102 |
New Funding
Rules Nuts & Bolts |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Bruce C. Gaffney, 2. Brian C. Donohue
Funding reform is here at last! Speakers at this session
present an in-depth review of the new rules relative to defined benefit plan
funding, focusing on plans that are not considered at risk. A separate
session addresses new rules for “at-risk” plans and transition.
(Repeated at Session
202.) |
| 103 |
The Great GASB! |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD
1.50
Panel: 1. John B. Botsford, 2. James J. Rizzo
The new GASB OPEB statements have been finalized now for over
one year. Come and hear about the details of these statements, how they
differ from FAS 106, the level of obligations that are being measured, and
the expected impact this will have on government entity P&L statements, bond
ratings, etc. This is a “must attend” session for consultants with clients
in the public sector. |
| 104 |
Revolution in
the Air? Pension Accounting Under Attack |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD
1.50
Panel: 1. William J. Sohn, 2. Stacey A. Day, 3. Robert J. Rietz
Market participants are broadly dissatisfi ed with current
pension accounting standards. The panelists discuss FASB’s project to
revisit FAS 87, international standards, the SEC’s attitude, auditing
issues, and any other recent developments. |
| 105 |
Advanced Topics
in Nondiscrimination Testing |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Adrien R. LaBombarde, 2. Lawrence Deutsch
As clients change plan designs and go through mergers and
acquisitions, nondiscrimination compliance gets more and more difficult. The
panelists discuss techniques of testing these more complicated situations,
including DB/DC plans and related topics. |
| 106 |
Multiple
Employer Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Joy Anne Theobald, 2. Deborah J. Marcotte, 3. James E. Holland,
Jr.
Do you work on any multiple employer plans? That’s MULTIPLE,
not MULTI! Don’t answer too quickly; you might not even realize which is an
accurate description for your plan(s). The rules surrounding multiple
employer plans are complicated and often unclear. Funding reform, if it
happens, will only make the situation more complex. The panelists discuss
fiduciary responsibilities, funding, nondiscrimination requirements, filing, and administrative issues. |
| 107 |
Cash Balance
and Other Hybrid Vehicles |
| |
Credits: Conference/Academy 1.80, EA Core
1.20, EA Noncore 0.60, PD 1.50
Panel: 1. Christopher D. Kludy, 2. Elizabeth M. Borkhuis
Speakers at this introductory session review the design and
operational basics of hybrid (i.e., cash balance, pension equity, variable
annuity and floor-offset plans, including recent innovations in this area
and the application of benefit accrual, funding, and accounting rules to
these designs. A later session on “Rulings Affecting Cash Balance Plans”
includes a more detailed discussion of the current legal environment for
these designs. |
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LUNCHEON
12:30 PM - 2:15 PM |
The Capitol Steps
They’re back! The Capitol Steps are a troupe of Congressional
staffers-turned-comedians who travel the country satirizing the very people
and places that once employed them.
Since they began, the Capitol Steps have recorded 25 albums,
including their latest, Four More Years in the Bush Leagues. They’ve been
featured on NBC, ABC, CBS and PBS, and can be heard four times a year on
National Public Radio stations nationwide during their “Politics Takes a
Holiday” radio specials. Ronald Reagan was President when the Steps began,
so cofounders Elaina Newport, Bill Strauss and Jim Aidala figured that if
entertainers could become politicians, then politicians could become
entertainers! Since then, the Steps have had over 5,000 performances in 49
states. The group now has 22 cast members, five of whom are on stage for any
one show.
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TRACK #2
2:30 PM – 4:00 PM |
| 201 |
Recent Court
Cases of Interest to Actuaries |
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Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Alex M. Brucker, 2. Michael Roach
This interesting session deals with ways to design and
administer plans. A review of recent court cases provides insight on the
consequences of improper plan design and administration. |
| 202 |
New Funding
Rules Nuts & Bolts |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Bruce C. Gaffney, 2. Brian C. Donohue
Funding reform is here at last! Speakers at this session
present an in-depth review of the new rules relative to defined benefit plan
funding, focusing on plans that are not considered at risk. A separate
session addresses new rules for “at-risk” plans and transition.
(Repeated at Session
102.) |
| 203 |
Matters of Life
and Death – Mortality Tables for Pension Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Emily K. Kessler, 2. Michael L. Pisula, 3. Jerrold Dubner
It’s not just economic assumptions that are coming under
closer scrutiny. Mortality tables have become a hot topic with regulators
and auditors. Come and learn about the latest mortality tables and the
issues to be considered when selecting one. |
| 204 |
409A |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD 1.50
Panel: 1. Heidi Rackley, 2. James S. Hutchinson
Over the past year and a half, Treasury has released several
pieces of guidance on non-qualified plans. While many plan sponsors amended
their plans in 2004 or 2005, changes may still need to be made. Panelists in
this session discuss the evolution of these new rules. |
| 205 |
Bankruptcy and
Benefit Plans |
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Credits: Conference/Academy 1.80, EA Core
0.90, EA Noncore 0.90, PD 1.50
Panel: 1. Mark Dungan, 2. Gary Ford
Bankruptcies have increased in recent years, including both
Chapter 7 liquidations and reorganizations under Chapter 11. Bankruptcy
affects all employee plans including defined benefit plans. Panelists
address the impact on qualified and non-qualified retirement plans,
including defined benefit plan distress terminations. |
| 206 |
Multiemployer
Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Eli Greenblum, 2. Frank L. Katz, 3. Barry S.
Slevin
Multiemployer plans (also known as “Taft-Hartley” plans)
present unique issues for actuaries. Panelists discuss key recent
developments in multiemployer plans. Topics for this session include status
of minimum funding relief, plan design issues, recent court cases, and
pension reform proposals for multiemployer plans. |
| 207 |
PBGC Update |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Harold Ashner, 2. C. David Gustafson, 3. Vince
Snowbarger,
4. James L. Beller
A panel of PBGC representatives provides an overview of
recently published PBGC guidance, highlights from this year’s “Blue Book”,
and other issues of interest to actuaries. There is plenty of time for
questions from the audience. Participants are encouraged to come prepared
with specific technical questions related to a PBGC topic. |
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REFRESHMENT BREAK (EXHIBIT HALL A)
4:00 PM – 4:30 PM
Track #3
4:30 PM – 5:45 PM |
| 301 |
Gotcha Yet
Again: More ERISA Traps for the Unwary Actuary |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Donald J. Segal, 2. Tonya B. Manning
ERISA is now over 30 years old and there are many overlooked,
poorly publicized details in the law, code, regulations, and other guidance
that apply to the majority of plans. This session reveals more “compliance
pitfalls” that we all should know. For some this will be just a review. For
others it will be a revelation. This is real core stuff! |
| 302 |
Joint Board
Update |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Patrick McDonough, 2.
Michael J. Roach
For the first time in many years, the JBEA is examining its
regulations. This session presents the opportunity for Enrolled Actuaries to
hear the thoughts of the Joint Board and to provide input. |
| 303 |
Mergers and
Spinoffs: Applying Rules Under 414(l) |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Thomas A. Swain, 2. Carolyn E. Zimmerman, 3. Lonie
A. Hassel
Plan mergers and spinoffs continue to be prevalent in
corporate America. However, the rise of underfunded plans has caused
actuaries to incorporate rules and regulations that have not been used in
most of the mergers and spinoffs that have occurred in the recent past. The
panelists discuss the funding impact of mergers and spinoffs including:
• Determining asset transfer amounts;
• Allocation of the funding standard account;
• Government filing requirements; and
• Dealing with the PBGC.
The actuary’s responsibility from both the old and new
sponsor’s perspective is emphasized.
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| 304 |
Disclosure
Requirements Today, Tomorrow, and a Week from Next Thursday |
| |
Credits: Conference/Academy 1.50, EA Core 0.75, EA Noncore 0.75, PD 1.0
Panel: 1. Hal S.
Tepfer. 2. Kyle N. Brown, 3. John McCrary
Transparency and usefulness are major components of funding
reform and a concern among investors, creditors, employees, retirees, and
other users of financial information. This has resulted in a significant
expansion of the disclosure requirement: new or modified disclosures,
expansion of existing requirements, and new timing rules. Speakers at this
session will address disclosures under funding reform to participants,
government agencies, auditors, and other users of financial information. |
| 305 |
Latest Pension
Investments |
| |
Credits: Conference/Academy 1.50, EA Core 0.75, EA Noncore 0.75, PD 1.0
Panel: 1. Bryan E. Boudreau, 2. Jay C. Flaherty
Absolute Return Strategies, Alpha Engines, Alpha Benefactors.
What do these terms mean? Plan sponsors are frequently considering the use
of non-traditional asset categories to stabilize or increase the return on
their plan’s assets. This panel of investment experts educates us on
alternative asset strategies. |
| 306 |
Multiemployer
Plans Workshop |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Matthew G. Deckinger, 2. Paul Angelo
This open forum session is a follow-up to Session 206
providing multiemployer plan actuaries an opportunity for a “hands-on”
discussion of problems, issues, and experiences encountered in their
practices. (This session is not recorded.) |
| 307 |
In/Out/Cosourcing |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. Lynda Abend, 2. Patti Fenzel
Many employers have out-sourced DB plan administration (or
are considering doing so). Still others who have out-sourced previously are
considering returning to a “cosourcing” model. Speakers at this session will
review issues related to the insourcing, outsourcing, and cosourcing of
employee benefit services, including how employers make their decisions, how
employers transition from one model to another, and the costs of each
approach. |
| 308 |
CAS and FAR
(Federal Acquisition Rules): Reimbursement for Government Contracts |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. Eric H. Shipley, 2. Patrick E. Ring, 3. Elliot M.
Friedman
Panelists discuss with audience issues in applying the CAS
and FAR and existing disputes between contractors and government on various
topics including: possible new pension funding reform regulations, measuring
PRB costs (CAS vs FAR), forward pricing in an uncertain stock market,
segment closings (including application of the Teledyne decision) and
measuring costs of non qualified pension plans. Panelists will also share
lessons learned for smooth sailing in the CAS and FAR waters. |
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EXHIBIT
HALL A OPEN |
|
REGISTRATION DESK OPEN |
8:00 AM - 9:00 AM
10:30 AM - Noon
1:00 PM - 6:00 PM |
|
7:30 AM - 12:15 PM
1:00 PM - 5:30 PM |
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CONTINENTAL BREAKFAST
8:00 AM - 9:00 AM
GENERAL SESSION 002
8:00 AM – 10:00 AM |
| 002 |
Public Sector
Pensions: A Working Laboratory for Current Issues in Defined Benefit
Plans |
| |
Credits: Conference/Academy/EA Noncore 2.40, PD 2.0
Panel: 1. Paul Angelo, 2. Ronald L. Seeling, 3. Thomas R.
Lussier
Like our ERISA plans, public sector defined benefit plans are
under increased scrutiny and re-evaluation; however, unlike the corporate
sector, defined benefits continue to provide the foundation for retirement
security for public sector employees. Also, public plans are not subject to
many of the constraints imposed on corporate plans by statutes, regulations,
and accounting standards. Thus recent practices among these plans provide a
model for a functional pension system operating more closely to traditional
principles of pension funding, as well as a forum where the discussion of DB
vs. DC remains an open question. Speakers at this session discuss this
recent public sector plan design and funding policy activity, including:
• Conversions to – and from! – defined contribution plans,
including both recent experience from major systems around the country and a
surprising overview of the economic and public policy issues in the debate.
• Proposals to stabilize contribution volatility, including
sophisticated applications of traditional funding techniques outside the box
of IRC Sec. 412 and SFAS No. 87.
|
|
REFRESHMENT BREAK (EXHIBIT HALL A)
10:00 AM – 10:30 AM
TRACK #4
10:30 AM – NOON |
| 401 |
Discussion of
IRS Gray Book Questions and Answers |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Donald J. Segal, 2. Kenneth A. Steiner
Experienced practitioners involved in the process lead a
review of government responses to the Gray Book questions. They comment on
responses of particular interest and facilitate a dialogue on practical
implications of the responses and alternative approaches where complete
answers are not provided.
(Repeated at Session 601.) |
| 402 |
Professional
Standards for Pension Actuaries |
| |
Credits: Conference/Academy/EA Core 1.80
Panel: 1. Lauren M. Bloom, 2. William A. Reimert
A lot of time is spent worrying about limits placed on our
professional judgment by outside bodies – IRS, FASB, PBGC, etc. If you’re
looking for an overview of the ASB’s standards affecting pension actuaries
issued by our profession, this session is for you! As a bonus, an overview
of our current Code of Professional Conduct is presented, too. |
| 403 |
A New Look at
Adequacy of Retirement Income |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD 1.50
Panel: 1. Philip Parker, 2. Bruce E. Palmer
Rising health care costs, longer life expectancy, and
uncertainty surrounding the future of Social Security are combining to upset
the traditional view of Retirement Income Adequacy. The panelists discuss
the implications for employee retirement savings levels and the design of
employer provided retirement benefits. |
| 404 |
Funding Rules
for At-Risk Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Michael E. Clark, 2. Judy A. Miller
As interest rates have declined and assets have performed
poorly, more and more focus has been put on the concept of what is at-risk
(whether it be plans or companies). Panelists at this session explore
special funding rates for these situations.
|
| 405 |
Small Plan
Design and Technical Issues |
| |
Credits: Conference/Academy 1.80, EA Core 0.90, EA Noncore 0.90, PD 1.50
Panel: 1. Lorraine Dorsa, 2. Thomas J. Finnegan, 3. Kevin J.
Donovan
Plan design options range from simple to the most complex.
How do you choose the optimal solutions for each client? Panelists discuss
designs which work for small plans, with focus on real world issues, common
problems, and practical solutions. |
| 406 |
Current Issues
w/Public Employee Retirement Systems |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Karen I. Steffen, 2. Thomas J. Cavanaugh, 3. William
B. Fornia
An experienced panel of public plan actuaries discuss current
issues in the public sector with a special emphasis on recent developments
in plan design and funding. Topics include contribution rate stabilization
techniques, actuarial assumptions, investment issues, and conversions to,
and from, defined contribution plans. |
| 407 |
Rulings
Affecting Cash Balance Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Lawrence J. Sher, 2. Greg Braden
An experienced panel of cash balance practitioners and
litigators review court decisions relating to cash balance plans and discuss
the significance of these decisions. The panelists explain the basis for the
various rulings, and discuss the geographic reach of each ruling as well as
possibilities for appeal and reversal. The panelists also discuss recent
Hill activity concerning cash balance plans and how future legislation could
impact the cash balance arena. |
| 408 |
Circular 230 |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. David R. Godofsky, 2. John H. Lowell, 3. John H. Moore
You probably give “federal tax advice” every day. New rules
govern: the way you formulate your advice, disclosures required to be given
with your communications, and advice you give with respect to qualified plan
transactions. The panelists explain the new requirements and provide
practical tips for complying efficiently. (Repeated
at Session 608.) |
|
LUNCHEON
NOON – 1:15 PM
Relaxing lunch – No Speaker/Entertainment
TRACK #5
1:30 PM – 3:00 PM |
| 501 |
What’s Been
Happening? -- Legal & Regulatory Update |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel:
1. John H. Lowell, 2. James A. Stinchcomb,
3. Marjorie R. Martin
The panelists highlight hot new issues, regulations, and
rulings from the IRS, DOL, and PBGC. They also emphasize the practical
application of these new developments and their effect on client consulting
assignments.
(Repeat of Session 101.) |
| 502 |
Ethics Debate |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. David R. Godofsky, 2. Kenneth A. Steiner, 3.
James E. Turpin,
4. Paul B. Zeisler, 5.
Robert J. Rietz
Team X debates Team Y on difficult ethical questions
regarding selection of actuarial assumptions and provision of advice to
clients. Case studies highlight competing interests and concerns and the
difficulty of striking the right balance. |
| 503 |
Schedule B
Issues – Everything You Were Afraid to Know But Wanted to Ask |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Michael L. Pisula, 2. Jerry D. Allen, 3. Carolyn E.
Zimmerman,
4. Lawrence E. Issacs
What do you do when you take over a case and find an error in
the prior actuary’s signed Schedule B? What do you do when you find an error
in a Schedule B that you signed? The speakers in this session explore these
and other questions where you were afraid of the answers but knew you had to
ask. |
| 504 |
Transition
Rules Under Funding Reform |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Hal S. Tepfer, 2. David R. Jarrett
Pension funding reform will have a dramatic impact on our
clients and their pension plans. Fortunately, there is relief in the form of
transition rules. In this session, the speakers help you navigate from Point
A (the old funding rules) to Point B (the new funding rules) in the most
efficient way. |
| 505 |
Actuarial
Assumptions for Small Plans |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Lorraine Dorsa, 2. Steven J. Levine, 3. Andrew
C. Martin
Panelists at this session focus on issues specific to small
plans in selecting actuarial assumptions, including the interrelationship of
plan design, demographics, and cash flow projections. In addition to funding
issues, the implications for PBGC premiums, restricted payouts for HCEs,
nondiscrimination testing, and participant illustrations are discussed. |
| 506 |
Public Employee
Retirement Systems Workshop |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD 1.50
Panel: 1. Paul Angelo, 2. Lawrence A. Johansen
This open forum session is a follow-up to Session 202
providing public plan actuaries an opportunity for a “hands-on” discussion
of problems, issues and experiences encountered in their practices. (This
session is not recorded.) |
| 507 |
Informal Chat
with PBGC |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. C. David Gustafson, 2. Catherine B. Klion, 3. Diane
S. Morstein
The PBGC wants to hear from you. What’s working, what’s not.
During this informal, unrecorded, roundtable discussion, PBGC
representatives will welcome your suggestions on how they can do better,
what else they should be doing, where more guidance is needed, etc. It’s
your chance to help the PBGC improve services to the actuarial community and
their clients.
This is not a PBGC Q&A session. If you have specific,
technical questions, please attend Session 207 (PBGC Update). (This session
is not recorded.)
|
| 508 |
IRS Focus Group |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Donald J. Segal, 2. Carol D. Gold, 3. Joseph Grant
Representatives of the Employee Plans Division of the IRS
meet with actuaries attending this session to discuss areas of mutual
concern, suggestions for future guidance, and other topics that may arise.
Take this opportunity to provide “feedback” to the people in Washington with
whom we have the most interaction. This session has been extremely well
received by the participants and the IRS. (This session is not recorded.) |
|
REFRESHMENT BREAK
3:00 PM – 3:30 PM
TRACK #6
3:30 PM – 5:00 PM |
| 601 |
Discussion of
IRS Gray Book Questions and Answers |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Bruce Cadenhead, 2. Marjorie R. Martin
Experienced practitioners involved in the process lead a
review of government responses to the Gray Book questions. They comment on
responses of particular interest and facilitate a dialogue on practical
implications of the responses and alternative approaches where complete
answers are not provided.
(Repeat of Session 401.) |
| 602 |
Plan Freezes:
The New Ice Age |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Stephen M. McGivney, 2. Laurie E. Vance
Some employers have “frozen” (or are considering “freezing”)
participation in their defined benefit plan. Other employers have frozen
benefit accruals except for a group of “grandfathered” employees. Although
this may help to solve current problems, there are potential hazards lurking
in the future. At this session you are presented the reasons employers are
freezing their plans and the potential future pitfalls. |
| 603 |
Asset Liability
Modeling |
| |
Credits: Conference/Academy 1.80, EA Core
0.90, EA Noncore 0.90, PD 1.50
Panel: 1. Mark T. Ruloff, 2. Gerard C. Mingione
Adverse capital market results in recent years have strained
pension plan financing. The expected changes in funding and accounting rules
add to the perceived risk and uncertainties of plan sponsorship. This
session focuses on the use of asset/liability studies to assess the impact
of investment policy decisions in managing risk and maximizing plan
financial performance. Panelists will review the investment policy decision
in the context of different plan design and participant demographics, and
the employer’s financial strength, objectives and funding policy. |
| 604 |
New 415
Regulations/Rules – Limits |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Thomas J. Finnegan, 2. Kyle N. Brown, 3. James E.
Holland, Jr.
Last year, the IRS promulgated new 415 regulations. Speakers
at this session present the new rules, discuss differences with prior rules
and hope to clarify “fuzzy” areas in the new rules. |
| 605 |
Small Plan
Workshop |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. Lawrence Deutsch
Have you ever wished for the opportunity to discuss your
problems with a group of peers? This workshop is an open forum on current
problems and issues specific to sponsors of small plans. Topics may include
EGTRRA, IRC 401(a)(26), 410(b), 401(a)(4), 401(a)(17), 415, and 401 (a)(9).
(This session is not recorded.) |
| 606 |
Funding Retiree
Medical – Private & Public |
| |
Credits: Conference/Academy/EA Noncore 1.80, PD 1.50
Panel: 1. William B. Fornia, 2. Dale H. Yamamoto, 3. James J.
Rizzo
Retiree medical programs may have large liabilities, but they
have traditionally not been funded. As these liabilities continue to grow
and become more significant to employers, and as public sector accounting
rules take place, employers are considering funding the programs. The
participants look at the funding of public and private sector retiree health
plans. Current practice and best practices are discussed, as well as the
accounting implications of funding. Various funding vehicles are examined
along with issues including pros and cons of funding, OPEB obligation bonds,
rating agencies, and accounting standards FAS 106, GASB 43, and GASB 45. |
| 607 |
Plan Audits |
| |
Credits: Conference/Academy 1.80, EA Core 0.90, EA Noncore 0.90, PD 1.50
Panel: 1. Robert J. Rietz, 2. Arthur L. Conat
Auditors have generally required justification for certain
assumptions we use in calculating pension expense, such as the discount rate
and the expected return on plan assets. The aftermath of Sarbanes-Oxley, FAS
132(R) and new SEC guidance has increased auditors’ scrutiny of other
assumptions. Mortality and other demographic assumptions, long considered
the actuary’s sole domain, are now being challenged by non-actuaries.
Auditors are also requiring additional justification of discount rate
selection on asset return methodologies. Panelists discuss these new
requirements in the spirit of professional standards and the public
expectations of our work. |
| 608 |
Circular 230 |
| |
Credits: Conference/Academy/EA Core 1.80, PD 1.50
Panel: 1. David R. Godofsky, 2. John H. Lowell, 3. John H. Moore
You probably give “federal tax advice” every day. New rules
govern: the way you formulate your advice, disclosures required to be given
with your communications, and advice you give with respect to qualified plan
transactions. The panelists explain the new requirements and provide
practical tips for complying efficiently. (Repeated
at Session 408.) |
|
TUESDAY EVENING GENERAL RECEPTION
6:30 PM – 8:00 PM |
|
Wednesday, March 29,
2006 |
|
EXHIBIT
HALL A OPEN |
|
REGISTRATION DESK OPEN |
|
7:00 AM - 10:15 AM |
|
7:00 AM - 1:00 PM |
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CONTINENTAL BREAKFAST
7:00 AM - 8:00 AM
Track #7
8:00 AM - 9:15 AM |
| 701 |
Say It Ain’t
SO-SO – Setting Assumptions in the New Environment |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Donald J. Segal, 2. Tonya B. Manning
Is our economic outlook for the future different than it was
a few years ago? Is the 2001/2002 “market correction” permanent? Do we need
to start thinking about making changes to our future assumptions and
methods? This session addresses these and other questions. Investment
return, turnover, retirement, and mortality assumptions are discussed.
Actuaries should no longer take the so-so (same old, same
old) approach to assumption setting. What was used last year is no longer
good enough. This session will review what we should consider: standards,
auditors’ requirements, what they are being used for (e.g., funding,
expense, relative values, actuarial equivalents, etc.).
|
| 702 |
New and
Proposed Professional Standards |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Lauren M. Bloom, 2. Lawrence J. Sher
There are several new and proposed professional standards
that affect all of us. The panelists review these standards including the
new guide to professional conduct and standards on asset valuation methods,
data quality, modeling, and qualification. (This session is not recorded.) |
| 703 |
New Issues in
411(d)(6) |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Patrick C. DiCarlo, 2. Heidi Rackley, 3. Martin
Pippins
Proposed IRS regulations for 411(d)(6) allow plans to be
amended to eliminate some forms of payment without penalty. In contrast,
court decisions have generally expanded the scope of protected plan benefit
provisions. Speakers present an overview of this changing environment and
examine opportunities for simplifying plan administration and traps for the
unwary. Learn how these new regulations affect your client’s plans.
The Heinz decision and new regulations redefine what is an
accrued benefit, what is a protected benefit, and when cay you get rid of a
protected benefit. The panelists discuss new rules and opportunities for
simplifying plans.
|
| 704 |
International
Accounting Standards |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. Darren Best, 2. Dean W. Kepraios, 3. David E. Weissner
IAS 19, the U.K.’s FRS17, and the trend toward accounting
convergence are having a profound effect on many of our clients. These
standards, the shift to mark-to-market reporting, and the option to
recognize gains and losses in comprehensive income are discussed in an
overview with case studies. |
| 705 |
How to Design
and Administer Plans for Self-Employed |
| |
Credits: Conference/Academy 1.50, EA Core 0.75, EA Noncore 0.75, PD 1.0
Panel: 1. Steven J. Levine, 2. Howard P. Rosenfeld
Speakers at this session address design options such as 200%
match on 401k contributions; mandatory employee contributions; and layered
cash balance plan over DC plans. |
| 706 |
The Big “D”
Attestation |
| |
Credits: Conference/Academy 1.50, No EA Credit, PD 1.0
Panel: 1. Dale H. Yamamoto, 2. Michael E. Morfe
Can you do “Actuarial Attestation” for the Medicare Part D
retiree drug subsidy? Speakers in this session cover the following:
• The actuarial attestation calculation;
• Professional qualifications needed to perform attestation;
• Rules involved with the actuarial attestation, such as
timing, data retention, RDS application steps; and
• Things learned in 2006 attestations to better prepare us
for 2007 work.
|
| 707 |
PBGC Premiums —
Practical Pointers and E-Filing Demo |
| |
Credits: Conference/Academy/EA Core 1.50
Panel: 1. Harold Ashner, 2. Diane Morstein, 3. Elizabeth White
Hear from a private practitioner who gives practical pointers
about premium filings, audits, and penalties, as well as from a PBGC expert
who will “demo” the most current version of PBGC’s premium e-filing
application, My Plan Administration Account (My PAA).
|
|
REFRESHMENT BREAK (EXHIBIT HALL A)
9:15 AM – 9:45 AM
TRACK #8
9:45 AM – 11:00 AM |
| 801 |
Dialogue with
Treasury and IRS |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Donald J. Segal, 2. James E. Holland, Jr., 3.
Harlan M. Weller,
4. Martin Pippins
A panel of high ranking IRS and Treasury officials field your
questions on a number of challenging issues. Don’t miss your chance to get
an answer to the question that’s been puzzling you. |
| 802 |
Caution – Yield
Curve Ahead |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Richard Q. Wendt, 2. James A. Girola, 3. Robert Rowe,
4. Lucy Huffman, 5. Scott Peng
Due to recently proposed changes in funding rules
and more detailed disclosures, the corporate bond yield curve is
becoming an important part of how pension actuaries set and apply
economic assumptions. The speakers will provide a technical
description of two methodologies for construction of the corporate
yield curve. This session is similar to sessions in prior EA
meetings, but the discussion is expected to be more technical than
the prior sessions and at an advanced level. |
| 803 |
Application of
Relative Value |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Ben L. Upchurch, Jr., 2. Erin Robert Breyman, 3.
Linda Marshall
Regulations under Code Section 417(a) regarding disclosure of
the relative value of optional payment forms are now fully effective. The
panelists discuss unusual provisions in these regulations, challenges to
implementation, special issues, and outstanding questions. |
| 804 |
Actuarial Guide
to Stock Options |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. John E. McArthur, 2. Stacy Lynn Powell
Participants can explore the various mathematical models and
numerical techniques relevant to stock option valuations, and how they apply
techniques to FASB’s accounting guidance. As part of our exploration of the
Black-Scholes and binomial/lattice modeling techniques, the presenters look
at the key assumptions that go into these models and the resulting
sensitivities. The limitations of the models and the considerations that go
into the selection of a particular model are discussed. Finally, the process
of analyzing experience and factoring judgments about the future in setting
assumptions is presented. |
| 805 |
Annuitizing DC
Accounts – Actuarial Issues |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. Chris L. Mayer, 2. Cynthia Hayes, 3. Bryan E. Boudreau
With the increased focus on defined contribution vehicles
and longevity risk, a focus on annuity conversions of DC balances has
increased. Speakers at this session address the risks associated with this
trend, including the effect on the annuity marketplace, and the actuary’s
role from the perspectives of the plan sponsor, plan participant, and
issuing company. |
| 806 |
Corporate
In-house Actuaries |
| |
Credits: Conference/Academy/EA Noncore 1.50, PD 1.0
Panel: 1. May-Yee Ng
Are you an in-house actuary? This workshop is for actuaries
who work on retirement and other plans sponsored by their employers.
Attendees have the opportunity to discuss the special problems and issues
they encounter. Note: Attendance at this session should be limited to
in-house actuaries. (This session is not recorded.) |
| 807 |
4010 Filing
Requirements |
| |
Credits: Conference/Academy/EA Core 1.50, PD 1.0
Panel: 1. Amy C. Viener, 2. Ruth F. Williams
E-filing is here. Many large plans will have to file 4010
information with PBGC on April 15th (two weeks from now). For the first
time, this filing must be submitted using specially developed web-based
application software. In this session, PBGC experts will provide an overview
of the 4010 filing requirements, discuss common mistakes and misconceptions,
and demonstrate the web-based application. Those of you who used the
application last year will be interested to hear about the enhancements that
will make it easier for you and your clients to file 4010 information. For
example, thanks to your feedback, the application is in the process of being
enhanced to let actuaries enter information directly into the application,
even if they’re not responsible for the entire filing. |
|
11:15 AM – 12:45 PM
GENERAL SESSION – 003 |
| 003 |
Pension
Investments – Today – 60/40; Tomorrow – ??? |
| |
Credits: Conference/Academy 1.80, EA Core 0.90, EA Noncore 0.90, PD 1.50
Panel: 1. John H. Lowell, 2. Ronald J. Ryan, 3. Carl A. Hess
The third General Session deals with one of the fundamental
questions facing pension sponsors today: is there a viable alternative to
the traditional 60/40
equity/fixed income asset mix? Two industry experts — both of whom believe
the answer is “yes”, but who, nevertheless, see the world of viable
alternatives
very differently present their views. These experts debate asset allocation
principles in the context of the evolving pension funding environment.
This session serves as the closing session of the EA Meeting
and the opening
session of the 2006
Pension Symposium |
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|
