2008 Employee Benefits Spring Meeting

Sessions:

Session Handout

1-1 - PPA 1 - PPA in Practice - What Have We Learned? June 04, 2008 1:00 PM - 2:30 PM

Now that the initial PPA effective date has passed and we have begun dealing with its requirements in real life client engagements, what have we learned? The presenters share some of their first-hand experiences with PPA’s new funding requirements and benefit restrictions. What challenges have we encountered? How have clients reacted to, and dealt with the implications of the Section 436 benefit restrictions? Have plan participants begun to react to the new benefit restrictions and the potential impact on their retirement income options?

Session Category
Employee Benefits - New Rulings/Development
Credits
EA Core1.80
CPD1.80
Session Handout

1-2 - Health Benefit Issues Part 1: Issues for Pension Actuaries June 04, 2008 1:00 PM - 2:30 PM

Experience the wide world of the health benefits arena. Learn about many of the facets of healthcare such as: plan design, accounting, pricing and reserving, and valuation.

Session Category
Health & Welfare
Credits
EA Non-Core1.80
CPD1.80
Session Handout

1-3 - Future of Retirement Part 1: Report from the Conference: Headlines June 04, 2008 1:00 PM - 2:30 PM

Speakers at this session discuss the headlines, and where the program is and where it is heading.

Session Category
Employee Benefits - General
Credits
EA Non-Core1.80
CPD1.80
Session Handout

2-1 - PPA 2 - PPA Recent Guidelines June 04, 2008 2:45 PM - 4:15 PM

When PPA became effective in January, there were many unanswered questions and gray areas still remaining. The presenters review the guidance that has been issued in recent months and help you understand the impact of that guidance on plan funding, administration, and participant communications.

Session Category
Employee Benefits - New Rulings/Development
Credits
EA Core1.80
CPD1.80
Session Handout

2-2 - Health Benefit Issues Part 2: GASB 43/45 June 04, 2008 2:45 PM - 4:15 PM

Large public plans have addressed GASB 43/45. What are the lessons learned so far and what others are now available. The new accounting standards represent a significant amount of new work that has not been done in the past. A team of experienced practitioners explore the funding and accounting aspects of the new GASB rules.

Session Category
Health & Welfare - GASB Issues
Credits
EA Non-Core1.80
CPD1.80
Session Handout

2-3 - Future of Retirement Part 2: Structured Input on Emerging Themes June 04, 2008 2:45 PM - 4:15 PM

This “new retirement’ system is going to led actuaries in the future. The panel focuses on how this is going to happen.

Session Category
Employee Benefits - General
Credits
EA Non-Core1.80
CPD1.80
Session Handout

3-1 - PPA 3 - So Close… and Yet So Far June 04, 2008 4:30 PM - 5:45 PM

With all that we have learned about PPA in recent months, both in practice and through formal published guidance, there are still many unresolved issues. Panelists in this session review the top questions that remain regarding PPA and how actuaries and plan sponsors are addressing these issues in the interim.

Session Category
Employee Benefits - New Rulings/Development
Credits
EA Core1.50
CPD1.50
Session Handout

3-2 - Accounting - An Accounting of the Accounting Rules June 04, 2008 4:30 PM - 5:45 PM

In 2006, the Financial Accounting Standards Board (FASB) implemented its first phase of accounting reform that resulted in the recognition of a retirement plan’s funded status on the company’s balance sheet. In addition, this statement requires companies to change their measurement dates to fiscal year-end. The presenters at this session discuss the pitfalls encountered in the initial implementation of FAS 158, the mechanics of moving measurement dates, and the additional information required by our client’s auditors.

The FASB recently started discussing Phase II of retirement accounting reform and many changes are anticipated in the direction of mark-to-market accounting. An update on the progress of Phase II is also discussed.

Session Category
Employee Benefits - Accounting Issues
Credits
EA Non-Core1.50
CPD1.50

3-3 - Multiemployer Plans Workshop June 04, 2008 4:30 PM - 5:45 PM

Multiemployer plans present unique issues for actuaries. Panelists give a brief overview of recent developments in multiemployer plans, followed by an open forum providing multiemployer plan actuaries an opportunity for a “hands on” discussion of problems, issues, and experiences encountered in their practices.

Session Category
Employee Benefits - Beyond Corporate Retirement Plans
Credits
EA Core1.50
CPD1.50

GS - General Session - Why Do Firms Offer Risky Defined Benefit Pension Plans? June 05, 2008 8:00 AM - 9:30 AM

We have all heard about one of the drawbacks to sponsoring a defined benefit pension program: namely, the volatility of required cash contributions and accounting expense. Plan sponsors can choose to offer essentially riskless DB promises by backing pension payouts with appropriately matched fixed-income investments. But, virtually no plan sponsor in the U.S. has chosen to do so, and most take on a significant amount of risk with the investments in the pension plan. Shouldn’t participants in a “risky” pension plan receive higher compensation for this risk? And if so, wouldn’t that force sponsors to minimize risk? Our distinguished panelists take on these issues and offer explanations as to why plan sponsors do not (yet) minimize risk in their DB plans.

Session Category
Employee Benefits - General
Credits
EA Non-Core1.80
CPD1.80
Session Handout

4-1 - Defined Contribution Part 1 – Let’s Run Through the Rules? June 05, 2008 10:00 AM - 11:30 AM

Have you been working on defined benefit plans for what seems forever? Do you know the basic rules of defined contribution plans? The panel provides an overview of defined contribution plans and the rules that govern them, including the changes made by the PPA. Also discussed will be safe harbors, automatic enrollment and other pertinent components of defined contribution plans.

Session Category
Employee Benefits - Defined Contribution Issues
Credits
EA Non-Core1.80
CPD1.80
Session Handout

4-2 - Public Plans Part 1: Current State of the Public Retirement Sector June 05, 2008 10:00 AM - 11:30 AM

Public plans are getting an increasing amount of attention and have recently been the subject of several large scale reports and discussions. This kick-off session examines the state of the industry, including summary discussions of reports from:

  • The Governmental Accountability Office (GAO)
  • The Pew Charitable Trust
  • California’s Pension and Employee Benefits Commission
  • The GASB Pension Accounting Regional Forums
  • The AAA/SOA Roundtable on Financial Disclosures for Public Pension Plans

Session Category
Employee Benefits - Beyond Corporate Retirement Plans
Credits
EA Non-Core1.80
CPD1.80
Session Handout

4-3 - Late Breaking Developments June 05, 2008 10:00 AM - 11:30 AM

In this popular session, the panelists highlight hot new issues, regulations, and rulings from the IRS, DOL, and PBGC. They also emphasize the practical applications of these new developments and their effects on client consulting assignments.

Session Category
Employee Benefits - Compliance Issues
Credits
EA Core1.80
CPD1.80
Session Handout

5-1 - Defined Contribution Part 2 – DC Investments and Distributions June 05, 2008 1:15 PM - 2:45 PM

Recent litigation has had significant impacts on defined contribution plan sponsors. The panelists discusses this litigation, where you may learn more than you ever wanted to know about provider fee arrangements, and trends in employee investment education. Defined benefit plans have traditionally been structured to provide an “adequate” retirement income for a career employee. The panelists also discuss retirement adequacy from a defined contribution plan perspective.

Session Category
Employee Benefits - Defined Contribution Issues
Credits
EA Core0.90
EA Non-Core0.90
CPD1.80
Session Handout

5-2 - Public Plans Part 2: Challenges and Criticisms June 05, 2008 1:15 PM - 2:45 PM

From New Jersey to San Diego, public plans have recently been under harsh criticism from the general press, financial analysts and other public policy researchers. In this session the panelists highlight three such criticisms – Mary Williams Walsh’s New York Times articles, Richard Ennis’ “What Ails Public Pensions?,” and Robert Costrell and Michael Podgursky’s “Peaks, Cliffs, and Valleys – The Peculiar Incentives of Teacher Pensions” -- along with responses from the panelists.

Session Category
Employee Benefits - Beyond Corporate Retirement Plans
Credits
EA Core1.80
CPD1.80
Session Handout

5-3 - Dialogue With the IRS June 05, 2008 1:15 PM - 2:45 PM

A high ranking IRS official fields 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.

Session Category
Employee Benefits - Compliance Issues
Credits
EA Core1.80
CPD1.80
Session Handout

6-1 - Defined Contribution Part 3 – A Unique Perspective on Retirement June 05, 2008 3:15 PM - 4:45 PM

A look at "How to Engineer a Successful Retirement in a DC World” a review of the recent Society of Actuaries risk survey, the impact of behavior economics on retirement and an investment strategy point of view are all addressed. The panel addresses one approach to unraveling employee bewilderment - where to invest/which funds to use/how much to save for retirement. The presenters focus on alternative investment strategies that differ from the mainstream and actually resurrect certain DB fundamentals. The presenters allow you to determine whether there are better strategies and products to help cut through the bewilderment and to allow individuals to customize their risk management in DC plans.

Session Category
Employee Benefits - Defined Contribution Issues
Credits
EA Core0.90
EA Non-Core0.90
CPD1.80
Session Handout

6-2 - Public Plans Part 3: Funding and Disclosure June 05, 2008 3:15 PM - 4:45 PM

Public plans use a wide range of funding methods, policies and assumptions to determine employer contributions and financial disclosures, in contrast to the market approaches now standard for private plans. Speakers at this session challenge current public sector practices in these areas. A California case study on how new benefit levels may have been enabled by funding policies and how a more disciplined application of traditional methods may be used to manage them is discussed. The seminar concludes with a discussion of disclosure proposals that may enhance comparability and understanding of the costs and risks of public pension plans.

Session Category
Employee Benefits - Beyond Corporate Retirement Plans
Credits
EA Non-Core1.80
CPD1.80
Session Handout

6-3 - Non-qualified Potpourri June 05, 2008 3:15 PM - 4:45 PM

During this breakout the panelists cover a range of issues involving non-qualified retirement plans, NQDC and other executive compensation. The presenters highlight the compliance and plan design challenges posed by Section 409A and certain regulations related to the Pension Protection Act.

Session Category
Employee Benefits - Nonqualified Plans
Credits
EA Core0.90
EA Non-Core0.90
CPD1.80
Session Handout

7-1 - Investment/Termination Part 1 – What are all the Investment Strategies? June 06, 2008 8:00 AM - 9:15 AM

Some of the various investment strategies employed today are 130/30, LDI, and hedge funds. These strategies use all the tools in today’s investment manager’s toolkit and are discussed by the panel.

Session Category
Employee Benefits - Investment Issues
Credits
EA Non-Core1.50
CPD1.50
Session Handout

7-2 - Consulting Skills Part 1: The Plain English Actuary: Oxymoron? June 06, 2008 8:00 AM - 9:15 AM

You’re hired, now what? The speakers address communication skills necessary for survival in today’s business world. The speakers bring out the client and consultant perspectives as they discuss:

  • Communicating with your clients;
  • Communicating with your clients' Board and other constituencies;
  • Communicating with other actuaries and professionals;
  • Clients expectations of their consultants and vice-versa;
  • How to get your message across effectively and avoiding lingo; and
  • Balancing the pitfalls between the client "need to knows" and the legal and standards of practice requirements regarding information.

Session Category
Cross Discipline
Credits
EA Non-Core1.50
CPD1.50
Session Handout

7-3 - Professionalism - Part 1: New Pension Actuarial Standards of Practice June 06, 2008 8:00 AM - 9:15 AM

During this session, the panelists discuss the requirements of two recently issued ASOPs:

  • Revised ASOP 4, Measuring Pension Obligations, and
  • ASOP 44, Selection and Use of Asset Valuation Methods for Pension Valuations.

These standards are effective March 15, 2008. The implications of these standards are also discussed.

Session Category
Employee Benefits - Professionalism and Policy
Credits
EA Core1.50
CPD1.50

8-1 - Investment/Termination Part 2 – Liabilities Matching June 06, 2008 9:30 AM - 10:45 AM

Come hear investment advisors talk about how they implement LDI strategies in the real world. What are the roadblocks to implementation? How can consultants help in the process?

Session Category
Employee Benefits - Investment Issues
Credits
EA Non-Core1.50
CPD1.50
Session Handout

8-2 - Consulting Skills Part 2: How to Build Relationships June 06, 2008 9:30 AM - 10:45 AM

New business development and project management success is based on building relationships in an organized, disciplined and proactive manner. Learn some of the tools and techniques in this interactive session.

Session Category
Cross Discipline
Credits
EA Non-Core1.50
CPD1.50
Session Handout

8-3 - Professionalism - Part 2: New Qualification Standards and SoA/CCA CPE Requirements June 06, 2008 9:30 AM - 10:45 AM

In this session, the panel discusses the new qualification standards and focuses on the implications for pension actuaries. The new CPE requirements for maintaining active SoA and CCA membership are also discussed.

Session Category
Employee Benefits - Professionalism and Policy
Credits
EA Core1.50
CPD1.50

9-1 - Investment/Termination Part 3 – Risk Transfer June 06, 2008 11:00 AM - 12:15 PM

The speakers review the emerging marketplace regarding alternative retirement plan resolutions beyond plan termination and annuity purchases. They also focus on the marketplace factors affecting plan sponsors as they weight their options ranging from risk limitation to risk elimination. This includes a review of the regulatory issues impacting these new alternatives.

Session Category
Employee Benefits - Investment Issues
Credits
EA Core1.50
CPD1.50
Session Handout

9-2 - Professionalism - Part 3: Actuarial Communications June 06, 2008 11:00 AM - 12:15 PM

The panelists discuss ASOP 41, Actuarial Communications and ASOP 21, Responding to or Assisting Auditors or Examiners in Connection with Financial Statements for All Practice Areas. The panelists focus on applying ASOP 41 to the new required funded status certifications under Section 436 of the Internal Revenue Code and general communications with plan sponsors regarding PPA. In addition, an open discussion of communications with auditors and actuaries who support auditors takes place.

Session Category
Professionalism
Credits
EA Core1.50
CPD1.50
Session Handout

9-3 - Dialogue With the IRS June 06, 2008 11:00 AM - 12:15 PM

A high ranking IRS official fields 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.

Session Category
Employee Benefits - Compliance Issues
Credits
EA Core1.50
CPD1.50

  • 1 Howard A. Freidin
  • 2 Jerrold Dubner PricewaterhouseCoopers LLP
  • 3 Marcus H. Rafiee Woodlawn School
  • 1 Susanne Simon Buck Global, LLC
  • 2 Jonathan E. Joss Fidelity Investments
  • 3 Gary A. Pines Harding & Company
  • 1 Gary A. Pines Harding & Company
  • 2 Erica Peters Apple
  • 1 Mark A. Dzierzak
  • 2 Terri W. Vaughan Aon
  • 3 Robert E. Hord Wachovia Retirement Services
  • 1 Mark A. Dzierzak
  • 2 Daniel Philip Cassidy
  • 3 David M. Abbey T. Rowe Price Associates, Inc.
  • 1 Mark A. Dzierzak
  • 2 Zvi Bodie Boston University School of Mgmt.
  • 1 Donald J. Segal
  • 1 Donald J. Segal
  • 2 Martin L. Pippins American Retirement Association
  • 2 Martin L. Pippins American Retirement Association
  • 1 Emily K. Kessler Society of Actuaries
  • 2 Zvi Bodie Boston University School of Mgmt.
  • 3 Anne M. Button Department of Energy
  • 1 Emily K. Kessler Society of Actuaries
  • 2 Zvi Bodie Boston University School of Mgmt.
  • 1 David A. Love Columbia Business School
  • 2 Paul A. Smith Federal Reserve Board
  • 3 Thomas M. Sablak Buck
  • 4 Tonya B. Manning Buck
  • 1 Dale H. Yamamoto Red Quill Consulting
  • 2 Bob Walt Humana Inc.
  • 1 Dale H. Yamamoto Red Quill Consulting
  • 2 Jason L. Franken Foster & Foster, Inc.
  • 3 Stephen T. McElhaney Cheiron, Inc.
  • 1 Daniel Philip Cassidy
  • 2 John Haugh Merrill Lynch
  • 3 Jeffrey Sung Method Advisors, LLC
  • 1 Daniel Philip Cassidy
  • 2 Sean McShea Ryan Labs Inc.
  • 3 Clinton S. Cary Northern Trust Global Investments
  • 1 Daniel Philip Cassidy
  • 2 Ari N. Jacobs Aon
  • 3 Bradley D. Belt Palisades Capital Advisors, LLC
  • 1 Ethan E. Kra Ethan E. Kra Actuarial Services LLC
  • 2 John H. Lowell October Three Consulting LLC
  • 1 Leon F. Joyner Segal Consulting
  • 2 Tammy F. Dixon Segal Consulting
  • 1 John H. Lowell October Three Consulting LLC
  • 2 Warner Anthony Attorney at Law
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 Tonya B. Manning Buck
  • 3 Brian C. Donohue October Three LLC
  • 4 Kenneth A. Steiner
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 David R. Godofsky Alston & Bird, LLP
  • 3 Martin L. Pippins American Retirement Association
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 David R. Godofsky Alston & Bird, LLP
  • 3 Martin L. Pippins American Retirement Association
  • 4 Ethan E. Kra Ethan E. Kra Actuarial Services LLC
  • 1 Lawrence J. Sher October Three LLC
  • 2 Kenneth A. Kent Cheiron, Inc.
  • 3 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 1 Sheila Kalkunte American Academy of Actuaries
  • 2 Emily K. Kessler Society of Actuaries
  • 3 Donald J. Segal
  • 1 Tonya B. Manning Buck
  • 2 Lawrence J. Sher October Three LLC
  • 3 Kenneth A. Kent Cheiron, Inc.
  • 1 Paul Angelo Segal Consulting
  • 3 Werner Paul Zorn Gabriel Roeder Smith & Company
  • 3 Keith Brainard NASRA
  • 4 John E. Bartel Bartel Associates, LLC
  • 1 Paul Angelo Segal Consulting
  • 2 Brad Lee Armstrong Gabriel Roeder Smith & Company
  • 3 Robert T. McCrory Cheiron, Inc.
  • 1 Paul Angelo Segal Consulting
  • 2 John E. Bartel Bartel Associates, LLC
  • 3 Karen I. Steffen
  • 4 Robert T. McCrory Cheiron, Inc.
  • 5 Lawrence A. Johansen New Hampshire Retirement System