2013 Pension Symposium: Outlook for Private Sector Pension Funding
April 10, 2013 12:00 PM - 5:00 PM
Private sector pension funding has been a front-and-center topic on the minds of plan sponsors and actuaries nearly constantly since 2005. That was the beginning of serious discussions of pension funding reform - which led to the Pension Protection Act of 2006. The financial crisis of 2008 and 2009 brought unprecedented stress to the private pension system as plan sponsors have faced significantly increased funding requirements in the years since - despite several legislated funding relief efforts.
These questions cry out for answers:
- Is the PPA a good law that simply requires an occasional minor fix from time to time to accommodate sponsor demands for temporary funding relief? Or is the PPA fundamentally flawed, in which case we need a fundamental overhaul of our funding legislation?
- How should the PBGC's $30 billion deficit be funded and who should fund it? More broadly, is our national pension insurance program ripe for a complete reform?
This year's Pension Symposium provides attendees an opportunity to examine in depth the topic of pension funding in the United States. The scope includes private sector (single and multiemployer) pension plans as well as the PBGC.
Since 2005, the Pension Symposium has been a fixture following the EA meeting. We intentionally limit attendance at the symposium (first come, first served!) so as to promote dialogue and the sharing of ideas and perspectives from all attendees. This year's discussion is led by leading pension actuaries and other experts who are deeply involved in various aspects of the private pension system, including the PBGC.
As a helpful backdrop, we will refer to the Academy's foundational work on pension funding principles - developed originally in 2005, and with an expected update to be completed in early 2013. The presenters also plan on incorporating, as appropriate, the research efforts of the Society of Actuaries, which leverages their comprehensive model of
- Session Category
- Employee Benefits - General
- EA Non-Core8.40