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2018 Enrolled Actuaries Meeting

2018 Enrolled Actuaries Meeting

 

The 2018 Enrolled Actuaries Meeting Meeting was held from Sunday April 8th through Wednesday, April 12th at the Marriott Wardman Park Hotel in Washington, DC. Information about the sessions, speakers, and access to session handouts is available below.

 

Sessions:

Sessions

001 - Talking Risk April 09, 2018 8:30 AM - 10:10 AM

While all sponsors of a defined benefit plan have assumed some risk, the approach in measuring and managing that risk varies depending on the type of plan and nature of the plan sponsor. Panelists representing each area of pension practice (single-employer, multiemployer, and public plans) share best practices for communicating risk to plan sponsors, and explain how they plan to modify their practice in light of the new risk ASOP. Learn how their approaches are similar, their important differences, and how to up your game when talking risk.

Session Category
General Sessions
Credits
EA Core1.50
CPD1.50

101 - Late Breaking Developments April 09, 2018 10:30 AM - 11:45 AM

Attend this perennial favorite for a review of guidance from the past year, with a special focus on important developments that occur shortly before the meeting. The speakers may address rulings, regulations, litigation and other exciting news.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
New Rulings/Development
Credits
EA Core1.50
CPD1.50

102 - Multiemployer Pension Reform Act Partitions, Suspensions, Guidance, and Applicant's Experience April 09, 2018 10:30 AM - 11:45 AM

The Multiemployer Pension Reform Act of 2014 (MPRA) modified the rules for partitions (which need PBGC approval) and added the possibility of benefit suspensions (which need Treasury approval). Presenters review the current state of guidance and provide an overview of approvals since the prior EA Meeting, including the first PBGC partition under MPRA.

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

103 - Transitioning From Large Plans to Small Plans April 09, 2018 10:30 AM - 11:45 AM

When a large plan actuary changes jobs and becomes a small plan actuary how does his or her life change? What don’t you need to know anymore and what do you now need to know that you never had to think about before? Speakers discuss many of the differences to assist the actuary transitioning from the large-plan world to the small-plan world.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
Small Plan Issues
Credits
EA Non-Core1.50
CPD1.50

104 - GASB Update April 09, 2018 10:30 AM - 11:45 AM

GASB Statements 67, 68, 73, 74 and 75 are all in effect. Presenters cover the highlights of the statements and potential issues. Presenters discuss their experience in implementation, and discuss solutions to the issues that arise.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

105 - ASB Standards for Pension Actuaries April 09, 2018 10:30 AM - 11:45 AM

In many situations, outside bodies place limits on our professional judgment – IRS, FASB, PBGC, etc. If you’re looking for an overview of the ASB’s standards affecting pension actuaries issued by our own profession, this session is for you! Any new standards or exposure drafts issued during the year are included. An overview of the highlights of the 2016 Pension Task Force recommendations is also provided.

Session Category
Professionalism and Policy
Credits
EA Core1.50
CPD1.50

106 - IFRS vs US GAAP April 09, 2018 10:30 AM - 11:45 AM

Panelists will discuss the major differences between IAS 19 (revised in 2011) and ASC 715 as well as the practical considerations when converting from US GAAP to IFRS accounting.

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

201 - ERISA Litigation Affecting DB Plans April 09, 2018 1:00 PM - 2:15 PM

The speakers review recent court decisions affecting defined benefit plans and pension actuaries.

Session Category
New Rulings/Development
Credits
EA Core1.50
CPD1.50

202 - Valuation of Lump Sums for Accounting April 09, 2018 1:00 PM - 2:15 PM

The panelists discuss several methodologies for the valuation of lump sums and the implications of these alternatives. They also address complexities such as account-based plans, bond matching models and subsidized payment forms.

Session Category
Assumptions/Methods
Credits
EA Core0.75
EA Non-Core0.75
CPD1.50

203 - DC Plans Issues When Combined With DB Plans for Testing April 09, 2018 1:00 PM - 2:15 PM

A variety of issues arise when defined contribution plans are combined with defined benefit plans for testing. Topics to be addressed include benefits rights and features, coverage, gateway, top-heavy minimums, combined plan deduction limits and other issues relevant in designing the DC plan.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
Small Plan Issues
Credits
EA Non-Core1.50
CPD1.50

204 - Discount Rate Setting in a Low Interest Rate Environment April 09, 2018 1:00 PM - 2:15 PM

Economic assumptions used by public plans are evolving to recognize the current low inflation and interest rate environment. Speakers present information about the economic environment, how assumptions are changing, and other considerations for public sector actuaries responsible for evaluating and recommending these important assumptions.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

205 - Evolving Our Practice – Addressing Actuarial Professionalism Challenges April 09, 2018 1:00 PM - 2:15 PM

Actuaries play an important role in helping plan sponsors address the financial risks associated with their employee retirement plans. Recent years have seen increasing incidence of challenges to actuarial judgment in assumption setting from regulators, auditors, and sometimes even our clients. Financial economics has challenged the tenets of traditional actuarial practice, at times in a very public manner. As professionals we must rise to meet these challenges head on. It is imperative that we “up our game” when it comes to communicating the risks associated with pension plan sponsorship and helping our clients decide how best to balance the often competing interests of benefit security and affordability.

The Actuarial Standards Board is preparing to issue several new ASOPs covering the areas of general assumption setting, actuarial modeling, and the assessment and disclosure of risk with respect to benefit obligations and pension plan contributions. Our panelists explore practical applications of these new ASOPs and how they support the continued evolution of actuarial consulting and communication with our clients.

Session Category
Professionalism and Policy
Credits
EA Core1.50
CPD1.50

206 - Funding Method Changes Under the New Guidance April 09, 2018 1:00 PM - 2:15 PM

We have new revenue procedures that provide automatic approvals for some method changes for single-employer plans, and revised procedures for requesting approvals for all plans covered by ERISA. The procedures clarify some questions as to what is a method change. The presenters discuss the new guidance emphasizing what is new, and the options and process of getting approval.

Session Category
Compliance Issues
Credits
EA Core1.50
CPD1.50

301 - Investment Basics for Pension Actuaries April 09, 2018 2:45 PM - 4:00 PM

Do you know enough about investments? Do you know enough about the plan’s investments to engage with your sponsors’ auditors and investment advisors when questions arise about your expected return assumption? Can you take a trust statement and then find enough information to populate your expected return model, Form 5500, or ASC715 report? Are you comfortable discussing at a high level topics like duration, hedge funds, alternate investments, private equity, and alpha- and beta-focused investments? Come to this session, and get more comfortable with investment discussions as they relate to pension plans.

For more detail on setting assumed returns, check out sessions 204 “Discount Rate Setting in a Low Interest Rate Environment” and 804 “Expected Return Q&As for Pension Actuaries.”

Note that the allocation of EA credit depends on the actual content of the session.

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

302 - Dialogue With and Update From the PBGC for Multiemployer Plans April 09, 2018 2:45 PM - 4:00 PM

This is an opportunity for multiemployer actuaries to hear from a panel of PBGC representatives to discuss a variety multiemployer plans topics. Expect to hear about PBGC guaranteed benefit calculations, other practical aspects of reaching the point of plan insolvency, revised financial projections regarding the solvency of the multiemployer guarantee program, as well as evolving experience with candidates for a MPRA partition. We anticipate questions from the audience.

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

303 - Required Minimum Distributions April 09, 2018 2:45 PM - 4:00 PM

Speakers explain the process of determining required minimum distributions for 5% owners in DB plans and the focus on real-life issues that may impact the plan for several years. Different methods of determining the payment method and amount including installment payments and increasing installment payments are addressed along with the impact of benefit restrictions on retirement after payments and plan termination have begun.

Session Category
Small Plan Issues
Credits
EA Core1.50
CPD1.50

304 - Hot Topics in Accounting April 09, 2018 2:45 PM - 4:00 PM

Panelists at this session discuss current topics that affect accounting under ASC 715, ASC 960, and IAS 19 including alternative pension expense recognition.

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

305 - Variable Annuity Plans – Funding April 09, 2018 2:45 PM - 4:00 PM

Variable annuity plans pose special challenges for funding. Statutory requirements were not designed for even pure variable benefits, much less for the more complicated designs that combine variable annuities with traditional formulas or partial guarantee provisions. Panelists discuss ways to address PPA funding rules in an environment of regulatory uncertainty as well as more sophisticated or direct approaches to measuring the liability, risk and rewards inherent in variable benefit designs.

Session Category
Accounting Issues
Credits
EA Core1.50
CPD1.50

306 - Final and Proposed IRC §417(e) Regulations April 09, 2018 2:45 PM - 4:00 PM

The IRS has finalized regulations for qualified plans that partially pay benefits in optional forms of benefit subject to IRC §417(e) (“§417(e) options” such as lump sums and Social Security Level Income Options) and partially in non-§417(e) options (i.e., “bifurcated benefits”). The IRS has also proposed regulations that affect all contributory plans that pay §417(e) options, including refunds of employee contributions. Finally, the IRS has provided additional information on its interpretation of the final regulations (in the form of a recorded presentation posted on its website) that changed many practitioners’ understanding of the final regulations. Speakers cover the §417(e) regulations applicable to bifurcated benefits and the varying interpretations of them, as well as the proposed regulations on contributory plans. The panelists also discuss practical issues and how plans and practitioners are addressing them.

Session Category
Compliance Issues
Credits
EA Core1.50
CPD1.50

401 - Late Breaking Developments April 09, 2018 4:30 PM - 5:45 PM

Attend this perennial favorite for a review of guidance from the past year, with a special focus on important developments that occur shortly before the meeting. The speakers may address rulings, regulations, litigation and other exciting news.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
New Rulings/Development
Credits
EA Core1.50
CPD1.50

402 - Multiemployer Variable Benefit Plans - Innovative Design and Regulatory Hurdles April 09, 2018 4:30 PM - 5:45 PM

Over the past few years, the idea of employees and employers sharing risk has moved to the forefront of plan design. Some multiemployer variable benefit designs have been implemented and approved by the IRS. Panelists discuss some of these designs and address regulatory issues that arise, and how to avoid them.

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

403 - Seven Principles of Pension Funding April 09, 2018 4:30 PM - 5:45 PM

PPA has been in effect for single employer plan funding and benefit restrictions for a decade. In the years since 2008, economic conditions have challenged pension plans and given birth to a series of temporary modifications to help manage the short-term effects of these conditions. When we look at PPA against this historical backdrop, how is it doing? Most people would likely tell you that there are things that could be done to make PPA better.

During this session, panelists review the seven basic principles for building an effective funding regime as set forth by the American Academy of Actuaries pre-PPA, and discuss how well PPA has stacked up against these principles. They also share ideas for how PPA may be improved. Do you agree with those ideas? What would you do to “fix” PPA? Come join the conversation.

Session Category
Funding and Schedule B Issues
Credits
EA Core1.50
CPD1.50

404 - Public Hybrid Plans April 09, 2018 4:30 PM - 5:45 PM

What is the current status of defined contribution and hybrid plans in the public sector? What can we learn from entities that have replaced (or considered replacing) a defined benefit plan with a DC or hybrid plan? Speakers address these issues through case studies.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

405 - Meet the PBGC Participant and Plan Sponsor Advocate April 09, 2018 4:30 PM - 5:45 PM

The PBGC's Office of the Advocate helps both participants and plan sponsors who have problems with the PBGC. Our panel interviews the Advocate about the functions of her office and give audience members the opportunity to ask questions.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
PBGC/Plan Termination Issues
Credits
EA Core1.50
CPD1.50

406 - Missing Participants April 09, 2018 4:30 PM - 5:45 PM

Recently, there has been increased focus on terminated vested participants who cannot be located when they reach the age at which a plan requires benefits to begin, or when a plan terminates. Plan administrators, the Department of Labor, the Pension Benefit Guaranty Corporation and other parties are dealing with the issues that arise when participants cannot be found in a timely manner. In this session, a PBGC representative addresses the missing participants program. Panelists also discuss the steps plan sponsors should take to attempt to locate missing participants (including the methods that have been most successful in practice), DOL enforcement actions, and benefit calculations for terminated vested participants who are not timely paid.

Session Category
Compliance Issues
Credits
EA Core1.50
CPD1.50

002 - Ethics April 10, 2018 8:30 AM - 10:10 AM

In this highly interactive session, panelists and audience members debate solutions to difficult ethical situations faced by actuaries in their day-to-day practices, including transitions from one actuary to another, conflicts of interest, disagreements among actuaries, billing problems, and working with difficult clients.

Session Category
General Sessions
Credits
EA Ethics2.00
CPD2.00

501 - Settling Pension Liabilities: Annuity Placements April 10, 2018 10:30 AM - 11:45 AM

Your client has been exploring pension risk transfer techniques. An annuity purchase seems like an attractive option – it reduces headcount without the uncertainty inherent in a lump sum window offer, and it may be attractive (especially for in-pay annuitants and those with small payment amounts). In this session you can learn what you need to know about key decision points, the process, the legal and fiduciary requirements, and the annuity marketplace.

Session 1001 addresses using lump sum windows to settle pension liabilities and session 903 addresses the funding and accounting for de-risking programs.

Session Category
Investment Issues
Credits
EA Core0.75
EA Non-Core0.75
CPD1.50

502 - Funding in the New World April 10, 2018 10:30 AM - 11:45 AM

Actuarially Required Contributions are so yesterday, and Minimum Required Contributions have drifted from reality. So, how should plan sponsors really go about funding a defined benefit plan? What should be considered outside of the legal or regulatory funding requirements? Panelists discuss how they help plan sponsors come up with a plan for funding their plan, including establishing a risk tolerance, setting goals, managing timelines and executing strategies. See if, in the midst of PPA insanity, we can still "play actuary."

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
Funding and Schedule B Issues
Credits
EA Core1.50
CPD1.50

503 - Closed Plans - Possible Relief, How People Deal Absent Relief April 10, 2018 10:30 AM - 11:45 AM

The IRS released proposed regulations on nondiscrimination testing relief for closed plans, including certain changes that would be helpful for plans that are not closed. Many of the proposed changes can be relied upon beginning with the 2014 plan year. Panelists provide an overview of the regulations and outstanding issues. They also discuss proposed legislation to expand relief. Case studies of the types of plan sponsors helped by the various provisions are also presented.

Session Category
Nondiscrimination Issues
Credits
EA Core1.50
CPD1.50

504 - Risk Metrics - Measuring Public Plan Risk April 10, 2018 10:30 AM - 11:45 AM

What are the best measures for discussing, measuring, and disclosing risks for public sector plans? How does the new risk ASOP affect the work of public plan actuaries? The panelists provide a more detailed discussion with a public plan focus following the general session, Talking Risk.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

505 - Actuarial and Legal Issues with Non-Qualified Deferred Compensation April 10, 2018 10:30 AM - 11:45 AM

Many large companies in the U.S. sponsor non-qualified deferred compensation (NQDC) plans for executives, and these programs have grown in relative size and financial importance as qualified plan benefits have been reduced. Unlike qualified plans, these programs are generally treated as unfunded promises for financial reporting purposes, whether or not assets have been set aside in a rabbi trust or another vehicle. NQDC liabilities are complex to value, volatile and difficult to manage, and are often of longer duration than defined benefit liabilities. In addition, poor legal documentation and improper administration can result in serious tax penalties for covered executives. In this session, the presenters discuss how companies are managing the effects of these plans on corporate financial statements and cash flow, as well as other practices and legal developments affecting these programs.

Session Category
Nonqualified Plans
Credits
EA Non-Core1.50
CPD1.50

506 - PBGC Potpourri for Small Plans April 10, 2018 10:30 AM - 11:45 AM

Hear from representatives of a variety of PBGC departments about issues that directly relate to small plans. Topics to be covered include reportable events, premiums, and terminations. Attendees are encouraged to come prepared to ask questions of subject matter experts.

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

601 - Plan Administration Issues with New Mortality Basis April 10, 2018 1:00 PM - 2:15 PM

In recent years, interest rates have come down and new mortality studies have confirmed that life expectancies have increased. We know the IRS is developing regulations incorporating the new RP2014 mortality tables for funding and lump sum payment purposes, which may still be effective for 2018 plan years. If regulations are finalized, we will review the impact of the new requirements on pension administration.

The release of updated mortality tables for lump sum payments presents a good opportunity for plan sponsors to review their plans’ actuarial equivalence basis for other optional forms, early retirement reductions and other purposes that may have been developed in a very different environment. This panel explores the related issues with respect to ERISA compliance, relative value disclosures, and IRC §411(d)(6) protections if the actuarial equivalence basis is changed.

Session Category
Assumptions/Methods
Credits
EA Core1.50
CPD1.50

602 - Thinking Beyond MPRA – Proposals to Save the Multiemployer Pension System April 10, 2018 1:00 PM - 2:15 PM

It’s not news that some multiemployer defined benefit plans face severe funding challenges and expect to become insolvent within the next decade or so, and that the PBGC backstop is itself facing significant funding issues if something is not done to stave off the plan insolvencies. During this interactive session our panel shares various ideas that have been proposed for how to tackle these issues, discuss the key attributes of each, and facilitate a discussion among attendees about the likelihood of success for each proposal. Come prepared to share your thoughts and ideas about how to save the multiemployer pension system.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
Multiemployer Plans
Credits
EA Non-Core1.50
CPD1.50

603 - Cash Balance Plans for Small Employers and Professional Groups April 10, 2018 1:00 PM - 2:15 PM

Cash balance plans have become the plan of choice for professional employers and other small business owners. Panelists discuss the cash balance designs and include a discussion of different interest crediting rates including issues involved with using asset rates of return.

Session Category
Small Plan Issues
Credits
EA Core1.50
CPD1.50

604 - New Risk ASOP April 10, 2018 1:00 PM - 2:15 PM

The Actuarial Standards Board recently released Actuarial Standard of Practice (ASOP) No. 51, a new standard on the Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions. The panelists provide a more detailed discussion of the specifics of this new ASOP following the general session, Talking Risk.

Session Category
Professionalism and Policy
Credits
EA Core1.50
CPD1.50

605 - Making Retirement Assets Last a Lifetime – The Next Big Actuarial Challenge April 10, 2018 1:00 PM - 2:15 PM

Nearly every retiree will have accumulated some wealth that is in an account earmarked to help fund his or her retirement years. This accumulation may be from the election of a lump sum benefit from a defined benefit plan, participation in a defined contribution plan, or personal savings. Pension actuaries are well positioned to play an important role in developing solutions to the lifetime income challenge of making their money last. In this session we explore the latest trends and emerging solutions and strategies used to optimize retirement savings during retirement. Helping individuals understand the value of lump sums is an important step in planning for retirement and has been a continued concern from policy makers. Presenters address ways retirement savings balances can be expressed as lifetime income to help retirees make effective decisions.

Session Category
DC Issues
Credits
EA Non-Core1.50
CPD1.50

701 - Nondiscrimination Testing Gotchas April 10, 2018 2:45 PM - 4:00 PM

The panelists discuss the most commonly overlooked rules and tricky areas in nondiscrimination testing. Topics may include changes in controlled group, determination of HCEs, QSLOBs, the three-year testing cycle, snapshot testing, BRFs, contributory plans, offset plans and closed plans.

Session Category
Nondiscrimination Issues
Credits
EA Core1.50
CPD1.50

702 - Withdrawal Liability - Beyond Assumptions April 10, 2018 2:45 PM - 4:00 PM

Withdrawal liability has been around since 1980 and has often been described as a double-edged sword. Withdrawal liability has re-emerged as an important issue for most plans after the financial challenges in the first decade of the millennium. The panelists discuss several difficult withdrawal liability topics including partial withdrawal, the environment for plans and employers today, and offer a glimpse into the new approaches that have emerged.

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

703 - Funding and Impact of New Mortality Tables April 10, 2018 2:45 PM - 4:00 PM

Panelists at this session discuss the funding rules as they pertain to small plans, including end of year valuations and related AFTAP issues. An emphasis is placed on the effect of new mortality tables.

Session Category
Small Plan Issues
Credits
EA Core1.50
CPD1.50

704 - More Than One Right Number – Explaining Multiple Liability Measures April 10, 2018 2:45 PM - 4:00 PM

Actuaries calculate many liabilities for a single plan, catering to diverse interested parties who do not necessarily share the same priorities. Sometimes one liability measure can be much higher or lower than another, for the same plan as of the same date. Can an actuary explain such a divergence of estimates in a meaningful and constructive way? Panelists provide background on the purposes of different measurements, discuss how those priorities drive methods and assumptions, and share approaches to explaining these measurements and their relevance to stakeholders.

Session Category
Non-Technical Communications
Credits
EA Non-Core1.50
CPD1.50

705 - Dialogue with the Joint Board April 10, 2018 2:45 PM - 4:00 PM

Representatives of the Joint Board for the Enrollment of Actuaries discuss current developments at, and activities of, the Board, and other information that may be helpful to the profession. Topics discussed may include pointers for successfully preparing an application for initial enrollment, navigating an audit of continuing education, complying with the regulations that govern enrolled actuaries, and disciplinary issues. Participants are given the opportunity to ask questions and share concerns and ideas with the Joint Board representatives.

Session Category
Professionalism and Policy
Credits
EA Core1.50
CPD1.50

706 - Working with Auditors April 10, 2018 2:45 PM - 4:00 PM

Why do auditors ask those strange questions? The presenters help actuaries understand the reasons behind the questions. Common areas where further discussions are required are presented. The panelists also discuss responding to audit confirmations, the Public Company Accounting Oversight Board (PCAOB) Staff Consultation Paper 2015-01, “The Auditor’s Use of the Work of Specialists”, the DOL’s study “Assessing the Quality of Employee Benefit Plan Audits”, ASOP 21 and the 2011 Academy Practice Note, “Working with Pension Auditors.”

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

801 - Mortality Regulations – How to Submit a Successful Request for Substitute Mortality April 10, 2018 4:30 PM - 5:45 PM

Partial credibility regulations will allow many more plans to submit to IRS for substitute mortality tables than prior rules. Yet experience shows that preparing complete and correct filings is difficult, and obtaining approval can be a frustrating, iterative process. Panelists provide concrete examples of what to do, and what not to do, so your submission can move successfully through the approval process.

Session Category
Assumptions/Methods
Credits
EA Core1.50
CPD1.50

802 - Rehabilitation Plan Upkeep and Maintenance April 10, 2018 4:30 PM - 5:45 PM

For multiemployer plans that are in the "Red Zone," whether critical and declining or just critical, plan changes and/or contribution changes must be made to address the requirements to take "reasonable measures" to emerge (on time or at a later date) or "forestall insolvency." The presenters at this session review rehabilitation plan rules and practical considerations with respect to annual "updates" to maintain the path forward when there is pressure to weaken or strengthen the original approach.

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

803 - Small Plan Design Including Floor Offset Plans April 10, 2018 4:30 PM - 5:45 PM

Small plan design and nondiscrimination testing go hand in hand, and some practitioners believe floor offset plans are the most effective way to provide benefits under a DB/DC combination.  Others are not so sure.  The panelists share their insights and tips on how to design DB/DC small plans, including floor offset plans, and explore benefit calculations, the impact of IRC section 415, and other issues.

Note that the allocation of EA credit depends on the actual content of the session.

Session Category
Small Plan Issues
Credits
EA Core0.75
EA Non-Core0.75
CPD1.50

804 - Expected Return Q&As for Pension Actuaries April 10, 2018 4:30 PM - 5:45 PM

Actuaries are responsible for selecting or recommending investment return assumptions for various purposes. We frequently rely on capital market assumptions from other parties - whether a colleague in our own firm’s investment practice, the plan’s outside investment advisor, or publicly available surveys. It’s not surprising that these outside parties often don’t agree on those assumptions, so we need to understand the fundamentals behind how these assumptions are developed so we can apply our own actuarial judgment in the assumption setting process.

In this session, experts in capital markets and investment advisory answer common questions that illustrate the key concepts and considerations that actuaries might consider as part of the assumption setting process.

Session Category
Assumptions/Methods
Credits
EA Non-Core1.50
CPD1.50

805 - Plan Termination – Tricks and Traps April 10, 2018 4:30 PM - 5:45 PM

Plan terminations are complicated, but there are tricks that can smooth the process, and traps that are worth avoiding. Panelists share their insights to help make your work with plan terminations as trouble-free as possible while meeting all the interrelated IRS and PBGC requirements and deadlines.

Session Category
PBGC/Plan Termination Issues
Credits
EA Core1.50
CPD1.50

806 - Employee Plans Compliance Resolution System Including Voluntary Correction and Other Programs April 10, 2018 4:30 PM - 5:45 PM

Qualified plan rules have grown so complex that mistakes are inevitable. What do you do when you discover a compliance problem? IRS representatives and experienced practitioners discuss the EPCRS program, including the self-correction program (SCP), the Voluntary Compliance Program (VCP) and Audit CAP. Topics covered may include the principles underlying corrections, the standard corrections prescribed for certain errors, how to determine whether a correction is eligible for SCP, approaches that have been acceptable to the IRS when certain data or information were not available, and case studies.

Session Category
Compliance Issues
Credits
EA Core1.50
CPD1.50

901 - Overview of New Mortality Regulations April 11, 2018 8:00 AM - 9:15 AM

Treasury and IRS sent final mortality regulations to the Office of Management and Budget (OMB) for review in August 2017, and on October 3, 2017, the IRS issued Notice 2017-60, which provides updated mortality guidance for 2018 plan years. Speakers at this session review the provisions of the new regulations in detail and explore their effect on upcoming valuations. In particular, they consider the option to defer application until the 2019 plan years.

Related discussion on §417(e) guidance for lump sum calculations and other payment form conversions are covered in session 601 Plan Administration Issues.

Session Category
Assumptions/Methods
Credits
EA Core1.50
CPD1.50

902 - SOA Research and Its Application to Pension Actuaries April 11, 2018 8:00 AM - 9:15 AM

The Society of Actuaries (SOA) has a regular pipeline of research projects underway that have relevance to pension actuaries. These projects span a range of topics, from those that support current practice (including mortality tables) to those that cover emerging areas. Speakers provide an overview of several recently completed research projects representing the spectrum of SOA‐sponsored retirement research. Possible topics may include: an analysis of pension contribution indices across different types of pension plans, a discussion of tontine annuities, a look at the SOA's latest mortality research, and an overview of their current post-retirement risk survey research and related consumer-oriented materials.

Session Category
Retirement/Consulting Issues
Credits
EA Non-Core1.50
CPD1.50

903 - Funding/Accounting for De-risking Programs April 11, 2018 8:00 AM - 9:15 AM

Panelists discuss both the funding and accounting considerations/implications when de-risking pension plans.

Session Category
Funding and Schedule B Issues
Credits
EA Core0.75
EA Non-Core0.75
CPD1.50

904 - Market Value Liability Reporting April 11, 2018 8:00 AM - 9:15 AM

What do recent revisions to accounting and actuarial standards say about pension actuarial practice, and what new guidance might be forthcoming? Along with a recap of recent activity by the GASB, the ASB, and other actuarial organizations, the presenters provide some interesting and new observations on what ASOPs 4 and 27 now say about the market based liability debate. This includes the new prominence given to the “purpose of the measurement” – and role of “market consistent measures” as both a type of measure and a purpose of the measurement. Speakers review recent activity that seeks to constrain the range of funding policy practices for public plans. This includes not only work published by the CCA and the AAA but also possible directions that new ASB guidance might take.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

905 - PBGC: Update and Dialogue for Single-Employer Plans April 11, 2018 8:00 AM - 9:15 AM

A panel of PBGC representatives provides an overview of recently published PBGC guidance, program operations, plus hints, tips and information about their various programs. Bring your questions about PBGC-related topics to this informative session.

Session Category
PBGC/Plan Termination Issues
Credits
EA Core1.50
CPD1.50

906 - Church Plans April 11, 2018 8:00 AM - 9:15 AM

Your client has had a “church plan” for decades. Due to recent litigation, its status as a church plan is now in question. What do you do now with funding calculations, Schedule SB, PBGC reporting, benefit calculations, and other new and possibly retroactive requirements? Panelists discuss practical solutions, as well as the question of whether your client’s church plan is in danger of being excommunicated.

Note that the allocation of EA credit depends on the actual content of the session.

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

1001 - Settling Pension Liabilities: Lump Sum Cashouts April 11, 2018 9:45 AM - 11:00 AM

Lump sum cashouts are likely to remain an attractive de-risking strategy even after the Section 417(e) mortality basis update. This panel explores the decision considerations for plan sponsors and whether a temporary window or permanent option or both are appropriate. They examine implementation steps, communication strategies, and recent experience for lump sum cashout windows.

Speakers at session 501 discuss using annuity purchases to settle pension liabilities and the speakers at session 903 address the funding and accounting for de-risking programs.

Session Category
Investment Issues
Credits
EA Core0.75
EA Non-Core0.75
CPD1.50

1002 - Multiemployer Workshop April 11, 2018 9:45 AM - 11:00 AM

During this session, there is an opportunity for multiemployer plan actuaries to engage in a discussion of practical issues, problems or experiences encountered in their practices. It can be a more in-depth analysis of topics from other multiemployer sessions or more arcane subjects such as reciprocity, compliance testing for non-union participating IRC 415. Come prepared for a lively discussion!

Session Category
Multiemployer Plans
Credits
EA Core1.50
CPD1.50

1003 - Small Plans Workshop April 11, 2018 9:45 AM - 11:00 AM

Come prepared to discuss issues with your peers. This is an open forum to discuss issues specific to small plans. Topics may include PPA, MAP–21, HATFA, IRC 401(a)(26), 410(b), 401(a)(4), 401(a)(17), 415, 416, 401(a)(9), 430, 436 and PBGC issues for small plans. In addition speakers explore issues regarding the upcoming DB restatement process including the use of pre-approved cash balance plans

Session Category
Small Plan Issues
Credits
EA Core1.50
CPD1.50

1004 - Public Plans Workshop April 11, 2018 9:45 AM - 11:00 AM

This is an open forum on current topics of concern to public plan actuaries. Possible topics this year may include funding policies, mortality assumptions, economic assumptions, risk disclosures, and proposed revisions in Actuarial Standards.

Session Category
Public Plans
Credits
EA Non-Core1.50
CPD1.50

1005 - Corporate In-House Actuaries April 11, 2018 9:45 AM - 11:00 AM

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.

Session Category
Retirement/Consulting Issues
Credits
EA Non-Core1.50
CPD1.50

1006 - Dialogue With the IRS/Treasury April 11, 2018 9:45 AM - 11:00 AM

A panel of high-ranking officials and experienced practitioners field your questions on a number of challenging issues. This is your chance to ask what you've always wanted to know about guidance. This session is not intended to address specific client issues.

Session Category
Compliance Issues
Credits
EA Core1.50
CPD1.50

003 - Life (Expectancy) Isn’t Always Fair April 11, 2018 11:30 AM - 12:45 PM

We are learning more and more about the differences in life expectancy from a socioeconomic perspective. Since 1980, the gap in life expectancy of a 50-year old high-income versus low-income individual has grown from 5 to nearly 13 years. In addition, the opioid epidemic is creating material differences in life expectancy with certain populations. Pension plans continue to largely apply assumptions uniformly across these populations without reflecting these differences. In this session we highlight the most recent findings in these socioeconomic differences in mortality and discuss the potential implications for Social Security, employer pensions, and individual retirement savings.

Session Category
General Sessions
Credits
EA Non-Core1.50
CPD1.50

Speakers

  • 1 David Scharf Buck
  • 2 Sally DeFelice Willis Towers Watson
  • 3 Joseph S. Adams Winston & Strawn LLP
  • 1 Christopher F. Noble, Ph.D Willis Towers Watson
  • 2 David T. Kausch Gabriel Roeder Smith & Company
  • 3 Tammy F. Dixon Segal Consulting
  • 1 Kevin Joseph Donovan Pinnacle Plan Design, LLC
  • 2 Mark K. Dunbar Dunbar Bender & Zapf Inc.
  • 3 Lorraine Dorsa Aegis Pension Services, Inc.
  • 1 David R. Godofsky Alston & Bird, LLP
  • 2 G. Daniel Miller Conner & Winters, LLP
  • 3 Elizabeth Truglio Allen USI Consulting Group
  • 1 Kent A. Mason Davis & Harman LLP
  • 2 Janice Harbold Aon
  • 3 Diane S. Bloom Internal Revenue Service
  • 4 Carolyn E. Zimmerman Internal Revenue Service
  • 1 Matthew G. Deckinger MGD Consulting Inc.
  • 2 Robert Jonathan Egnor Cox Enterprises
  • 1 Richard A. Block Block Consulting Actuaries Inc.
  • 2 Kevin Joseph Donovan Pinnacle Plan Design, LLC
  • 1 Eli Greenblum Segal Consulting
  • 2 Rossi Marcelin Pension Benefit Guaranty Corp.
  • 3 Darren Michael French Pension Benefit Guaranty Corp.
  • 4 James J. Donofrio Pension Benefit Guaranty Corp.
  • 5 C. David Gustafson Pension Benefit Guaranty Corp
  • 6 Hilary Duke Pension Benefit Guaranty Corp.
  • 1 Tonya B. Manning Buck
  • 2 Carolyn E. Zimmerman Internal Revenue Service
  • 3 Linda Marshall Internal Revenue Service
  • 4 Harlan M. Weller U.S. Department of the Treasury
  • 1 Susan L. Breen-Held
  • 2 David M. Ziegler Internal Revenue Service
  • 3 Chester D. Andrzejewski U.S. Department of Labor
  • 1 Leon F. Joyner Segal Consulting
  • 2 James J. Rizzo Gabriel Roeder Smith & Company
  • 1 Bruce C. Gaffney Ropes & Gray
  • 2 David Phillips Willis Towers Watson
  • 3 Pamela R. Kinard U.S. Department of the Treasury
  • 1 David R. Godofsky Alston & Bird, LLP
  • 2 Alex M. Brucker Brucker & Morra
  • 1 David R. Godofsky Alston & Bird, LLP
  • 2 Margaret S. Berger Mercer
  • 3 Stephen A. Alpert
  • 4 Deborah A. Tully Willis Towers Watson
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 Karen Nowiejski Smith Nova Pension Valuations LLC
  • 3 Thomas B. Lowman Bolton Partners, Inc.
  • 1 Justin D. Clinger Vanguard
  • 2 R. Evan Inglis Independent Consultant
  • 3 Elena V. Black The Terry Group
  • 1 Marjorie R. Martin Buck
  • 2 Syed Fahad Saghir Alston & Bird, LLP
  • 3 Carolyn E. Zimmerman Internal Revenue Service
  • 1 James E. Holland Cheiron, Inc.
  • 2 Karen Dillman Sebach DATAIR Employee Benefit Systems, Inc.
  • 3 Linda Marshall Internal Revenue Service
  • 1 R. Evan Inglis Independent Consultant
  • 2 Jason L. Russell Segal Consulting
  • 3 Alan N. Parikh Aon
  • 1 James E. Holland Cheiron, Inc.
  • 2 Susan L. Breen-Held
  • 3 Tonya B. Manning Buck
  • 4 Carolyn E. Zimmerman Internal Revenue Service
  • 1 Jared Dickow Mercer
  • 2 Curtis S. Morgan Willis Towers Watson
  • 1 William R. Hallmark Cheiron, Inc.
  • 2 Piotr Krekora Gabriel Roeder Smith & Company
  • 3 Leon F. Joyner Segal Consulting
  • 4 Scott A. Reeser Governmental Accounting Standards Bd.
  • 1 John A. Potts Deloitte Consulting LLP
  • 2 Eric A. Keener Aon
  • 1 Timothy J. Geddes Deloitte Consulting LLP
  • 2 Kenneth K. Lining Aon
  • 1 Michael John Dulaney Principal Financial Group
  • 2 Jessie Bunting Willis Towers Watson
  • 3 Ryan McGlothlin P-Solve
  • 1 Eric A. Keener Aon
  • 1 Eric A. Keener Aon
  • 2 Kent A. Mason Davis & Harman LLP
  • 2 Kent A. Mason Davis & Harman LLP
  • 3 Michael F. Pollack Willis Towers Watson
  • 3 Michael F. Pollack Willis Towers Watson
  • 4 Carolyn E. Zimmerman Internal Revenue Service
  • 4 Carolyn E. Zimmerman Internal Revenue Service
  • 5 Linda Marshall Internal Revenue Service
  • 5 Linda Marshall Internal Revenue Service
  • 1 Theodore A. Goldman Pension Benefit Guaranty Corp.
  • 2 Stephen C. Goss Social Security Administration
  • 3 Steven G. Vernon Rest-of-Life Communications
  • 4 Amy Kessler Prudential Retirement
  • 1 Theodore A. Goldman Pension Benefit Guaranty Corp.
  • 2 Steven G. Vernon Rest-of-Life Communications
  • 1 Paul Angelo Segal Consulting
  • 2 David T. Kausch Gabriel Roeder Smith & Company
  • 1 David R. Godofsky Alston & Bird, LLP
  • 2 Connie Donovan Pension Benefit Guaranty Corp.
  • 3 Camille Castro Pension Benefit Guaranty Corp.
  • 4 Harold J. Ashner Keightley & Ashner, LLP
  • 1 Dominic DeMatties Alston & Bird LLP
  • 2 Aubrey Stadtlander Principal Financial Group
  • 3 Amy C. Viener Pension Benefit Guaranty Corp.
  • 4 Tom Hindmarch U.S. Department of Labor
  • 1 William R. Hallmark Cheiron, Inc.
  • 2 Timothy J. Geddes Deloitte Consulting LLP
  • 3 Yubo Qiu Principal Financial Group
  • 4 Timothy Richard Leier TRL Consulting LLC
  • 1 James G. Berberian Buck
  • 2 Matthew L. Bond Aon Corporation
  • 3 Carolyn E. Zimmerman Internal Revenue Service
  • 4 Qian Magee Internal Revenue Service
  • 5 Linda Marshall Internal Revenue Service
  • 1 Eli Greenblum Segal Consulting
  • 2 Christian Benjaminson Cheiron, Inc.
  • 3 Kevin Culp Horizon Actuarial Services, LLC
  • 4 Julie Cameron Pension Benefit Guaranty Corp.
  • 1 Joshua Shapiro Groom Law Group
  • 2 Richard J. Hudson Cheiron, Inc.
  • 3 Kelly S. Coffing Milliman Inc.
  • 4 Thomas C. Cliffel Horizon Actuarial Services, LLC
  • 1 Joseph F. Hicks CBIZ Retirement Plans Services
  • 2 Diane M. Gleave Segal Consulting
  • 1 Christopher F. Noble, Ph.D Willis Towers Watson
  • 2 Kathleen A. Riley Segal Consulting
  • 3 Stephen T. McElhaney Cheiron, Inc.
  • 1 David Scharf Buck
  • 2 Rich Martin Principal Financial Group
  • 3 Jennifer R. O'Block Aon
  • 1 Keith T. Sartain Aon
  • 2 Grant Thomas Martin Aon
  • 3 Anita Juneja Aon
  • 4 Carolyn E. Zimmerman Internal Revenue Service
  • 5 Qian Magee Internal Revenue Service
  • 6 Linda Marshall Internal Revenue Service
  • 1 Amy C. Viener Pension Benefit Guaranty Corp.
  • 2 Kristina Archeval Pension Benefit Guaranty Corp.
  • 3 Sara Eagle Pension Benefit Guaranty Corp.
  • 4 Ellen Itkin Pension Benefit Guaranty Corp.
  • 1 Susan L. Breen-Held
  • 2 Amy C. Viener Pension Benefit Guaranty Corp.
  • 3 Kristina Archeval Pension Benefit Guaranty Corp.
  • 4 Anne Henderson Pension Benefit Guaranty Corp.
  • 1 Keith T. Sartain Aon
  • 2 Syed Fahad Saghir Alston & Bird, LLP
  • 3 David J. Pittman Principal Financial Group
  • 4 Peter R. Horstman Aon
  • 5 Linda Marshall Internal Revenue Service
  • 1 Harold J. Ashner Keightley & Ashner, LLP
  • 2 Hilja Viidemann Buck
  • 3 Bela Palli Pension Benefit Guaranty Corp.
  • 1 Judith A. Kermans Gabriel Roeder Smith & Company
  • 2 Sherry S. Chan New York City Office of the Actuary
  • 1 Thomas B. Lowman Bolton Partners, Inc.
  • 2 Piotr Krekora Gabriel Roeder Smith & Company
  • 1 Jason L. Russell Segal Consulting
  • 2 James J. McKeogh The McKeogh Company
  • 3 Sarah M. Adams Groom Law Group
  • 1 Anita Juneja Aon
  • 2 Richard A. Block Block Consulting Actuaries Inc.
  • 1 William R. Hallmark Cheiron, Inc.
  • 2 Kristopher Erik Seets Korn Ferry
  • 1 Matthew Wayne McDaniel Mercer
  • 2 Amy Montford Principal Financial Group
  • 3 Althea R. Day Morgan, Lewis & Bockius LLP
  • 1 Keith T. Sartain Aon
  • 2 Jessica Kachur Mercer
  • 3 Faye Ann Deacon Aon
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 Timothy J. Geddes Deloitte Consulting LLP
  • 1 Lawrence Deutsch Larry Deutsch Enterprises
  • 2 Mark K. Dunbar Dunbar Bender & Zapf Inc.
  • 3 Thomas J. Finnegan CBIZ Retirement Plan Services
  • 1 Richard A. Hochman Actuarial Systems Corporation
  • 2 Howard P. Rosenfeld Rosenfeld/Tortu Ret. Planning
  • 3 Marjorie R. Martin Buck
  • 1 Andrew J. Peterson Society of Actuaries
  • 2 Lisa A. Schilling Society of Actuaries
  • 3 R. Dale Hall Society of Actuaries
  • 1 Frank Todisco U.S. Government Accountability Office
  • 2 Sherry S. Chan New York City Office of the Actuary
  • 3 David A. Dean Segal Consulting
  • 4 Matthew Wayne McDaniel Mercer
  • 1 Ellen L. Kleinstuber Bolton Partners, Inc.
  • 2 Mariah Becker NCCMP
  • 3 Joshua Shapiro Groom Law Group
  • 4 Robert M. Projansky Proskauer Rose LLP
  • 5 Peter R. Hardcastle Cheiron, Inc.
  • 1 Karen Nowiejski Smith Nova Pension Valuations LLC
  • 2 Lauren R. Okum Premier Actuarial Solutions
  • 1 Bruce Cadenhead Mercer
  • 2 Aaron R. Weindling Willis Towers Watson
  • 1 Bruce Cadenhead Mercer
  • 2 Lloyd A. Katz The Benefit Practice
  • 1 Mitchell H Hofing Dexter Hofing LLP
  • 2 Eric Douglas Field Akin Gump Strauss Hauer & Feld LLP
  • 3 James M. Locey Horizon Actuarial Services, LLC
  • 1 John T. Stokesbury Deloitte Consulting LLP
  • 2 Kenneth K. Lining Aon