The 2015 Enrolled Actuaries meeting is underway and there promises to be a lot of discussion of public pensions. Three of the four actuaries on the New Jersey study commission are in attendance and according to an nj.com story their work is not done as they have now been tasked with implementing their plan.
More information as it becomes available but first, in the Professional Standards/Ethical Dilemmas Seminar that kicked us off Pat McDonough of the Joint Board updated us on the complaints received against Enrolled Actuaries.
There are none.
Whereas 10 years ago the Joint Board was getting two to three complaints monthly against Enrolled Actuaries there are currently no open cases and there have been no complaints for two years.
As explained by Mr. McDonough complaints arise from three sources:
- IRS referrals from audits
- Client complaints against their actuaries
- Seeing if 300 EAs, chosen at random, filed their income tax returns
There could be several reasons for the lack of complaints:
- more concrete yet broader funding rules;
- fewer defined benefit plans;
- more remunerative avenues (ie. lawsuits); or
- the EAs who have survived are the better ones.
In any case, I’m not complaining.