EAM16 (2) Slimeballs

You are unlikely to hear that word on any of the recordings from the last 40 years of Enrolled Actuaries meetings but, now that recording has been prohibited, it appears and, in the context in which it was used, appropriately.

The Internal Revenue Service (IRS) has had budget cuts, in part due to a scandal over targeting right-wing groups, and following some personnel changes they are no longer answering questions from actuaries who they partnered with before.  We have no more:

  • Gray books where questions are posed on rule interpretations and IRS answers them
  • Employee Benefits Committee
  • Responses to emails
  • Responses to phone calls

At one session there was some venting.  These quotes are from my notes with no names attached. It does not much matter since the sentiments expressed seem to be prevalent.  Besides, for those outside this little clique the names wouldn’t mean anything and the rest of you can probably guess.

Maybe if IRS had done their job they wouldn’t have had their funding cut.

Talking to the guy in Cincinnati is like talking to a wall.

People at IRS now are paper pushers.  The replacements for Andy and Monika have no subject matter knowledge.

There used to be a partnership between the actuarial community and the IRS working as a team to provide a secure retirement for American workers.  The IRS has dropped the team concept.

You (referring to the audience at the session) are here. You want to do it right, not like the slimeballs who are not here (probably referring to those who set up abusive pension plans without following the rules for setting up abusive pension plans).  The IRS should be talking to us.

A trigger for this anger are proposed regulations on nondiscrimination testing that will require changes in many plan setups (no more rate group classification by name) and which might come up again at this meeting – perhaps providing another novel blog title.

4 responses to this post.

  1. Posted by Tough Love on April 12, 2016 at 2:22 pm

    The IRS actions identified in your 4 bullets make no sense.

    How are actuaries supposed to make informed/appropriate (and ultimately legally supportable/correct) decisions in the many grey areas that arise, in the absence of IRS involvement …. when the IRS makes the rules ?

    Is this lack of IRS cooperation really due to staff cutbacks,? Is it an immature response (because there were SOME cutbacks) of those previously supporting the actuaries? Or is it something else ?

    Reply

  2. Posted by Anonymous on April 12, 2016 at 3:28 pm

    TL relying on the government to do the right thing

    Reply

    • Posted by Tough Love on April 12, 2016 at 4:19 pm

      On occasion, try to contribute something of substance ……. and if you have no useful knowledge to share, even a reasonable question would be a nice change.

      Reply

  3. Posted by Anonymous on April 12, 2016 at 4:37 pm

    Why do you still believe that the government is going to help you

    Reply

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