Posts Tagged ‘enrolled’

ASOP 27

The 2014 Enrolled Actuaries meeting kicked off with a review of ASOPs and I had a question about ASOP 27 as it applies to public plans.

 

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Can they do that to public employees?

That’s the issue to be addressed tomorrow morning in Session 703 at the EA meeting:

703 – Can They do That? Plan Design and Constitutional Issues

Credits: EA Core 0.75 EA Noncore 0.75 CPD 1.50

Many governmental plan boards and sponsors are asking their actuaries for advice on plan design and contribution changes to address issues of underfunding and sustainability. The speakers at this session provide a brief overview of the type of plan design changes that have occurred since 2008 and focus on the legal constraints on reducing benefits and increasing contributions for participants. The panelists also address other “change agents” affecting governmental plans, such as municipal bankruptcy and IRS policies.

My first question would be how many actuaries get asked for advice on plan design when none get asked* about the choice of actuarial assumptions.  My second question:

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New Jersey needs minimum funding rules

At the last Enrolled Actuaries meeting there was a session on public plans where the suggestion was made that pension actuaries in New Jersey should get more involved and speak out.  I disagreed and recommended an ERISA-type law for public plans.  Here’s how that played out:

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