Posts Tagged ‘meeting’

Enrolled Actuaries Meeting 2014 – Miscellany

Among the noteworthy pieces of information that I got out of this week’s Enrolled Actuaries meeting which, though not the views of any employer of the speakers, I believe for the most part to be factual (except for maybe the first one which seemed like a joke):

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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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Unanswerable in Union County

I started attending Union County freeholder meetings about six years ago in part to get material for a weekly column I had in what is today the LocalSource and was then the Kenilworth Leader. At the time, to my amazement, the freeholders were not answering questions and I got an article out of it.  Subsequently they started answering questions, to varying degrees, but this year it looks like they have relapsed (note that this video is unedited – the pause was really that long):
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These ‘public servants’ smugly refuse to answer to the public. “It’s public comments not public questions” and we don’t need to answer to those who:

  •    pay the taxes
  •    take time to attend these meetings for no remuneration
  •    research the issues
  •    suffer the abuse and ridicule of those who expect they will have us pay for their defined benefit pensions and lifetime health benefits.

Shame on them:
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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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Chris Christie on New Jersey’s most corrupt counties

A man who knows corruption responds to an audience question:

New Jersey: “a terrible place on which to base pension policy”

For someone tasked with easing fears over a collapse of public pensions NASRA’s Keith Brainard is stumped when presented with the case of New Jersey, as he was in front of over 1,000 pension actuaries at the last Enrolled Actuaries meeting:

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