Headlines about "Actuarial - misc"

Gathered from the web by the editors at BenefitsLink.com.
[Opinion] Comments of American Academy of Actuaries on HHS' Research Brief Entitled 'Actuarial Value and Employer-Sponsored Insurance' (PDF)
"The American Academy of Actuaries' Health Practice Council appreciates the opportunity to provide comments on the recently released [HHS] research brief, 'Actuarial Value and Employer-Sponsored Insurance.' . . . There are additional factors that should be considered when interpreting the results and formulating policies to regulate [actuarial value] calculations for [employer-sponsored insurance]: . . ." (American Academy of Actuaries)

[Opinion] Comments of American Academy of Actuaries on HHS' Essential Health Benefits Bulletin (PDF)
"[T]here are a few implications of allowing the flexibility to create multiple benefit sets that should be considered. Such flexibility in benefit design could create confusion for consumers; result in situations in which insurers design benefit packages to minimize certain risks; and have a material effect on premium rates, particularly in the individual market. . . . Clarification of the use of the terms 'actuarial equivalence' and 'substantially equal' as used in the context of essential health benefits is needed as well." (American Academy of Actuaries)

PBGC Director Explains Retirement Security Challenges, Pension Agency Finances Before House Panel
"Josh Gotbaum, director of the Pension Benefit Guaranty Corporation (PBGC), told a House subcommittee today that the combination of living longer, the economy, and changes in pension plans was threatening many people's retirement security. He also detailed the agency's financial challenges, and outlined an administration proposal to redress them by reforming how PBGC sets premiums." (Pension Benefit Guaranty Corporation)

Is My American Airlines Pension Guaranteed? Yes, But...
"Who gets the haircut? The PBGC has a sliding scale of maximum benefits, depending on age. The most it will pay people who retire at age 65 is $55,841. If your benefit is less than that you have only the long-term health of the PBGC to worry about." (TIME.com)

California Teachers' Pension Trims Investment Forecast to 7.5%
"The change means the plan will need larger contributions from taxpayers, teachers, school districts, or a combination of all three, to cover pension costs." (Businessweek)

[Opinion] Are Company Pension Fund Return Forecasts Way Too Sunny?
"Judging by many companies' recent financial statements, they must believe their pension plans are run by . . . unheralded baby Buffetts." (The Wall Street Journal)

Bill Would Allow Alaska Public Employees to Switch to DB Pension Plan
"A bill that will allow Alaska public employees to choose between a 401(k)-like retirement account or a traditional pension is being considered in the state legislature." (PLANSPONSOR.COM)

Pension Accounting Changes Negatively Affecting Earnings Statements
"The Boeing Company, AT&T, UPS, Windstream Corp. and FirstEnergy Corp. all announced that lower discount rates and a change to recognizing pension gains and losses in the year in which they occur, rather than amortizing them over time, has resulted in a charge for pensions." (PLANSPONSOR.COM)

PBGC Updates Financial Summary for Multiemployer Plans
PBGC's financial summary offers data for the2004-2011 fiscal years for multiemployer plans. (Pension Benefit Guaranty Corporation)

PBGC Financial Assistance Payments to Multiemployer Plans, 2005-2012
PBGC updated the data set containing information on multiemployer plan financial assistance payments from 20005 through the first quarter of the 2012 fiscal year. (Pension Benefit Guaranty Corporation)

[Guidance Overview] PBGC's Policy Statement on Recharacterizing Premium Contributions
"A recharacterization of a premium contribution from the current plan year to a prior year is not an appropriate basis for amending a filing and claiming a refund of the premium, according to a Policy Statement released by the PBGC." (Wolters Kluwer Law & Business / CCH)

Philadelphia Orchestra Association Negotiating Split with National Musicians' Pension Fund
"Under discussion are the amounts the association would pay, and over what period of time, to the American Federation of Musicians and Employers' Pension Fund (AFM-EPF), said the orchestra association's lawyer, Lawrence G. McMichael. Although the association won't contribute to it anymore, the fund will still be responsible for providing some benefits players earn." (Philadelphia Media Network Inc.)

[Official Guidance] PBGC Final Rule: Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits (PDF)
"This final rule amends [PBGC's] regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in February 2012." (Pension Benefit Guaranty Corporation)

IRS Updates Covered Compensation for Retirement Plan Contributions
"The revenue ruling provides tables of covered compensation under ? 401(l)(5)(E) to be used for determining contributions to defined benefit plans and permitted disparity in defined contribution plan contributions." (PLANSPONSOR.COM)

[Opinion] ASPPA/ACOPA Comments on Proposed Rule Relating to Benefit Determinations and Plan Valuations for Statutory Hybrid Plans
"ASPPA and ACOPA recommend that proposed regulations regarding ?4022 be temporary, effective only for plan terminations occurring before the effective date of final Treasury regulations regarding market rate of return. PBGC should re-propose these rules in a manner that is consistent with the final Treasury regulations after the final market rate of return regulations are issued." (American Society of Pension Professionals & Actuaries/ASPPA College of Pension Actuaries)

Bipartisan House Bill Seeks to Ease Compliance Burdens for Retirement Plan Sponsors and Participants
"Among the pension reforms: plan assets would not be reduced by credit balance when determining funded status for benefit restrictions, IRS would have to make interim amendment rules more workable, and certain plans with service-based normal retirement ages would be deemed lawful (minimum 30 years of service or plan is governmental)." (Mercer LLC)

Obese Adults Pay 23 Percent Higher Premiums
"[P]olicyholders in the obese BMI category pay an average monthly premium 22.6 percent higher than those in the normal BMI category ($164 compared to $201). For men, it's an even heftier toll: The average monthly premium paid by men in the obese category ($187) is 30.8 percent higher than the average premium paid by men in the normal category ($143)." (BenefitsPro)

[Opinion] Proposed Ohio Bill Wouldn't End Practice 'Double-Dipping' That Many Voters Find Objectionable
"House Bill 388, introduced Dec. 1, hardly would end double-dipping. It would allow those retired from public service to be rehired, just as now; the main change would be that pension payments would go into an interest-bearing account in the retiree's name, to be paid out when the person eventually stops working for real." (The Columbus Dispatch)

[Opinion] Calculating Public Employee Total Compensation
"A study released late last year, sponsored by U.C. Berkeley's 'Institute for Research on Labor and Employment' entitled 'The Truth about Public Employees in California: They are Neither Overpaid nor Overcompensated,' contains its conclusion in its title, but whether or not this study is presenting the 'truth' or not is worthy of further discussion." (Union Watch)

[Official Guidance] Text of PBGC Policy Statement.: Premium Changes Based on Recharacterization of Contributions (PDF)
"This policy statement addresses PBGC's policy on accepting and responding to amended premium filings based on recharacterization ofcontributions. Recharacterization of contributions refers to a situation in which contributions originally designated as being for the plan year inwhich they were made are retroactively redesignated as being for the preceding plan year." (Pension Benefit Guaranty Corporation)

[Guidance Overview] IRS Extends Deadline for Code Section 436 Amendments and Provides Sample Amendment (PDF)
"In Notice 2011-96, the IRS provides a sample Code Section 436 amendment. The IRS states that because the sample amendment complies with the requirements of Code Section 436, if a plan is amended by adoption of the sample amendment, the plan will satisfy Code Section 436." (Buck Consultants, LLC)

[Official Guidance] PBGC Premium Payment Instructions and Addresses, Including Illustrative Forms
"Premium Payment Instructions, including illustrative forms: Plan years beginning in 2012 (My PAA is expected to be ready for 2012 premium filings to be prepared and submitted by mid January 2012. A What's New for Practitioners e-mail alert will be sent to subscribers when 2012 filings may be e-filed.)" (Pension Benefit Guaranty Corporation)

GAO Report: Delphi Pension Plans: GM Agreements with Unions Give Rise to Unique Differences in Participant Benefits
"GAO was asked to answer the following questions: (1) What precipitated PBGC's decision to terminate Delphi's plans and what was Treasury's role, if any? (2) What actions did PBGC take to secure Delphi domestic and foreign assets as part of its recovery process? (3) Why will certain Delphi employees receive reduced pension benefits and others will not? (4) What information was communicated to employees about the termination of their plans?" (U.S. Government Accountability Office)

[Official Guidance] Text of PBGC Final Rule: Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Valuing and Paying Benefits (PDF)
"The interest assumptions are used for valuing and paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC." (Pension Benefit Guaranty Corporation)

Model Disclosure Elements for Actuarial Valuation Reports on Public Retirement Systems in California (PDF)
"These model disclosure elements are meant to supplement rather than replace the current standards of practice. They represent an inventory of disclosure elements that actuaries should strive towards including in their reports on the actuarial valuations of public retirement systems in the State of California." (California State Controller's Office, Controller John Chiang)

California Panel Releases Model Pension Disclosure Guidelines
"The California Actuarial Advisory Panel . . . has adopted a set of model disclosure elements recommended for actuarial valuation reports on public retirement systems in California." (PLANSPONSOR.COM)

[Guidance Overview] PBGC Notice Extends Reportable Event Relief for 2012
"This notice provides guidance for the 2012 plan year on how to comply with the proposed amendments to the reportable events regulations." (Van Iwaarden Associates)

PBGC's Reported Deficit Doesn't Justify Premium Increase, Says American Benefits Council
"In its annual report for fiscal year 2011, the PBGC reported a record $26 billion deficit, a $3 billion increase from the $23 billion reported last year. However, according to [James A. Klein, president of the American Benefits Council], 'flaws in the way PBGC's financial condition is reported makes the situation appear far worse than reality.'" (Wolters Kluwer Law & Business / CCH)

U.S. Representative from Ohio Seeks to Expand Probe into Delphi Pensions
"'Local leadership of the Delphi Salaried Retirees in my district estimate that nearly 20,000 current and future retirees across the nation and 1,000 retirees in the Dayton area were negatively affected by the decisions of the Treasury, Auto Task Force and the PBGC,' [Representative Turner wrote]." (Cox Ohio Publishing)

[Official Guidance] Text of PBGC Final Rule on Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age (PDF)
"This rule amends [PBGC's] regulation on Allocation of Assets inSingle-Employer Plans by substituting a new table for determining expectedretirement ages for participants in pension plans undergoing distress orinvoluntary termination with valuation dates falling in 2012. This table is needed in order to compute the value of early retirement benefits and, thus, the total value of benefits under a plan." (Pension Benefit Guaranty Corporation)

How Much You Get if Your Pension Fails
"The maximum private sector traditional pension amount insured by the federal government will increase to $55,840.92 in 2012 for 65-year-old retirees, up from $54,000 in 2011. This is the first increase in pension insurance provided by [PBGC} since 2009." (U.S. News & World Report LP)

PBGC Plan Valuation Problems Go Beyond United Airlines
"The PBGC's inspector general said the agency lacks internal controls over the valuation of terminated pension plan assets, not just over the handling of United Airlines' plan terminations that the IG's report called 'seriously deficient.'" (Pensions & Investments; free registration required)

Contractor's PBGC Work Faulted
"[A new audit] said that while several thousand retirees might now be getting too little, preliminary attempts to correct the mistakes suggested the discrepancies might be small, no bigger than $25 a month. The report pointed out that the recalculations were not final yet, and even when they were, they would never be perfect. The bigger issue is one of credibility and the seeming inability of a federal agency, charged with making scrupulously accurate payments to about 1.5 million retirees, to establish adequate controls." (The New York Times; free registration required)

[Official Guidance] Text of PBGC Inspector General Report: 'PBGC Processing of Terminated United Airlines Pension Plans Was Seriously Deficient' (PDF)
"Serious errors and omissions plagued PBGC's determination of (1) the fair market value of plan assets and (2) the reliability of data used to calculate participants' benefits for four terminated United Airlines pension plans." (Office of the Inspector General, Pension Benefit Guaranty Corporation)

PBGC Announces Maximum Insurance Benefit Increases for 2012
"Beginning in 2012 the maximum yearly benefit for a 65-year-old retiree is $55,840.92. The increase is not retroactive." (PLANSPONSOR.COM)

Inside The Corporate Plan to Occupy The Pentagon
"[T]he push for pension cuts and other corporate 'reforms' at the Pentagon originates from an obscure advisory panel that has existed for a decade: the Defense Business Board. Its 21 members know little about military affairs, but they are rich in Wall Street experience, including with some of the biggest companies implicated in the 2008 financial meltdown." (Mother Jones)

[Guidance Overview] District Court's Approval of Class Action Settlement Less Favorable to Early Retiree Class Members Not Abuse of Discretion
"The Seventh Circuit had previously affirmed the lower court's ruling that a defined benefit plan providing a cost of living adjustment to the monthly benefits of its retirees must also provide the actuarial equivalent of the COLA to participants who choose to receive their pension as a lump-sum distribution. The appellate court then ordered the district court to construct a damage award." (Wolters Kluwer Law & Business / CCH)

Pensions Resist Rules That Would Magnify Liability
"The proposed changes would require states, cities, school districts and other public employers to disclose their expected pension liabilities on their balance sheets for the first time." (Bloomberg.com)

Why Pay PBGC Premiums?
"Given current market conditions, there may be a palatable way to reduce the [variable rate premium], or in the best case, eliminate it. With interest rates at historic lows, you may have given thought to the idea that now might be a good time to borrow. After all, money is cheap right now. But if you haven't considered borrowing to fund your pension plan, maybe you should." (Milliman, Inc.)

[Opinion] PBGC Posts Record Shortfall: Is a Bailout Next?
"This agency, which covers retiree benefits when companies go bankrupt and their pensions fail, just reported the largest deficit in its 37 years: $26 billion. It has $81 billion in assets and $107 billion in pension obligations." (Time Inc.)

PBGC's FY 2011 Annual Report (PDF)
"Over the years we've become responsible for about 1.5 million people in more than 4,300 failed plans. Every month, on average, we pay $458 million for 873,000 retirees. PBGC is also responsible for future payments to about 628,000 who have not yet retired. During FY 2011, we assumed responsibility for more than 57,000 additional workers and retirees in 134 failed plans." (Pension Benefit Guaranty Corporation)

PBGC Audit Finds Errors in Calculating Pensions in Bankruptcies
"The errors appear to have come about because the agency . . . used unqualified outside vendors to review the pension plans it took over, then failed to supervise the contractors adequately or verify the accuracy of their work. The audit firm, Clifton Gunderson, referred to 'serious internal control weaknesses' in its report." (The New York Times; free registration required)

[Official Guidance] Text of PBGC Final Rule: Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits (PDF)
"This final rule amends the [PBGC's] regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in December 2011. The interest assumptions are used for paying benefits under terminating single-employer plans covered by the pension insurance system administered by PBGC." (Pension Benefit Guaranty Corporation)

[Opinion] Talking Points on PBGC Deficit: A Non-Event on the Horizon (PDF)
"The PBGC's entire deficit is a product of government-created artificially low interest rates, as explained in an article by Ken Porter, a leading actuary with over 30 years of experience, that was published by BNA on September 14, 2011." (American Benefits Council)

[Opinion] Industry Group November 2, 2011, Letter to Congress Opposing PBGC Premium Proposal (PDF)
"The undersigned employers and organizations provide retirement benefits to millions of workers.We urge you to protect those workers and their jobs by rejecting the President's proposed 300%increase in Pension Benefit Guaranty Corporation (PBGC) premiums, which is clearly a tax." (American Benefits Council)

The links shown above have been gathered from the web by the editors at BenefitsLink.com. Each article's publisher is shown above in parentheses. Opinions expressed in each article are those of the article's publisher, not necessarily those of BenefitsLink.com, Inc. or any web site that displays these headlines in a "frame." You should contact the listed publisher for copyright information about any particular article or to inquire into the right to use the article in any manner.