Capitol Hill Briefing on Pension 101
June 1, 2001
An Academy primer on pensions
The Academy went back to basics at its June 1 Capitol Hill briefing: "Pensions 101" was the first of several educational briefings the Academy will host this summer for congressional staff and policy-makers.
Speakers Ron Gebhardtsbauer, James Turpin, and Larry Johansen with Pension Policy Analyst Bridget Flynn
"It's our aim to take the complex and make it more understandable," explained Academy President Larry Johansen in introductory remarks.
James Turpin, the Academy's vice president for pension issues, provided an overview of various types of pension plans. Speaking to an audience of mostly younger staffers, Turpin noted that they stand to benefit more than older colleagues from any retirement investments they make.
"The person who puts money away earlier will have more money than the person who puts money away later because of the time value of money," Turpin said, adding, "The money you save today means you do not have to save it tomorrow. It will give you much more flexibility in your planning."
Ron Gebhardtsbauer, the Academy's senior pension analyst, discussed the Federal Employee Retirement System and the Federal Thrift Savings Plan, the retirement plans under which most congressional staff are covered. Gebhardtsbauer was the enrolled actuary at the Office of Personnel Management when the two programs were developed back in the early 1980s.
About 70 people attended the luncheon briefing, including House and Senate staff; representatives from the Social Security Administration, the Department of Labor, and the General Accounting Office; other policy-makers; and journalists.
James Turpin explaining how pension plans work
"Through these briefings, we are fulfilling two key missions that the Academy identified in its new strategic plan," said Johansen. "We are helping to inform those who are setting public policy, and we are promoting awareness of the actuarial profession."
The Academy is planning an Aug. 3 follow-up briefing, "Pensions 201." It will address the implications of the comprehensive pension reform bill passed by Congress as part of President Bush's sweeping tax cut legislation.
The Academy will also hold an educational Capitol Hill briefing in July.
On July 9, members of the Academy's Financial Reporting Council will discuss insurance risk.
For more information:
- Contact Pension Policy Analyst Heather Jerbi about the Aug. 3 pensions briefing.
- Contact Financial Reporting Policy Analyst Ethan Sonnichsen about the July 9 insurance risk briefing.
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