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Pension news
The Pension Practice Council provides objective technical expertise to policy-makers and regulators on pension and Social Security issues. The council is led by Ethan Kra, the Academy's vice president for pension issues. Frank Todisco is the senior pension fellow. How will the new pension accounting standards affect you?The Academy's Pension Practice Council presented a webinar on July 15 about the Governmental Accounting Standards Board's recently released Preliminary Views document on Pension Accounting and Financial Reporting by Employers. Panelists discussed several aspects of the GASB document along with an overview of the GASB's progress on the Pension Accounting and Financial Reporting research project. (07/16/10) Access the webinar: Comments on Harmonization of Cost Accounting Standards with PPAThe Pension Committee of the American Academy of Actuaries comments to the Cost Accounting Standards Board on the proposed rulemaking for harmonization of CAS Nos. 412 and 413 with the Pension Protection Act of 2006. How will the new pension accounting standards affect you?The Academy's Pension Practice Council is presenting a webinar on July 15 about the Governmental Accounting Standards Board's recently released Preliminary Views document on Pension Accounting and Financial Reporting by Employers. Panelists will discuss several aspects of the GASB document along with an overview of the GASB's progress on the Pension Accounting and Financial Reporting research project. Register Now. (07/07/10) Comments on 2011 Schedules SB and MBThe Pension Committee comments to the Department of the Treasury and the Internal Revenue Service with suggestions for the 2011 Schedules SB and MB Instructions and Forms Committees Suggest Changes to Current Social Security PublicationsThe Pension Committee and Social Insurance Committee recently convened a joint working group to address how to better educate the public about retirement planning. This document suggests changes to current Social Security publications, specifically the "Thinking of retiring?" special insert to the annual Social Security Statement for workers 55 or older and the "When to Start Receiving Retirement Benefits" publication (05-10147). Council Submits Testimony for Senate Hearing on Longevity RiskThe council submits DOL/Treasury response on lifetime income options as written testimony to the U.S. Senate Special Committee on Aging for a hearing on "The Retirement Challenge: Making Savings Last a Lifetime." Updated: Issue Brief on Social Security ReformThe Academy's Social Insurance Committee has updated an existing issue brief entitled Social Security Reform: Changes to the Benefit Formula and Taxation of Benefits Comments on H.R. 4213, the American Workers, State and Business Relief Act of 2010The Pension Committee and the Multiemployer Subcommittee comment on multiemployer pension plan provisions of H.R. 4213, the American Workers, State and Business Relief Act of 2010 Councils' Response to DOL/Treasury RequestThe Pension Practice Council and Life Practice Council's response to a request for information from the departments of Labor and the Treasury regarding lifetime-income options for participants and beneficiaries in retirement plans. Pension comments on ASOP 41The Academy's Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP 41. Pension comments on ASOP 35The Academy's Pension Committee comments to the Actuarial Standards Board regarding proposed revisions to ASOP 35. Comments on IRS final regulationsPension Committee comments to the Department of the Treasury and the Internal Revenue Service concerning final regulations on pension funding and benefit restrictions under Internal Revenue Code Sections 430 and 436. Pension comments to the PBGCThe Academy's Pension Committee comments to the Pension Benefit Guaranty Corporation (PBGC) on proposed regulations concerning reportable events under ERISA Section 4043 and the purchase of irrevocable commitments prior to initiating a standard plan termination under ERISA Section 4041. Pension comments to Department of LaborPension Committee comments to the Department of Labor regarding the electronic display of certain information contained in the annual Form 5500 filing for single-employer defined benefit plans Comments on H.R. 2748, 3936The Pension Committee comments on H.R. 3936, The Preserve Benefits and Jobs Act of 2009. and H.R. 2748, The Retirement Security Needs Lifetime Pay Act of 2009. Updated: Practice note on preparing a certification for AFTAPThe Academy's Pension Committee has issued a practice note on current and emerging practices in the preparation of the certification of a U.S. tax-qualified pension plan’s adjusted funding target attainment percentage (AFTAP), as required under the benefit-restriction provisions of the Pension Protection Act of 2006 (PPA) and associated proposed regulations. Pension comments to the Joint BoardThe Academy's Pension Committee comments to the Joint Board in response to proposed regulations governing the performance of actuarial services under the Employee Retirement Income Security Act of 1974 (ERISA). Shoring up Social SecurityThe Academy says the 2009 Social Security trustees’ report highlights the imperative to act immediately to address the challenges facing Social Security.
Estmating your Social Security benefitsWant an estimate of your potential Social Security benefits if you retire early? Or if you work a few years longer than most? Try the Retirement Estimator from Social Security, a new interactive tool for financial/retirement planning. Pension help from PAL
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