In This Issue

We wanted to provide you with this quick update on current events within ACOPA. Please feel free to provide any of us with your input. We want to hear from you!

Message from ACOPA President Joe Nichols

Happy Spring, Fellow ACOPA Members!  Congratulations on surviving yet another busy season. It is hard to believe that we are in our fifth year of PPA rules and regulations.  As we come out of the weeds, it is a good time to focus on a few professionalism items.  First, please keep in mind that, effective January 1, 2013, the only acceptable ACOPA credentials are FSPA and MSPA  - so plan your letterhead and business card orders appropriately. Second, under new JBEA rules, there are ethics requirements that have different rules compared to Academy professional requirements.  Our conference committees are working on sessions that will satisfy both requirements, so be sure to register for the Advanced Actuarial Conference in June and the Symposium in August.  Finally, the second exposure draft of ASOP 27 is out as well as an exposure draft of ASOP 4, and ACOPA is working on comments, which are due by the end of May.  As members of one of the five US-based actuarial organizations, we follow the Actuarial Code of Conduct, which relies upon these ASOP’s.  Being part of the actuarial community is a privilege and we should be proud of the professionalism our members convey on behalf of our profession.  See you all in Boston and Chicago.  Have a great summer.

Return to Top

If you want to attend …

The sessions that Joe is referring to (above) are in Boston (6/4-5 = Advanced Actuarial Conference) and Chicago (8/10-11 = Actuarial Symposium). You can register on the ASPPA website.

Return to Top

Become a Fellow, Society of Pension Actuaries (FSPA):

The FSPA program has been expanded to include several new topics and an oral component, to make the credential more valuable to a broader range of consulting firms.

Having an FSPA on staff is valuable to firms looking to market the strength of their actuarial consulting services and increase their business opportunities by providing advanced consulting services.

The FSPA credential is valuable to actuaries interested in:

• Expanding their professional education and knowledge;
• Being recognized as consulting actuaries;
• Growing client relationships through enhanced communications and plan design opportunities;
• Becoming more marketable; and
• Developing skills that will grow business opportunities.

Please join me in welcoming these new Members of ACOPA:

• Roman V. Androsov
• Steven Bourg
• Julia Chernyak
• Mark Dresden
• Jong G. Kim
• Daniel P. Moore  
• Helen Moskovich
• Cheryle Salzberg
• Mark Strakaowski
• Eric Tener

Recent Regulatory Guidance Issued:

Judy Miller has pointed out these two recent items that you may wish to review. First, the Joint Board recently issued some FAQ-type regulations. Read them here:  www.irs.gov/pub/irs-utl/joint_board_faq.pdf. One big issue addressed in these regulations (and which Joe referred to, above), is that “Professionalism” credits under the AAA rules are not quite the same as “Ethics” credits required under JBEA rules. (Example – qualification and PTIN rules count as the first but not the second.) These regulations also explore other vital issues, including how to verify attendance at sessions. You need to read these new regs.

The other regulatory guidance is that the PBGC recently allowed for premium penalty relief for certain delinquent plans (with a July 31 deadline for contacting PBGC). This could be a huge opportunity for non-filing plans. Read it here - www.pbgc.gov/Documents/2012-3054.pdf

Return to Top

EA continuing education credit audit experiences?

Have you had your Joint Board c.e. credits audited? Let me know how it went, so we can alert others. 

Return to Top

430(f)(3), anyone?

Are you aware that if the plan sponsor elects to use $ 1 or more of credit balance for quarterly contributions, or to reduce the MRC for the year, then you need to go back and recalculate the funding shortfall amortization charge? As a result, when you prepare the Schedule SB for a year, it may dictate that you revise the valuation upon which it is based. Further, it is conceivable that this revision could cause an increase in MRC for that year. Does this seem backwards to you? What have been your experiences in this regard? Please send me a note and share them …

Return to Top