From the Executive Editor

Hello ACOPA–

Somehow, paying out terminated vested benefits has become my main (and bane of my) existence recently. From preparation of an increasing number of ben apps from a larger pool of clients and participants, to keeping track of who received 30-day notices before forcing out, to the mechanics of getting them paid out, one starts to look quite fondly at upcoming vacation time.

I suppose my focus on getting everyone paid out was to avoid the missing participant issue. I was once burned by a very large stove known as the PBGC Missing Participants program, and I never wanted to touch that again. Hearing about the new simplified program makes me cautiously optimistic. And which is why I am very much looking forward to the 2019 Actuarial Symposium Topic GS7: Terminating a PBGC Covered Plan. ’Nuff said – not looking at this topic until then.

But here to tell us more about the Symposium is Committee Chair Ray Berry, MSPA, ASA, FCA, EA, MAAA, a consulting actuary with Grant Thornton LLP. Take it away, Ray – you can find his article here.

We want to wish Frank Prager, Relius Administration Defined Benefit Manager, a happy transition from full time work. Here are Frank’s words regarding ACOPA’s famed Google Group: “I am retiring from full time work at the end of this month. I want to express my thanks and appreciation for all the discussions that we have had over the years. The ability to ask questions and/or discuss the various points of the laws and regulations. This generally led to a more practical application and understanding. It has also led to friendships at the professional level that I will miss. Thanks again and good luck to all.”

This brings up to the first and last edition of “9.5 Questions with Frank Prager.” You can find this Q&A here. (Editor’s warning: There is a reference to “Pickleball.”)

Next up is a report from Executive Director Marty Pippins. Marty gives us some background on a meeting he and Lauren Okum had with the PBGC in early April, which led to a major win for ACOPA. As you know, the PBGC will allow us to request coverage determinations prior to establishment of a plan.

Marty and Lauren have not only the smarts, but also the demeanor to discuss such an important issue with the PBGC director. My early April resulted in my spending the last month making amends to those who dared cross my path right before April 15. Time for me to reread Dale Carnegie’s How to Win Friends and Influence People.

ACOPA wasn’t the only one with a major win in April. The American Retirement Association’s strong efforts paid off, as the IRS has expanded its Employee Plans Compliance Resolution System (EPCRS) self-correction program (SCP). You can read about it in an article by ASPPA Net editor John Iekel, here.

And finally, last but not least, ACOPA President John Markley, Industry Relations Director at The Retirement Advantage, Inc. (TRA), provides insight to some of the many activities ACOPA is involved in (and you can be involved in too). John’s article can be found here.

Enjoy your short work week. Hope to get another ACOPA Monthly edition out soon (please  contact me regarding any topics you would be interested to read about or write about).

–Alan