2015 LAAPC Workshop 11. Professionalism for Actuaries. Are You Qualified? Presented By. Kurt F. Piper, ASA, FSPA, MAAA Mike Bain, ASA, MSPA, MAAA

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1 2015 LAAPC Workshop 11 Professionalism for Actuaries Are You Qualified? Kurt F. Piper, ASA, FSPA, MAAA Mike Bain, ASA, MSPA, MAAA Presented By 2 1

2 THIS SESSION IS PARTLY BASED ON RICHARD BLOCK S UP TO CODE ARTICLE IN THE AMERICAN ACADEMY OF ACTUARIES JULY/AUGUST 2014 ISSUE OF CONTINGENCIES ATTENTION ENROLLED ACTUARIES- ARE YOU QUALIFIED? THE OPINIONS EXPRESSED ARE STRICTLY THE OPINIONS OF THE PRESENTERS AND DO NOT REFLECT FORMAL POSITIONS OF THE ACTUARIAL BORED FOR COUNSELING AND DISCIPLINE 3 Joint Board for the Enrollment of Actuaries (JBEA) CE Requirements Continuing Education (CE) is measured over the 3 year enrollment cycle 36 Qualifying CE hours (50 minutes) At least 2 hours of ethical standards 18 hours must be core subject matter. Content that is integral and necessary for the satisfactory performance of pension actuarial services (including ethics) 4 2

3 Qualifying JBEA CE Hours? Attending JBEA approved conferences Writing peer reviewed articles Leading JBEA approved formal courses Serving on the JBEA examination committees 5 Examples of Core topics Cost methods, assumptions, minimum funding standards, maximum deductible contributions Titles I, II, and IV of ERISA, Valuation of plan assets, 7 3

4 Examples of Core topics Requirements for qualification of pension plans, Tax treatment of distributions, Excise taxes related to funding, Standards of performance (including ethical standards). 8 JBEA Non-core subject matter Content designed to enhance the knowledge of an enrolled actuary. Examples of non-core subjects include: economics computer programming pension accounting 9 4

5 JBEA Non-core subject matter Examples of non-core subjects include: Investment and finance Risk theory Communication skills Business and general tax law 10 Washington Update Examples This is clearly core since the entire subject is concerned with specific pension law and regulatory changes. In my opinion, if the session happens to mention that highways receive more funding as a result of HATFA that is incidental. 14 5

6 Ethical Standards Credit Always Core Includes actuarial codes of conduct, actuarial responsibilities, and any actions discussed in section of the regulations (Standards of Practice) Does not include all ASOPs since some are concerned with technical aspects of the work and not ethics 15 CE credit must be from Qualifying Sponsor Program must be identified as a qualifying program Developed by individual(s) qualified in the subject matter Includes written outlines or textbooks Provide Certificates of completion 16 6

7 Example A local ERISA attorney gives a talk on Prohibited Transactions but is not a qualifying sponsor. No JBEA credit. 18 Is Compliance with the JBEA CE Requirements All that an ASPPA Enrolled Actuary Must Comply With? NOT HARDLY! 19 7

8 Are you a member of: The American Society of Pension Professionals and Actuaries (ASPPA) aka ACOPA The Casualty Actuarial Society (CAS) The Conference of Consulting Actuaries (CCA) The Society of Actuaries (SOA) or The American Academy of Actuaries (AAA) 20 THEN, YOU MUST COMPLY WITH THE AMERICAN ACADEMY OF ACTUARIES QUALIFICATION STANDARDS 21 8

9 Statements of Actuarial Opinion (SAO) An SAO is a communication to a principal that expresses an opinion based on actuarial principles and which the principal is expected to rely upon Examples of SAOs Signing form 5500 schedules SB or MB Calculation of the Minimum Required Contribution or Maximum Tax Deductible Contribution for a defined benefit plan Calculation of the Funding Target for PBGC Premium purposes FASB/ASC calculations on defined benefit plans 22 Statements of Actuarial Opinion (SAO) Does not include Communications between actuaries working on an assignment Drafts not sent to the client Communications to the client lacking an actuarial opinion, recommendation or Findings (e.g., factual information about a data file) 23 9

10 Example You a spreadsheet showing a proposed allocations of contributions that will pass 401(a)(4). Is it a SAO? Yes 24 Example You a client telling him that he forgot to include birth dates for certain employees. Is this a SAO? No 25 10

11 What Are The Qualification Standards? Precept 2 of the Code of Professional Conduct requires actuaries to conform with the Qualification Standards (QS) when issuing SAOs 26 What Are The Qualification Standards? Two prongs; (1) basic education and experience and (2)continuing education (1) Enrolled Actuaries are deemed to meet the Basic Education and Experience Requirements Must be knowledgeable about the ASOPs, which requires reading them 27 11

12 ASOPs Clearly you need to read new or revised ASOPs as they are published 28 ASOPs You should also every once in a while review an existing ASOP to refresh your memory and note anything that you might have forgotten

13 ASOPs If you see something interesting, you might consider a post on the ACOPA Listserve which will not only document your selfstudy but will help others with their CE 30 ASOPs It also pays to read the proposed ASOPs to note changes you disagree with and either comment yourself to the ASB or, else, help ACOPA draft comments 31 13

14 What Are The AAA Qualification Standards? 2) Each year, actuaries must meet the QS continuing education requirements 32 Qualification Standards CE Requirements 30 CE hours for each Calendar Year Of the 30 hours 3 must be dedicated to topics on professionalism At least 6 hours must be organized activities with the remaining hours in non-formal settings An hour of CE is 50 minutes 33 14

15 Professionalism Studying Code of Professional Conduct or ASOPs Commenting on ASOP exposure drafts Business ethics would probably be considered professionalism rather than general business skills Learning about qualification standards and continuing education requirements Self-study of the AAA, SOA, ASPPA/ACOPA, and JBEA source documents 34 Organized Activities Activities in which the actuary will interact with professionals of different organizations, i.e., ACOPA conferences Webcasts sponsored by one of the member actuarial societies On line courses Committee work for one of the recognized actuarial societies Work on governmental committees 35 15

16 Organized Activities Do Study Groups Qualify? In-house meetings can satisfy the requirement of interaction with actuaries or professionals working for different organizations by using outside speakers. Clearly the answer is yes if there is an outside speaker even for an in-house meeting. If the study group is a qualifying sponsor of continuing professional education programs for enrolled actuaries approved by the JBEA, the answer should be yes. Otherwise, probably not. 36 Other (Not Organized) Activities Reading messages on the ACOPA Listserv Reading articles on actuarial matters or pension Reading the law or proposed changes to law Listening to recordings of relevant sessions from conferences or seminars Hours spent on activities that are not organized must be documented contemporaneously 37 16

17 Discussion Question If part of your self-study involves reading Listserve posts and Benefitslink s: Must you print them and kill a tree? Must you save the s on your desktop or server? Does ACOPA and Beenefitslink saving them on their servers provide the necessary contemporaneous documentation? 38 Tools Documentation AAA provides TRACE, an online tool available to everyone CCA provides an online tool for members Can use a personal spreadsheet or document Must be maintained for minimum of 6 years after the year applicable No official submission is required 39 17

18 Differences between SOA CPD & AAA QS Should I Care? Generally, no If subject to the AAA US QS, elect to meet the SOA CPD rules with AAA QS No need to track credits under both sets of rules Don t confuse the two sets of rules in tracking whether you ve satisfied the requirements -- if using AAA QS to satisfy SOA rules then track all CE using AAA QS and ignore SOA rules Must still attest SOA compliance even though the AAA QS does not require it 40 Differences between SOA CPD & AAA QS Should I Care? If you are in SOA but not AAA, then you should check out the SOA rules at

19 Multi-Practice Actuaries Need only 30 credits total Need only 3 credits of professionalism Must include material in each practice area Does the actuary need 6 organized credits in each of the areas? Up to the actuary s judgment 42 Enrolled Actuaries Exemption Effective January 1, 2011 Enrolled Actuaries are deemed to meet the QS Basic and CE requirements only if : The Enrolled Actuary meets the JBEA CE requirements The Enrolled Actuary s practice is limited to certifications on schedules SB or MB and other required government forms 43 19

20 Enrolled Actuaries Exemption Other Required Government Forms No guidance. We believe it may include: AFTAP certifications PBGC Premium calculations PBGC sufficiency calculations on standard or distress terminations 44 Enrolled Actuaries Exemption The Enrolled Actuaries Exemption does not include (Rick and Kurt s Opinion): Determining the expected contribution amounts in a proposal Determination of the maximum tax deductible contribution Ascertaining the effect of a plan amendment Work on public plans, non-qualified plans or church plans FASB/ASC calculations Computing the top 25 limitations Actuarial testimony, such as in litigation or divorce disputes 45 20

21 Enrolled Actuaries Exemption There may be an argument (Mike) that anything on the EA exam can be done under the exemption. So it is not limited to preparing forms, but the general work that would go into the forms which would include max deductible (since a failure there would be another form to complete), top 25, benefit or lump sum calcs, etc. Someone who want to rely on the EA exemption should work on this argument. 46 Enrolled Actuaries Exemption To take the narrow view, think of what it would take to meet the exemption: Signing only SB s, AFTAPS, PBGC Forms as enrolled actuary NOT signing letters and NOT sending s on anything resembling a SAO I find it hard to imagine anyone meeting this exemption (Perhaps that s an argument to use, i.e. since nobody would fit in the narrow interpretation, the narrow interpretation couldn t be correct.) 47 21

22 Is the Combination of the JBEA rules and the Qualification Standards Burdensome? No, for the most part it s a matter of timing If the actuary s CE is met throughout the 3 year JBEA cycle and in each year the actuary accumulates CE: 6 hours of organized activities (aka JBEA approved) conferences. 3 hours of organized (aka JBEA approved) sessions on professionalism The balance of the CE hours (24) should be very easy to comply with 48 I Thought Enrolled Actuaries are Exempt from the QS CE Requirement Enrolled Actuaries who issue Statements of Actuarial Opinion other than Schedule B (Form 5500) certifications and other government required forms must supplement the Joint Board s continuing education requirements with the continuing education requirements of the Qualification Standards beginning in 2011 (for Statements of Actuarial Opinion issued in 2012)

23 Can you avoid the QS CE Requirements Don t belong to an actuarial society? Preamble to JBEA regulations: an enrolled actuary shall perform actuarial services only in accordance with all of the duties and requirements for such persons under applicable law and consistent with relevant generally accepted standards for professional responsibility and ethics 50 Can you avoid the QS CE Requirements Dropping membership in actuarial societies is probably not a winning strategy at least as far as protecting yourself against lawyers and other predators OTOH, it s not clear whether the JBEA would care about a technical violation of ASOP

24 I am retired, do I need to care? If you are not practicing as an actuary and not issuing Statements of Actuarial Opinion then of course not. We don t know why you are here but do greatly appreciate your paid attendance. If you are practicing as an actuary or issuing Statements of Actuarial Opinion then you need to care. (Of note, there seems to be a number of actuaries who are retired only for the purpose of paying smaller dues. It s not clear if this is an ethical or a conceptual issue.) 52 I am retired, do I need to care? In Robert Reitz s Up To Code article in Contingencies magazine, he mentions that retired or newly sole practitioners are running into CE problems. Retired but doing some work on the side is a recipe for disaster

25 Look in the Mirror Test Just because you are an enrolled actuary does not mean you are qualified to take on all pension related tasks Your client asks for a multi-decrement 20 year cost projection that would involve Monte Carlo techniques Your 1 st step is to look yourself in the mirror and honestly assess whether the actuary you see in the mirror has the experience, the education and the software necessary to tackle this assignment 54 Clarification FYI, Monte Carlo is not a sandwich, Monte Cristo is

26 Expanding Horizons You may want to expand your area of practice Let s assume your client asks you for a valuation on a post retirement health care plan 1 st step is the look in the mirror test 2 nd step is to make certain you meet QS basic education and CE credits in this discipline 56 Expanding Horizons Don t become the responsible actuary on work you are not qualified to perform! 57 26

27 Expanding Horizons If you are not qualified to perform a valuation on post retirement health care benefits, what are your choices? Thoroughly research subject matter and/or attend courses on post retirement health care benefits Subcontract or work under an actuary who meets the QS with regard to post retirement health care benefits 58 Expanding Horizons Remember, it s more likely what you don t know that will get you into trouble than what you do know 59 27

28 ASOPS ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions; ASOP No. 6, Measuring Retiree Group Benefit Obligations; ASOP No. 17, Expert Testimony by Actuaries ASOP No. 23, Data Quality ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations; 60 ASOPS ASOP No. 34, Actuarial Practice Concerning Retirement Plan Benefits in Domestic Relations Actions (proposed revision) ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations; and ASOP No. 41, Actuarial Communications ASOP No. 44, Selection and Use of Asset Valuation Methods for Pension Valuations

29 ASOP 41 (effective 2011) Disclose the actuary and state qualification and conflicts of interest Disclose the complete document (can be multiple parts) Disclose the intended users, scope and purpose Source of data relied upon Assumptions prescribed by law and compliance with law 62 ASOP 41 Assumptions/methods chosen by others State the assumptions or methods State if actuary disagrees that they are reasonable Download the handouts of ACOPA ASOP 41 presentations for more information 63 29

30 ASOP 34 DROs Disclose conflicts (such as paid by the company and the owner is one of the parties) Do not practice law Opine on the benefits related issues not the legal structure of the DRO relative to state court rules Be consistent in assumptions/methods with prior work Don t change based on whom you represent 64 Thank You! 65 30

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