Actuarial - misc (BenefitsLink.com)Headlines re Actuarial - misc, gathered by BenefitsLink.comOverview: Lump-Sums for Plans Terminating Before, but Distributing After January 1, 2008- (Found June 24, 2008 ) Excerpt: "The PBGC has issued guidance, in the form of a Technical Update, for plans with termination and final distribution dates which straddle the effective date for PPA-required changes in the interest rate and mortality assumptions for lump-sum valuations." (Wolters Kluwer Financial Services)http://hr.cch.com/news/pension/121707a.asp Overview of Lump-Sum Pension Payments: 2008 and Beyond (PDF)- (Found June 24, 2008 ) 7 pages. (Milliman)http://www.milliman.com/expertise/employee-benefits/publications/bib/pdfs/BIB12-19-07-Lump... Final IRS Regs: User Fees Relating to Enrollment To Perform Actuarial Services; Up From $25 to $250 (PDF)- (Found June 24, 2008 ) 2 pages. User fee for enrollmenat and renewal of enrollment for enrolled actuaries increases from $25 to $250, effective January 22, 2008. (Internal Revenue Service)http://benefitslink.com/taxregs/07-6156.pdf Most PBGC Retirees Get Full Earned Benefit, Study Shows- (Found June 24, 2008 ) Excerpt: "The vast majority (84%) of retirees who receive benefits from the PBGC's pension insurance program are paid the full benefit amount they earned under their retirement plan. This is one of the many findings of the 2006 edition of the Pension Insurance Data Book, an annually updated statistical reference that tracks the experience of the PBGC's insurance programs and the defined benefit pension plans they protect." (Wolters Kluwer Financial Services)http://hr.cch.com/news/pension/122807a.asp Overview: PBGC Issues PPA Transitional Guidance: Minimum Lump Sums and Standard Terminations (PDF)- (Found June 24, 2008 ) 4 pages. Excerpt: "We now focus on recent PBGC guidance in Technical Update 07-3 highlighting the importance of selecting a termination date -- not just a distribution date -- in the 2008 (rather than 2007) plan year to be able to use the PPA lump sum assumptions for 2008 distributions. (For convenience, this ASPPA asap assumes that the distribution date is the annuity starting date, as does PBGC Technical Update 07-3.)" (ASPPA via Keightley & Ashner LLP)http://www.keightleyashner.com/publications/ASSPA_122707.pdf Overview: Lump-Sum Pension Payments: 2008 and Beyond, Summary Updated Dec. 20, 2007 (PDF)- (Found June 24, 2008 ) 6 pages. (Milliman)http://www.milliman.com/expertise/employee-benefits/publications/bib/pdfs/BIB12-21-2007-Ex... Overview: PBGC Semiannual Regulatory Agenda Proposes Changes to Comply with PPA- (Found June 24, 2008 ) Excerpt: "The PBGC is in the process of finalizing regulations covering some of the following topics: replacement of policy statements concerning penalties with an updated and expanded set of information penalty policies codified in its regulations. implementation of changes in the rules for computing the variable-rate premium to implement provisions of the PPA." (Wolters Kluwer Financial Services)http://hr.cch.com/news/pension/011008a.asp Overview: New Rules for Minimum and Maximum Funding (PDF)- (Found June 24, 2008 ) Page 6 of 8 pages. Excerpt: "As a result of the Pension Protection Act of 2006 (PPA), all of the rules for minimum required contributions and maximum deductible contributions have changed. Beginning in 2008, say goodbye to the Section 412 funding standard account, additional funding charges, and full funding limits. Under Section 430, we meet funding targets, funding shortfalls, target normal costs, and shortfall amortization bases, installments, and charges." (American Academy of...http://www.actuary.org/ear/pdf/fall_2007.pdf Final Reg: PBGC Interest Rates for Use with Terminating Single-Employer Plans with February 2008 Valuation Dates (PDF)- (Found June 24, 2008 ) 2 pages. Excerpt: "Three sets of interest assumptions are prescribed: (1) A set for the valuation of benefits for allocation purposes under section 4044 (found in Appendix B to Part 4044), (2) a set for the PBGC to use to determine whether a benefit is payable as a lump sum and to determine lump-sum amounts to be paid by the PBGC (found in Appendix B to Part 4022), and (3) a set for private-sector pension practitioners to refer to if they wish to use lump-sum interest rates determined...http://benefitslink.com/pbgcregs/E8-600.pdf Official Guidance Text of Final PBGC Regs on Premium Rates and Payment of Premiums for 2008, Reflecting PPA Changes (PDF)- (Found June 24, 2008 ) The final rule amends PBGC's regulations on Premium Rates and Payment of Premiums. The amendments implement provisions of the Pension Protection Act of 2006 that change the variable-rate premium for plan years beginning on or after January 1, 2008, and make other changes. The related premium instructions for 2008 final e-filings (now called Comprehensive Filings) have been updated to incorporate the final rule. (Pension Benefit Guaranty Corporation)http://benefitslink.com/pbgcregs/E8-5712.pdf |