Actuarial - misc (BenefitsLink.com)Headlines re Actuarial - misc, gathered by BenefitsLink.comOpinion News That Pension Benefit Guaranty Corporation Will Diversify Portfolio to Include More Equities Ought to Concern Taxpayers- (Found June 24, 2008 ) Excerpt: "The PBGC is a quasi-government agency -- a 'federal corporation' -- created in 1974 to guarantee pension benefits for U.S. workers and retirees. Operating as both an insurance business and pension fund, it is financed by corporate premiums and the assets it inherits when taking over failed pension plans. By the end of last year, the agency had amassed a $14 billion deficit, and the new policy is designed to erase that red ink with higher investment returns." (The Wall Street.http://online.wsj.com/article/SB120649074075964087.html?mod=googlenews_wsj Opinion New Book Explains How 'Pension Monster' of Unfunded Benefit Liabilities Guts GM, Halts NYC Subways, Bleeds San Diego- (Found June 24, 2008 ) Excerpt: "Pensions resemble a reverse neutron bomb: They gut cities and factories, yet leave armies of retirees standing, unscathed and ready for that Caribbean cruise. If you don't believe me, dip into Roger Lowenstein's troubling financial fable, 'While America Aged.' The three narrative histories presented here outline how pensions drove General Motors Corp. to the brink, brought New York subways to a halt, and turned sunny San Diego into Enron-by-the-Sea." (James Pressley on...http://www.bloomberg.com/apps/news?pid=20601088&sid=av_TivUJxKQ0&refer=muse International Survey of Actuarial Issues and Practices- (Found June 24, 2008 ) Excerpt: "The role of the health actuary is different from one country to another. This survey, prepared by Milliman in partnership with the International Actuarial Association Health Section, examines the many actuarial practices and work issues around the world, identifying the many similarities and differences." (Milliman)http://www.milliman.com/expertise/healthcare/publications/rr/international-survey-of-actua... Analysis of Social Security Trustees' Report (PDF)- (Found June 24, 2008 ) 8 pages. Excerpt: "The findings in the 2008 Social Security trustee's report demonstrate the need for timely and effective action to make Social Security solvent and sustainable, says an Academy issue brief." (American Academy of Actuaries)http://www.actuary.org/pdf/socialsecurity/trustees_08.pdf Opinion The Questions Candidates Should Answer About Social Security Reform (PDF)- (Found June 24, 2008 ) Excerpt: "This guide has been written by the American Academy of Actuaries' Social Insurance Committee for the general public, including journalists, policymakers, and citizens to use as they evaluate candidates' proposals during the 2008 election cycle. The Academy is a nonpartisan, non-profit organization of actuarial professionals. While the Social Insurance Committee does not specifically endorse or oppose any of the reforms discussed in this guide, the committee strongly believes that.http://www.actuary.org/issues/pdf/guide.pdf Federal Government's Long-Term Liabilities Total $57.3 Trillion- (Found June 24, 2008 ) Excerpt: "The federal government's financial obligation to cover the lifetime benefits of people eligible for government programs increased by $2.5 trillion last year to $57.3 trillion, largely due to rising Medicare obligations" (KaiserNetwork.org)http://www.kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=52220 Guidance Overview In Conflict Between Plan Document and SPD, SPD Prevails to Participant's Detriment- (Found June 24, 2008 ) Excerpt: "In Kolpacke v. CSX Pension Plan, No. 07-1959 (CA6, May 21, 2008), the 6th Circuit affirmed the district court's grant of summary judgment in CSX's favor, stating that Kolpacke had failed to show that CSX had arbitrarily and capriciously applied the terms of the pension plan in calculating Kolpacke's estimated benefits. Unlike most ERISA opinions from the 6th Circuit, the Court's entire opinion is two paragraphs long and does not provide any detail." (Pension Protection Act...http://qualifiedpensionconsulting.com/ppablog/2008/05/21/in-conflict-between-plan-document... American Academy of Actuaries' Response to NYT Article, 'Actuaries Scrutinized on Pensions' (PDF)- (Found June 24, 2008 ) 1 page. Excerpt: "The American Academy of Actuaries, an association of 16,000 U.S. actuaries, recognizes the importance of the issues raised by Mary Williams Walsh in her May 21 article, 'Actuaries Scrutinized on Pensions.'" (American Academy of Actuaries)http://www.actuary.org/pdf/prof/nyt_may08.pdf Guidance Overview PPA: IRS Provides Guidance on 2008 Distribution Rules (PDF)- (Found June 24, 2008 ) Excerpt: "The Pension Protection Act of 2006 (PPA) includes several provisions relating to payments made from various types of pension plans that became effective for distributions made on or after January 1, 2008. On March 5, 2008, the IRS released Notice 2008-30, providing guidance regarding the following provisions: Rollovers to Roth IRAs; Payment of gap period income on excess deferrals; Qualified Optional Survivor Annuities (QOSAs); and Calculation of lump sum benefits in defined...http://www.prudential.com/media/managed/DistribGrabBag08-PruPA-0508.pdf Retires Steelworkers' Pensions Slashed by PBGC- (Found June 24, 2008 ) Excerpt: "Hundreds of retired steelworkers from the former Republic Technologies International are being notified their pensions will be cut, in some cases by as much as 75 percent, to less than $300 a month, due to new calculations by the federal agency that guarantees employer-paid pensions." (Chicago Tribune)http://www.chicagotribune.com/business/chi-thurs-steelworker-pensionsmay29,0,268407.story |