Session from the 2011 Enrolled Actuaries Meeting
03/30/2011 - 11:15 am - 12:45 pm
Session Category: General Sessions
Credits: EA Noncore 1.80 CPD 1.80
Private sector defined benefit pension plans are continuing to die a slow death. As representatives of the retirement community, what is the actuarial profession doing to stave off the extinction of defined benefit plans? Without a major shift in retirement policy, corporate defined benefit plans will continue to disappear. Are we doing our job to educate Congress about this? The average American worker is left increasingly vulnerable following the freeze or termination of their defined benefit plan – have we adequately explained the impact on their retirement income security? New and effective plan designs that are sustainable through economic uncertainty and business cycles are imperative to the survival of defined benefit plans – are we leading the charge to advocate for change?
Despite some major initiatives in these areas, generally the answer is NO. With so much new legislation and regulation emerging in recent years, the leaders of our profession are focused on the details of PPA and managing the intricacies of credit balances, interest rate elections and benefit restrictions. As actuaries, we need to take a step back and focus on the bigger issue of how our profession can advocate for saving private sector defined benefit plans.
Lance J. Weiss
- Gabriel Roeder Smith & Company
2. Thomas J. Finnegan - The Savitz Organization
3. Michael E. Clark - Principal Financial Group
4. Kenneth W. Porter - Benefits Leadership International, LLC