Bolton Actuaries present at 2019 Enrolled Actuaries Meeting

By Bolton Retirement May 3rd, 2019

Bolton’s senior actuaries lent their time and expertise to educating attendees at the April 2019 Enrolled Actuaries Meeting.

Ellen Kleinstuber, Bolton’s Chief Actuary, was the chair of the 2019 meeting. She moderated the opening general session panel on Reading the Tea Leaves: Where is Retirement Policy Headed? During this session the all-star team of panelists shared their insights on how changes in the 116th Congress will influence which pieces of retirement legislation have the best chances to make it into law. A large part of the discussion focused on the solvency issues facing multiemployer plans and the PBGC multiemployer insurance system. Ellen also lead a panel discussion on proposed changes to several important Actuarial Standards of Practice for pension actuaries. The panel focused on how the changes will impact the practice of actuaries working on private and public sector plans differently, and what actuaries in each area of practice can learn from how their peers are addressing these changes.

Tom Lowman, the President of Bolton Retirement, presented a session focusing on technical issues regarding public pension plan administration. Drawing on his many years of experience with public and private sector plans, Tom shared his insights on plan administration challenges such as correcting errors, administering Qualified Domestic Relations Orders, calculations for part-time employees, disability benefits, and interpreting complex or vague plan provisions. Of particular interest to the audience were those issues unique to public sector pensions, like DROP benefits, service purchase cost and annuity purchases, and the application of IRC Section 415 limits.

Jim Ritchie presented at a session on how Americans are preparing for retirement. As a nationally known thought leader in this area, Jim shared insights with the audience on the current state of retirement readiness in the U.S. and what actions may be necessary to ensure that current and future retirees are able to have a financially secure, dignified retirement. Jim provided the audience with some of the latest thinking on how to design an effective and meaningful retirement program as well as some of the more innovative plan designs focused on improving retirement adequacy in the US and around the world.  Jim’s session also addressed the impact that financial wellness can have on workers in their pre-retirement years.