Happy Post-July 4th, ASEA!

Hope your summer is off to a fun start. The end of June and beginning of July period truly feels like my one break during the busy year, even as the storm of September is on the horizon.

First up this month, the ASEA Monthly staff presents its write-up of David Kupstas’ recent presentation—I  the first in the ASEA 101 webcast series. We hope newer actuaries got a lot out of the webcast, and you can read more about it here: https://www.asppa.org/asea/schedule-sb-webcast-kicks-asea-101-series

Stu Schoenly, a partner at the Retirement Plan Group, LLP, posted a question about determination letters in our Google Group. My first thought was, “who still applies for a DL…and should I be doing that too?” So I asked him to write an article on this topic. Stu has quite the long tenure in this field, and he provides a lot of history in his article found here: https://www.asppa.org/asea/determination-letters-then-and-now

This next article concerns aspects of profit-sharing plans, the less successful, less good-looking sibling to defined benefit plans. John Bury, EA of Bury and Associates, Inc. has some concerns with SECURE 2.0 as it relates to catch up contributions and Roth IRAs. I got deep into the issue as I sought to understand John’s concerns. It is no surprise that the American Retirement Association (ARA) is working on getting Congress to resolve these outstanding issues. You can read John’s take on this issue here: https://www.asppa.org/asea/secure-20-1-death-401k-testing-we-knew%C2%A0it

And for a recent article on ARA’s involvement in seeking resolution can be found here:
https://www.asppa.org/news/ara-major-organizations-urge-congress-delay-roth-catch-requirement 

And, in this all-killer, no-filler issue of the ASEA Monthly, we present another long-tenured (and initially grandfathered) member—Robert Mitchell, EA, who serves on our Leadership Council. Robert also attends the Enrolled Actuaries Workshop in Los Angeles. At this workshop, he presented an experience study for small plans, similar to those worked on in the large plan world. Bob’s presentation suggests a plan termination decrement. Has he gone too far? That will be up to you to decide as you read his presentation found here: https://www.asppa.org/asea/experience-studies-and-small-pension-plan

As an aside, I spoke to Bob about his presentation. In mentioning his LA actuarial group, he mentioned five members I know—a couple through the Google Group, the others through other ASEA volunteer activities. For anyone reading out there thinking about volunteering- I can only say for a 5,000th time how much being involved with ASEA changed my actuarial life. Get on it!

And—see you next month in Chicago! For more about the symposium that we'll be holding in Chicago, click here: https://www.asppa-net.org/events/2023-asea-actuarial-symposium