REG-159704-03 by ProQuest


Proposed regulations contain proposed amendments to 20 CFR part 901 relating to the enrollment of actuaries under section 3042 of ERISA. The proposed amendments would update the eligibility requirements for performing actuarial services for ERISA-covered employee pension benefit plans, including the continuing education requirements, and the standards for performing such actuarial services. The proposed amendments would affect employee pension benefit plans and the actuaries providing actuarial services to those plans.

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									Part IV. Items of General Interest
Notice of Proposed                             SUPPLEMENTARY INFORMATION:                          Consistent with section 3042, the
Rulemaking                                                                                     Joint Board has promulgated regula-
                                               Paperwork Reduction Act                         tions at 20 CFR Part 901, addressing
Performance of Actuarial                                                                       eligibility for enrollment, requirements for
                                                  The collections of information refer-
                                                                                               continuing education of enrolled actuaries,
Services Under the Employee                    enced in this notice of proposed rule-
                                                                                               professional standards for performance of
Retirement Income Security                     making were previously reviewed and
                                                                                               actuarial services under ERISA, bases for
                                               approved by the Office of Manage-
Act of 1974                                                                                    disciplinary actions and the procedures
                                               ment and Budget in accordance with
                                                                                               to be followed in taking those actions.
                                               the Paperwork Reduction Act of 1995
REG–159704–03                                                                                  Comprehensive regulations regarding
                                               (44 U.S.C. 3507(d)) under control
                                                                                               section 3042 were last issued in 1988
AGENCY: Joint Board for the Enrollment         number 1545–0951, relating to Enrolled
                                                                                               (53 FR 34484). The Joint Board has
of Actuaries.                                  Actuaries under Employee Retirement
                                                                                               determined that the regulations need to
                                               Income Security Act of 1974, published
                                                                                               be updated to reflect changes in the law
ACTION: Notice of Proposed Rulemak-            on September 7, 1988, in the Federal
                                                                                               and in industry practice. In addition
ing.                                           Register (53 FR 34484). There are no
                                                                                               to these proposed regulations, final
                                               proposals for substantive changes to this
SUMMARY: This document contains pro-                                                           regulations relating to user fees for the
                                               collection of information.
posed amendments to 20 CFR part 901 re-                                                        initial enrollment and reenrollment as an
                                                  An agency may not conduct or sponsor,
lating to the enrollment of actuaries under                                                    enrolled actuary were published in the
                                               and a person is not required to respond to, a
section 3042 of the Employee Retirement                                                        Federal Register on December 21, 2007
                                               collection of information unless it displays
Income Security Act of 1974 (ERISA).                                                           (T.D. 9370, 2008–1 I.R.B. 428 [72 FR
                                               a valid control number assigned by the Of-
The proposed amendments would update                                                           72606]).
                                               fice of Management and Budget.
the eligibility requirements for perform-                                                          In anticipation of amending the Joint
                                                  Books or records relating to a collection
ing actuarial services for ERISA-covered                                                       Board regulations, the Joint Board issued
                                               of information must be retained as long
employee pension benefit plans, includ-                                                        a Request for Information (RFI) which
                                               as their contents may become material in
ing the continuing education requirements,                                                     was published in the Federal Register
                                               the administration of any internal revenue
and the standards for performing such ac-                                                      on June 30, 2004 (69 FR 39376). The
                                               law. Generally, tax returns and tax return
tuarial services. The proposed amend-                                                          RFI specifically requested comments as
                                               information are confidential, as required
ments would affect employee pension ben-                                                       to whether, and to what extent, changes
                                               by 26 U.S.C. 6103.
efit plans and the actuaries providing actu-                                                   should be made to the regulations in the
arial services to those plans.                 Background                                      following five areas:
                                                                                                   1. Procedures and conditions for enroll-
DATES: Written or electronic comments              This document contains proposed             ment and reenrollments;
must be received by November 20, 2009.         amendments to 20 CFR Part 901 un-                   2. Continuing professional education
                                               der section 3042 of the Employee Re-            (CPE) requirements;
ADDRESSES: Send written comments               tirement Income Security Act of 1974                3. Waivers of the CPE requirements;
to: CC:PA:LPD:PR (REG–159704–03),              (88 Stat.      829), Public Law 93–406              4. Types of enrollment statuses (active,
Room 5203, Internal Revenue Ser-               (ERISA). Section 3042 of ERISA provides         inactive, and retired); and
vice, PO Box 7604, Ben Franklin                that the Joint Board for the Enrollment             5. Standards of conduct.
Station,     Washington,    DC 20044.          of Actuaries (Joint Board) shall, by                Eight comments were received.
Submissions may be hand-delivered              regulations, establish reasonable standards         The current regulations prescribe var-
Monday through Friday between the              and qualifications for persons performing       ious rules regarding the enrollment and
hours of 8:00 a.m. and 4:00 p.m. to            actuarial services with respect to plans        reenrollment of actuaries. Section 901.13
CC:PA:LPD:PR          (REG–159704–03),         subject to ERISA and, upon application by       of the regulations provides that an indi-
Courier’s Desk,       Internal Revenue         any individual, shall enroll such individual    vidual applying for enrollment must sat-
Service, 1111 Constitution Avenue, NW,         if the Joint Board finds that such individual   is
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