VIEWS: 10 PAGES: 16 CATEGORY: Business & Economics POSTED ON: 6/26/2010
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.
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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