The IRS is proposing amendments to its rules governing actuarial services for employee pension plans covered under the Employee Retirement Income Security Act of 1974.
The IRS’s Joint Board for the Enrollment of Actuaries released the proposed amendments today, which would update the eligibility requirements for performing actuarial services for ERISA-covered plans, including continuing education requirements, professional standards, bases for disciplinary actions and procedures to be followed in taking disciplinary actions..
Among other provisions, the proposed regulations would require qualifying actuaries to complete the pension actuarial examination no later than 10 years after applying for initial enrollment. The requirement would not, however, apply to the basic actuarial examination.
The proposed rules would keep the current requirement for a total of 36 hours of continuing professional education for those renewing their certification but would cut the number of core CPE credits required after the enrolled actuary’s initial enrollment renewal from 18 required core hours to 12. The board also proposes a new requirement that a minimum of 2 hours of core CPE be allocated to ethical standards in each enrollment cycle.
The proposed rules, RIN 1545-BC82, will be published in the Federal Register Sept. 21. Public comments on the changes must be sent to the IRS by Nov. 20.
The Joint Board for the Enrollment of Actuaries consists of 3 members appointed by the Secretary of the Treasury, 2 members by the Secretary of Labor and one non-voting representative named by the executive director of the Pension Benefit Guaranty Corporation.