Actuaries Board to Change Records Rules

The Joint Board for Enrollment of Actuaries plans to change the privacy rules governing case inventory files, enrollment files and general correspondence.

The Joint Board — a body that includes representatives of the Treasury secretary, the Labor secretary and the Pension Benefit Guaranty Corp. (PBGC – tries to verify that the actuaries who help benefit plans covered by the Employee Retirement Income Security Act (ERISA) are qualified to help the plans comply with ERISA.

The board has been maintaining 9 separate sets of records governed by the federal Privacy Act of 1974. The board now wants to consolidate the records systems and come out with 3 sets of records.

The board wants, for example, to combine the current enrollment files, suspension and termination files, and suspension and termination roster in a single “enrolled actuary disciplinary records” system, officials say in a preamble to the proposed enrolled actuary records system change that appears today in the Federal Register.

Officials also have included a new statement that makes it clear that the board can disclose disciplinary records to the U.S. Justice Department and in response to subpoenas.