August 18, 2016
Competency (Learn more)
SOA Social Insurance & Public Finance Section in cooperation with the Conference of Consulting Actuaries
Actuarial policies for public pension plans involve not only the selection of actuarial assumptions, but also the development of an actuarial funding policy or what the Actuarial Standards of Practice call a contribution allocation procedure. In October 2014, the Public Plans Community of the Conference of Consulting Actuaries (CCA PPC) published a white paper on actuarial funding policies and practices for public pension plans. The white paper was the result of over two years' worth of discussions. This resulted in a thorough and detailed development and discussion of funding policies for public pension plans.
This webcast will present an overview of the white paper, including its analysis of the principal elements of a funding policy such as the actuarial cost method, asset smoothing method and amortization policy. Presenters will cover the policy objectives underlying the white paper's principles-based approach as well as its discussion of each element of funding policy. For each policy element, the various policy alternatives are categorized as model, acceptable, acceptable with conditions, non-recommended or unacceptable.
Both presenters are senior public pension actuaries, each with years of experience in the valuation of public pension costs and liabilities. Brian Murphy, FSA, EA, FCA, MAAA, is a senior consultant and actuary at Gabriel, Roeder, Smith & Company. He consults with state and local government systems in seven states. Paul Angelo, FSA, EA, FCA, MAAA, is a senior vice president & actuary with Segal Consulting. He plays an active role in public pension issues within the profession. Both Murphy and Angelo were actively involved in the development of the white paper. Their lively discussion will include a description of its principles and policies, as well as hands-on insight to its process and development.
Anyone interested in public pension plans will find this to be an up-to-the-minute overview of an essential aspect of public pension actuarial practices and policies.