Description: A pension plan uses Actuarial Equivalence to determine a 'fair' adjustment to pension benefits for form and timing of payment. The definition of Actuarial Equivalence is set in the Plan Document which may not have been reviewed for decades. With a wave of recent pension litigation in the U.S., plan sponsors, attorneys and actuaries now pay more attention to how pension plans define Actuarial Equivalence. How does a change in mortality table or interest rate affect the ultimate benefit? What are the requirements under ERISA and pertinent regulations? Are there court cases that have examined this question before? What are the issues behind the recent lawsuits and what can a plan sponsor do now to reduce their legal exposure? What alternative strategies are available for changing or not changing the definition in the plan document?

Description: The presenters will discuss recent developments related to the federal qualification and taxation of life insurance and annuity contracts. Among other topics, there will be a focus on comparing and contrasting life insurance product qualification in the U.S. under IRC sections 7702 and 7702A versus qualification in Canada under the 'exempt test' of the Income Tax Act, which has been revised in recent years. Discussion will include comparisons of Canadian provisions to U.S. definition of life insurance and Modified Endowment Contract concepts.

Description: This presentation is an overview of the Meeting from the Record of the SOA Vol.6 No. 1. The session summarizes points from each concurrent session of the meeting and includes issues about the effect of governmental actions and consumerism on product design and pricing of the future, risk classification in the 1980's, nonforfeiture and valuation concerns in the 1980's and effect of taxation in the 1980's.

Description: Session 99IF of the Palm Desert Spring Meeting panelists discuss the rejuvenated long-term care insurance market. From the Record of the Society of Actuaries, Vol. 23, No. 1.

Description: This session from the 1995 SOA Boston Meeting examines the background and reasons leading to recent Canadian and U.S. insurance company failures, covering the roles of management, actuaries, rating agencies, and regulators. From the Record of the Society of Actuaries, Vol. 21, No. 4a.

Description: This presentation, session number 80PD, took place at the 1999 Spring Meeting of the Society of Actuaries, held June 16-18 in Seattle. The panelists discuss the far-reaching, and not fully understood, proposals for fundamentally changing Social Security, including proposals from Congress, private individuals and groups, and by members of the recent Advisory Council on Social Security. They include “privatizing” Social Security, partially or fully, and changing the investment policy to allow trust fund investments in private securities. Discussion from participants is included. From the Record of the Society of Actuaries, Vol. 25, No. 2.

Description: 1994 SOA Meeting, San Antonio. This session provided information on executive compensation plans in the US, with special emphasis on nonqualified deferred compensation programs. Topics included: 1. Golden parachutes. 2. Limitations on deductibility of executive compensation. 3. Taxation for constructive receipt and the ERISA issues of these plans.

Description: Administration system updates and conversions. Legacy systems and their associated problems. Continued low interest rates and in-force policy management actions affecting policyholder behavior. These are but a few of the taxation challenges facing insurers managing the growing complexity of their businesses.<p> Presenters will consider these and other product taxation-related issues, highlighting ways insurers have sought to address them, their impacts, and potential mitigation strategies

Description: This 1981 session concerned Risk Classification Policy Issues including: i. Purpose of risk classification. 2. Risk classification system. 3. Characteristics for risk classification. 4. Effects of risk classification. 5. Processes of change in risk classification. From Record of Society of Actuaries, Vol. 7, No. 2.

Description: In light of the bankruptcies of Enron and WorldCom, this panel at the 2003 Valuation Actuary Symposium addresses legislative and regulatory activity, potential implications for the regulation of professions in the United States, and implications for valuation actuaries.