News from the Joint Board
The Joint Board Seeks Applications for Advisory Committee on Actuarial Examinations
The Joint Board is seeking applications for the next term of the Advisory Committee on Actuarial Examinations. The next term begins on March 1, 2017, and ends on February 28, 2019.
The Advisory Committee plays an integral role in the Joint Board’s examination program by assisting the Joint Board in offering examinations that enable examination candidates to demonstrate the knowledge necessary to qualify for enrollment. The Advisory Committee’s duties include recommending topics for inclusion on the Joint Board examinations, reviewing and drafting examination questions, and recommending passing scores. For additional information about the work of the Committee, please see the article written by Carl Shalit, current Chair of the Advisory Committee.
Individuals interested in serving on the Advisory Committee should follow the application instructions provided in the Invitation for Membership on Advisory Committee notice. Applications will be accepted through December 6, 2016.
Renewal Information for Qualifying Sponsors of Continuing Professional Education Programs
The current sponsor enrollment cycle ends December 31, 2014. The next sponsor enrollment cycle begins January 1, 2015, and ends December 31, 2017.
An organization that is recognized as a qualifying sponsor for the current enrollment cycle may retain its qualifying sponsor status for the next cycle by filing a request for renewal. To be considered timely, the request must be made by December 31, 2014.
Upon approval of a renewal request, the Executive Director will issue a notice of renewal. Only those organizations that have been approved for the January 1, 2015 – December 31, 2017 sponsor enrollment cycle will be considered qualifying sponsors for that cycle.
The instructions for preparing and submitting a request for renewal are specified in the Sponsor Renewal notice.
Joint Board Renewal Application to be Available in the Near Future
The updated renewal application for enrollment for the April 1, 2017 - March 31, 2020, period will be available on this web page in the near future. Please wait for the updated form to be available before filing for renewal of your enrollment. You will have the option of applying and paying the renewal fee electronically at Pay.gov.
To timely renew your enrollment, you must complete your continuing education requirements by December 31, 2016, and submit your completed Form 5434 A (Application for Renewal of Enrollment) and $250 renewal fee on or before Wednesday, March 1, 2017.
If you meet both of these deadlines, you may begin using the “17-” prefix with your enrollment number beginning April 1, 2017, regardless of whether you have received an official renewal notice from the Joint Board.
If you miss either deadline and do not receive an official renewal notice dated prior to April 1, 2017, you will be treated as inactive from April 1, 2017, until the date the Joint Board sends your official renewal notice.
Information for Enrolled Actuaries Returning to Active Status from Inactive Status in 2016:
If you were eligible to use the “11-“ prefix, but you are not eligible to use the “14-“ prefix, you may apply for reinstatement to active status if you satisfy the requirements set forth at section 901.11(l)(7) of the Joint Board regulations. You must apply for reinstatement to active status by December 31, 2016, to avoid the additional requirements for reinstatement in a later enrollment cycle. You may apply through Pay.gov until the date the updated renewal form is posted in the near future. After that date, you will have to apply by mail.
If you were also not eligible to use the “11-” prefix, you must satisfy an increased CPE hours requirement, as well as a pension actuarial experience requirement, to apply for return to active status for the period ending March 31, 2017. These requirements are set forth at section 901.11(l)(7)(ii) of the Joint Board regulations. You must apply for reinstatement to active status by December 31, 2016, to avoid the additional requirements for reinstatement in the following cycle. You may not apply through Pay.gov—you must apply by mail. To return to active status in 2016, after you have satisfied the applicable requirements, but before December 31, 2016, you must:
- Complete Form 5434-A. Your Form 5434-A should reflect the increased CPE hours specified at section 901.11(l)(7)(ii) of the Joint Board regulations.
- Complete Schedule A (from Form 5434). Complete a separate Schedule A for each employer within the applicable period specified under section 901.11(l)(7)(ii). You should report only experience that you believe will qualify as responsible pension actuarial experience (not merely responsible actuarial experience). The individual(s) asked to certify your responsible pension actuarial experience must meet the requirements of section 901.1(j).
- Submit your completed Form 5434 A, Schedule(s) A, and renewal fee of $250 to the appropriate lockbox address indicated on Form 5434 A. Do not use Pay.gov.
Note that this only renews your enrollment for the period ending March 31, 2017. You will still need to timely renew your enrollment for the period April 1, 2017 through March 31, 2020 – including completion of required continuing education credits by December 31, 2016 and filing a new Form 5434-A by March 1, 2017 – in order to retain your active status after March 31, 2017.
- Information About Initial and Continued Recognition as Qualifying Sponsor of Continuing Education Programs (Updated October 6, 2014)
- Joint Board Issues Frequently Asked Questions. Topics include the new continuing professional education requirements and the conflict of interest performance standard.
- Joint Board Issues Final Regulations. These regulations update the eligibility requirements for performing actuarial services for ERISA-covered employee pension benefit plans, including the continuing professional education requirements and the standards for performing such actuarial services.
These regulations are effective on May 2, 2011.
- Update your contact information