[Federal Register Volume 69, Number 125 (Wednesday, June 30, 2004)]
[Proposed Rules]
[Pages 39376-39377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-14719]
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JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES
20 CFR Part 901
[REG-159704-03]
RIN 1545-BC82
Regulations Governing the Performance of Actuarial Services Under
the Employee Retirement Income Security Act of 1974: Solicitation for
Comments
AGENCY: Joint Board for the Enrollment of Actuaries.
ACTION: Solicitation for comments.
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SUMMARY: The Joint Board for the Enrollment of Actuaries (Joint Board)
is seeking public comments regarding possible revisions to the
regulations governing actuarial services under the Employee Retirement
Income Security Act of 1974, as amended (ERISA).
DATES: Comments are requested on or before September 28, 2004.
ADDRESSES: Send written comments to: Internal Revenue Service; Attn:
SE:OPR (Joint Board regulations); 1111 Constitution Avenue, NW.,
Washington, DC 20224. Comments may be submitted electronically at
www.irs.gov/regs or via the Federal eRulemaking portal
www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Ms. Elizabeth Van Osten, (202) 622-
8257 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The Joint Board for the Enrollment of Actuaries (Joint Board) was
established on October 31, 1974, pursuant to section 3041 of the
Employee Retirement Income Security Act of 1974 (ERISA). Section 3042
of ERISA provides that the Joint Board shall, by regulations, establish
reasonable standards and qualifications for persons performing
actuarial services under ERISA and enroll qualified actuaries. It also
provides that the Joint Board may, after notice and an opportunity for
a hearing, suspend or terminate the enrollment of an actuary who fails
to discharge his or her duties under ERISA or who does not satisfy the
requirements for enrollment.
Consistent with section 3042 of ERISA, the Joint Board has
promulgated regulations, addressing eligibility for enrollment,
requirements for continuing education of enrolled actuaries,
professional standards for performance of actuarial services under
ERISA, bases for disciplinary actions and the procedures to be followed
in taking those actions. Those regulations are found at 20 CFR part 901
and were last amended in 1988.\1\
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\1\ 40 FR 18776 (April 30, 1975); 42 FR 39200 (August 3, 1977);
43 FR 39757 (September 7, 1978); 44 FR 11751 (March 2, 1979); 44 FR
68458 (November 29, 1979); 53 FR 34484 (September 7,1988).
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Comments
In recent years, the Joint Board has noted that changes in the
actuarial profession, as well as modern innovations, such as the
availability of alternative modes of training, are not adequately
addressed in the regulations, thus necessitating revision of the
regulations.
Prior to issuing proposed regulations, the Joint Board wishes to
obtain comments from the public regarding matters for consideration,
including but not limited to the following areas:
(1) Whether and to what extent the provisions in the current
regulations on the procedures and conditions for enrollment and renewal
of enrollment should be updated or revised, including provisions on
qualifying experience, the structure and content of the basic and
pension examinations, the completion of professional society
examinations and qualifying formal education in lieu of the basic and
pension examinations, and the definitions of terms used in the
regulations.
(2) Whether and to what extent provisions in the current
regulations on Continuing Professional Education (CPE) should be
updated or revised, including those relevant to formal and informal
programs, the means for measuring attendance and completion, and
acceptability of new technologies (computer-based programs, webcasts,
recorded telecasts, audiotapes, videotapes, etc.).
(3) Whether and to what extent provisions in the current
regulations relevant to waivers of the CPE requirement should be
updated or revised, including the circumstances, conditions, and
limitations under which a waiver might be granted.
(4) Whether and to what extent provisions in the current
regulations on the types of enrollment statuses (active, inactive,
retired) should be updated or revised, including the incorporation of
limitations on the number of consecutive enrollment cycles during which
an individual may be placed in either inactive or retired status.
(5) Whether and to what extent provisions in the current
regulations relevant to standards of conduct, performance and practice
that relate to enrolled actuaries' duties under ERISA should be updated
or revised, including those relevant to conflicts of interest,
professional independence, disciplinary procedures, and sanctions.
The Joint Board is also interested in obtaining information
regarding the potential costs and benefits of any changes to the
current regulations, including the potential impact of such changes on
small entities. Therefore, in submitting comments in response to this
notice, commentators are encouraged to include information with regard
to the potential costs, benefits, and impact of any suggested
regulatory changes for small businesses.
All comments submitted will be made available for public inspection
and copying, although comments will not be
[[Page 39377]]
individually acknowledged. Therefore, commentators should refrain from
including personal information or other information that they believe
should not be publicly disclosed. Additionally, in submitting comments
with regard to some or all of the listed areas, please refer to the
item numbers specified above.
Martin L. Pippins,
Chairman, Joint Board for the Enrollment of Actuaries.
[FR Doc. 04-14719 Filed 6-29-04; 8:45 am]
BILLING CODE 4830-01-P