[Federal Register Volume 76, Number 249 (Wednesday, December 28, 2011)]
[Rules and Regulations]
[Pages 81362-81363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-33200]


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JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES

20 CFR Part 901

[TD 9517]
RIN 1545-BC82


Regulations Governing the Performance of Actuarial Services Under 
the Employee Retirement Income Security Act of 1974; Correction

AGENCY: Joint Board for the Enrollment of Actuaries.

ACTION: Correcting amendment.

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SUMMARY: This document describes correcting amendments to final 
regulations (TD 9517) relating to the enrollment of actuaries. These 
regulations were published in the Federal Register on Thursday, March 
31, 2011 (76 FR 17762).

DATES: This correction is effective on December 28, 2011, and is 
applicable on March 31, 2011.

FOR FURTHER INFORMATION CONTACT: Patrick McDonough, Executive Director, 
Joint Board for the Enrollment of Actuaries, at (202) 622-8229 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9517) that are the subject of this 
correction are under section 3042 of the Employee Retirement Income 
Security Act of 1974 (88 Stat. 829), Public Law 93-406 (ERISA).

Need for Correction

    As published, final regulations (TD 9517) contain errors that may 
prove to be misleading and are in need of clarification.

List of Subjects in 20 CFR Part 901

    Administrative practice and procedure, Pensions.

Correction of Publication

    Accordingly, 20 CFR part 901 is corrected by making the following 
correcting amendments:

[[Page 81363]]

PART 901--REGULATIONS GOVERNING THE PERFORMANCE OF ACTUARIAL 
SERVICES UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

0
Paragraph 1. The authority citation for part 901 continues to read in 
part as follows:

    Authority: These rules are issued under authority of 88 
Stat.1002; 29 U.S.C. 1241, 1242.
    See also 5 U.S.C. 301; 31 U.S.C. 330; and 31 U.S.C. 321.

0
Par. 2. Section 901.11 is amended by:
0
1. Revising the first sentence of paragraph (f)(1)(i).
0
2. Revising paragraph (l)(4)(ii).
0
3. Revising the last sentence of paragraph (o) Example 4. (i), and 
paragraphs (o) Example 6. (iii) and (o) Example 7. (ii).
    The revisions read as follows:


Sec.  901.11  Enrollment procedures.

* * * * *
    (f) * * *
    (1) * * *
    (i) Core subject matter is program content and knowledge that is 
integral and necessary to the satisfactory performance of pension 
actuarial services and actuarial certifications under ERISA and the 
Internal Revenue Code. * * *
* * * * *
    (l) * * *
    (4) * * *
    (ii) Placement on the inactive roster after notice and right to 
respond. The Executive Director will move an enrolled actuary who does 
not submit a timely application of renewal that shows timely completion 
of the required continuing professional education to the inactive 
roster only after giving the enrolled actuary 60 days to respond as 
described in paragraph (l)(1) of this section.
* * * * *
    (o) * * *
    Example 4. (i) * * * Accordingly, effective April 1, 2014, H is 
placed on the roster of inactive enrolled actuaries and is 
ineligible to perform pension actuarial services as an enrolled 
actuary under ERISA and the Internal Revenue Code.
* * * * *
    Example 6.  * * *
    (iii) Note that the total of 15 hours of continuing professional 
education credit that H completes between January 1, 2011, and 
December 31, 2013, as well as the 10 hours of continuing 
professional education credit between January 1, 2014, and December 
31, 2016, are not counted toward H's return to active status and are 
not taken into account toward the additional hours of continuing 
professional education credit that H must complete between January 
1, 2020, and December 31, 2022, in order to be eligible to file an 
application for renewal of enrollment active status effective April 
1, 2023.
    Example 7.  * * *
    (ii) J completes 5 hours of core continuing professional 
education credit and 4 hours of non-core continuing professional 
education credit between January 1, 2014, and October 6, 2014. 
Because J did not complete the required 12 hours of continuing 
professional education (of which at least 6 hours must consist of 
core subject matter) during J's initial enrollment cycle, J is not 
eligible to file an application for a return to active enrollment on 
October 6, 2014, notwithstanding the fact that had J completed such 
hours between January 1, 2012, and December 31, 2013, J would have 
satisfied the requirements for renewed enrollment effective April 1, 
2014.
* * * * *

Guy R. Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2011-33200 Filed 12-27-11; 8:45 am]
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