§1242 — Title 29 Labor | U.S. Code

Summary

The Joint Board must create rules for who may do actuarial work for plans covered by this chapter. It must enroll anyone who applies and meets those rules. For people who applied before January 1, 1976, the rules must include a period of responsible pension-related actuarial experience. For those who applied on or after January 1, 1976, the rules must require both actuarial education or exams (an actuarial degree, the Board’s exam, or other approved exams) and responsible actuarial experience. After notice and a hearing, the Board may suspend or end a person’s enrollment if they fail their duties or no longer meet the enrollment requirements.

Title 29, §1242

Labor — Source: USLM XML via OLRC

(a)The Joint Board shall, by regulations, establish reasonable standards and qualifications for persons performing actuarial services with respect to plans in which this chapter applies and, upon application by any individual, shall enroll such individual if the Joint Board finds that such individual satisfies such standards and qualifications. With respect to individuals applying for enrollment before January 1, 1976, such standards and qualifications shall include a requirement for an appropriate period of responsible actuarial experience relating to pension plans. With respect to individuals applying for enrollment on or after January 1, 1976, such standards and qualifications shall include—

(1)education and training in actuarial mathematics and methodology, as evidenced by—

(A)a degree in actuarial mathematics or its equivalent from an accredited college or university,

(B)successful completion of an examination in actuarial mathematics and methodology to be given by the Joint Board, or

(C)successful completion of other actuarial examinations deemed adequate by the Joint Board, and

(2)an appropriate period of responsible actuarial experience.

(b)The Joint Board may, after notice and an opportunity for a hearing, suspend or terminate the enrollment of an individual under this section if the Joint Board finds that such individual—

(1)has failed to discharge his duties under this chapter, or

(2)does not satisfy the requirements for enrollment as in effect at the time of his enrollment.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (b), was in the original “this Act”, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 1001 of this title and Tables.

§1242 Enrollment by Board; standards and qualifications; suspension or termination of enrollment