PRIA, Government Policy, Made Personal

Summary

The Joint Board must write rules about who can do actuarial work for the pension plans covered by this law. If someone applies and meets the rules, the Board must enroll them. People who applied before January 1, 1976 needed a period of responsible actuarial experience. People who applied on or after January 1, 1976 must have education and training in actuarial math and methods (for example, an actuarial degree, passing a Joint Board exam, or other exams the Board accepts) and also a period of responsible actuarial experience. The Board can allow temporary enrollment up to January 1, 1976 under interim rules. After giving notice and a chance to be heard, the Board can suspend or end someone’s enrollment if the person failed to do their duties under this law or does not meet the enrollment requirements in effect when they were enrolled. The same process can end temporary enrollments that fail to meet duties or interim standards.

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.

Notwithstanding the preceding provisions of this subsection, the Joint Board may provide for the temporary enrollment for the period ending January 1, 1976, of actuaries under such interim standards as it deems adequate.

(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.

The Joint Board may also, after notice and opportunity for hearing, suspend or terminate the temporary enrollment of an individual who fails to discharge his duties under this chapter or who does not satisfy the interim enrollment standards.

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