[Federal Register: November 1, 2006 (Volume 71, Number 211)]
[Notices]
[Page 64297-64298]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01no06-109]
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JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES
Advisory Committee on Actuarial Examinations; Invitation for
Membership on Advisory Committee
AGENCY: Joint Board for the Enrollment of Actuaries.
ACTION: Withdrawal of notice inviting membership on advisory committee;
notice inviting membership on advisory committee.
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SUMMARY: The Joint Board for the Enrollment of Actuaries (Joint Board),
established under the Employee Retirement Income Security Act of 1974
(ERISA), is responsible for the enrollment of individuals who wish to
perform actuarial services under ERISA. The Joint Board has established
an Advisory Committee on Actuarial Examinations (Advisory Committee) to
assist in its examination duties mandated by ERISA. The Joint Board
published a Federal Register notice at 71 FR 30649, May 30, 2006,
inviting membership on the Advisory Committee. That notice did not
reflect the Joint Board's decision to extend the appointment term of
current Advisory Committee members. Therefore, this document withdraws
the previous notice and gives new notice inviting membership. In
accordance with the Joint Board's decision, the appointment term of
current Advisory Committee members will expire on February 28, 2007.
This notice describes the Advisory Committee and invites applications
from those interested in serving on it.
1. General
To qualify for enrollment to perform actuarial services under
ERISA, an applicant must have requisite pension actuarial experience
and satisfy knowledge requirements as provided in the Joint Board's
regulations. The knowledge requirements may be satisfied by successful
completion of Joint Board examinations in basic actuarial mathematics
and methodology and in actuarial mathematics and methodology relating
to pension plans qualifying under ERISA.
The Joint Board, the Society of Actuaries, and the American Society
of Pension Professionals & Actuaries jointly offer examinations
acceptable to the Joint Board for enrollment purposes and acceptable to
those actuarial organizations as part of their respective examination
programs.
2. Programs
The Advisory Committee plays an integral role in the examination
program by assisting the Joint Board in offering examinations that will
enable examination candidates to demonstrate the knowledge necessary to
qualify for enrollment. The purpose of the Advisory Committee, as
renewed, will remain that of assisting the Joint Board in fulfilling
this responsibility. The Advisory Committee will discuss the philosophy
of such examinations, will review topics appropriately covered in them,
and will make recommendations relative thereto. It also will recommend
to the Joint Board proposed examination questions. The Joint Board will
maintain liaison with the Advisory Committee in this process to ensure
that its views on examination content are understood.
3. Function
The manner in which the Advisory Committee functions in preparing
examination questions is intertwined with the jointly administered
examination program. Under that program, the participating actuarial
organizations draft questions and submit them to the Advisory Committee
for its consideration. After review of the draft questions, the
Advisory Committee selects appropriate questions, modifies them as it
deems desirable, and then prepares one or more drafts of actuarial
examinations to be recommended to the Joint Board. (In addition to
revisions of the draft questions, it may be necessary for the Advisory
Committee to originate questions and include them in what is
recommended.)
4. Membership
The Joint Board will take steps to ensure maximum practicable
representation on the Advisory Committee of points of view regarding
the Joint Board's actuarial examination extant in the community at
large and from nominees provided by the actuarial organizations. Since
the members of the actuarial organizations comprise a large segment of
the actuarial profession, this appointive process ensures expression of
a broad spectrum of viewpoints. All members of the Advisory Committee
will be expected to act in the public interest, that is, to produce
examinations that will help ensure a level of competence among those
who will be accorded enrollment to perform actuarial services under
ERISA.
Membership normally will be limited to actuaries previously
enrolled by the Joint Board. However, individuals having academic or
other special qualifications of particular value for the Advisory
Committee's work also will be considered for membership. Membership
terms are at the sole discretion of the inviting authority and are not
necessarily concurrent with the duration of the Advisory Committee
charter. The Advisory Committee will meet about four times a year.
Advisory Committee members should be prepared to devote from 125 to 175
hours, including meeting time, to the work of the Advisory Committee
over the course of a year. Members will be reimbursed for travel
expenses incurred, in accordance with applicable government
regulations.
Actuaries interested in serving on the Advisory Committee should
express their interest and fully state their qualifications in a letter
addressed to: Joint Board for the Enrollment of Actuaries, c/o Internal
Revenue Service, Attn: Executive Director SE: OPR, Room 7238, 1111
Constitution Avenue, NW., Washington, DC 20224.
[[Page 64298]]
Any questions may be directed to the Joint Board's Executive
Director at 202-622-8229.
The deadline for accepting applications is December 15, 2006.
Dated: October 11, 2006.
Patrick W. McDonough,
Executive Director, Joint Board for the Enrollment of Actuaries.
[FR Doc. 06-8992 Filed 10-31-06; 8:45 am]
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