Simplify pension funding notices, say actuaries

Notices sent to DB plan participants called the Annual Funding Notice for Defined Benefit Plans (AFN) need to be updated to better help participants, the American Academy of Actuaries says.

By Marlene Y. Satter | Updated on August 17, 2017

The American Academy of Actuaries has provided suggestions to the ERISA Advisory Council of the Employee Benefits Security Administration on improvements it feels would be beneficial to the Annual Funding Notice for Defined Benefit Plans (AFN).

The notices are sent each year to defined benefit plan participants, any representative unions and to the Pension Benefit Guaranty Corporation — that last one either upon the PBGC’s request or if the plan is poorly funded.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account? Sign In Now

NOT FOR REPRINT

Dig Deeper

Recommended Stories

23% of Americans have $0 savings: Helping workers do the math, save for retirement

Lynn Cavanaugh | October 16, 2024

National Savings Day is the perfect opportunity for employers to host financial workshops, remind employees about student loan assistance options and provide personalized savings projections during October, says GoBankingRates.

5 states with highest rates of chronic kidney disease

Allison Bell | October 17, 2024

In some states, more than 5% of working-age adults have kidney disease, according to the CDC.

Down to the wire: 2024 elections impacting health care and employee benefits

Alan Goforth | October 17, 2024

The upcoming election results will have a significant impact on health care and employee benefit policies for at least the next four years.

BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Exclusive discounts on BenefitsPRO.com and ALM events.