Tips for Passing Actuarial Examinations

By Ms. Teja Ranade-Gadhoke

Actuarial examinations are considered very difficult to pass and the pass rates generally vary from 20% - 40% but not more. Also most exam takers are also working full-time, so managing the workload and simultaneously passing the exams can pose a real challenge. Having been through the same situation, I am putting down some study tips that I hope will be useful for readers. These are based on my own personal experiences and experiences of my colleagues and friends.

Funding Regulations in U.S.A – The Pension Protection Act 2006

By Teja Ranade-Gadhoke

Prompted by the recent default of large defined benefit pension plans in the U.S.A. and the looming breakdown of the Pension Benefit Guarantee Corporation (PBGC) – the guarantor of the US pension plans, in the early part of 2005, the Bush administration proposed pension funding reforms which would make the minimum funding requirements of pension plans more stringent and in turn strengthen the pension insurance system.

On July 28, 2006, these reforms were passed by a majority vote by the House of Representatives as the Pension Protection Act 2006 (hereafter referred to as PPA). It is the most comprehensive set of pension reforms since the Employee Retirement Income Security Act (ERISA) enacted in 1974. These regulations apply to the funding of single-employer and multiple-employer benefit plans and come into effect starting with the first plan year beginning after 01/01/2008. This paper is intended to give a brief description of the key provisions of the Pension Protection Act 2006 and its contrast with the old funding regulations under ERISA.