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  #1  
Old 05-07-2019, 06:53 PM
blueconno blueconno is offline
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Default 2019 EA-2L PAK

Here's a Google Form for the 2019 EA-2L PAK, and here's the link to view the responses.

In the next day or two once we have enough responses, I can put together the analysis spreadsheet.
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Old 05-07-2019, 08:39 PM
AllIDoisStudy AllIDoisStudy is offline
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Can you make it so that we can see the summary of responses?

Thanks for putting this together!
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Old 05-07-2019, 08:58 PM
blueconno blueconno is offline
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Ah yes, now you should have access to see the results
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Old 05-08-2019, 08:15 AM
murball murball is offline
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What is everyone's thought on the exam? I thought I did well coming out of the exam, but the PAK is making me doubt myself.
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Old 05-08-2019, 10:09 AM
Pride4Pride Pride4Pride is offline
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Quote:
Originally Posted by murball View Post
What is everyone's thought on the exam? I thought I did well coming out of the exam, but the PAK is making me doubt myself.
Same boat.
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Old 05-08-2019, 09:07 AM
Actuary507 Actuary507 is offline
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Does anybody remember was #43 was? The answers are very split there. I think it may have been something top heavy related but I really cannot remember
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Old 05-08-2019, 09:09 AM
murball murball is offline
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I think that was the top heavy question where they said the person was paid $60K+ bonus. I believe they said the pensionable salary didn't include the bonus.
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Old 05-08-2019, 09:34 AM
lrbenson81 lrbenson81 is offline
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Right, but I believe the trick is that Top-Heavy Compensation is required to be 415(c)(3) Compensation, which includes bonuses.
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Old 05-08-2019, 09:42 AM
blueconno blueconno is offline
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We already have over 50 responses, so here's the initial analysis spreadsheet
Attached Files
File Type: xlsx EA2L PAK 2019.xlsx (29.5 KB, 207 views)
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  #10  
Old 05-08-2019, 09:56 AM
maestro803 maestro803 is offline
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here's everything I remember, and what I thought were the answers (not claiming certainty on anything). No memory at all about question numbers.


top-25 paid employee contribution - solve for X:
(assets - LS value + X) / (liability - LS liability) = 110%

plan may ignore service before age 21 - false (age 18)
plan may ignore service when plan was not in existence - true
plan "may always" ignore service prior to a 5 year BIS - true? (seemed obvious but the wording made me nervous)

plan may choose an environmentally conscious investment if benefits to environment outweigh the possible risks to plan - no way.

actuary may use assumptions that differ significantly from the range of assumptions used by others - yes? (what if everybody else is crazy?)

I blew the normalized accrual rate question with the cash balance and DC.. I couldn't get an answer in the range. interest credit on the cash balance to age 65, and then plan basis conversion factor (the larger number)? and actuarial equivalence on the DC balances, and normalized basis conversion factor (the smaller number)? whatever I did didn't work.

contribution dates differ significantly between client's checks and bank statements - actuary MAY NOT just take the client's word. at work, maybe a day or two we can sweep under the rug, but not if dates differ "significantly."

Long AFTAP question - definitely one of the easier ones ever! 13 years minus 8 months (5 months and 3 months). one trick was to ignore the <60% AFTAP during the first 5 years (2010 or 2011 I think, and I think it was a specific certification at 50%?)

"additional accrual needed for top heavy benefit" - strange wording. but just calculate TH benefit and plan benefit and take difference.

multiemployer rolling-5 question - subtract the outstanding liability claim from the UVB

PBGC premium question that did NOT opt out of the lookback - use headcounts as of 12/31/2018, but use funding results as of 1/1/2018.

MVAR question where there was a fully subsidized benefit at age 62 - plan ERF was 1.00 going from age 65 back to 62 (for Smith) or 63 (for Jones); use AE to determine optional form factor.

reversion question - initial excess assets as 900K. transferred minimum required amount to QRP, meaning the total amendment/QRP amount was the minimum 25%. 900K * (1-25%) * 20% tax = 135K

PBGC MGB multiemployer question - ignore amendment that occurred during last 5 years.

accrued benefit question that had a weird salary history with no pattern, some years over the 401(a)(17) limit - highest 3 was the first 3 years. counted 8 years of 1000 hours, and 7 years from the DOP. final benefit ended up being the dollar limit x 7/10.

4044 Guaranteed benefits question - the second participant had <5 YOS at plan term, so he was not vested. but I can't remember if I decided that he had guaranteed benefits or not...

warehouse/non-warehouse - I think my answer was 35? only one group was excludable, can't remember which group, but the termed employees with 250 hours.

NHCE concentration percentage - exclude the CBA employees.

Plan A withdrew, then a mass withdrawal later; treat plan A as part of mass withdrawal? - yes?

2% owner was NOT a key employee - didn't have the salary either to qualify as a 1% owner nor as an officer.

Last edited by maestro803; 05-08-2019 at 10:18 AM..
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