Joint Board for the Enrollment of Actuaries
Encyclopedia
The Joint Board for the Enrollment of Actuaries licenses actuaries
to perform a variety of actuarial tasks required of pension plans in the United States
by the Employee Retirement Income Security Act
of 1974 (ERISA). The Joint Board consists of five members – three appointed by the Secretary of the Treasury
and two by the Secretary of Labor
– as well as a sixth non-voting member representing the Pension Benefit Guaranty Corporation
.
The Joint Board administers two examinations to prospective Enrolled Actuaries
. After an individual passes the two exams and completes sufficient relevant professional experience, she or he becomes an Enrolled Actuary.
Actuary
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms ....
to perform a variety of actuarial tasks required of pension plans in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
by the Employee Retirement Income Security Act
Employee Retirement Income Security Act
The Employee Retirement Income Security Act of 1974 is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans...
of 1974 (ERISA). The Joint Board consists of five members – three appointed by the Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
and two by the Secretary of Labor
United States Secretary of Labor
The United States Secretary of Labor is the head of the Department of Labor who exercises control over the department and enforces and suggests laws involving unions, the workplace, and all other issues involving any form of business-person controversies....
– as well as a sixth non-voting member representing the Pension Benefit Guaranty Corporation
Pension Benefit Guaranty Corporation
The Pension Benefit Guaranty Corporation is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and...
.
The Joint Board administers two examinations to prospective Enrolled Actuaries
Enrolled Actuary
An Enrolled Actuary is an actuary who has been licensed by a Joint Board of the Department of the Treasury and the Department of Labor to perform a variety of actuarial tasks required of pension plans in the United States by the Employee Retirement Income Security Act of 1974...
. After an individual passes the two exams and completes sufficient relevant professional experience, she or he becomes an Enrolled Actuary.