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Pensions and Employee Benefits

Terms of Reference

Created – 17 May 2003, Updated - 9 August 2016

1.  Membership

Membership of the Committee is open to all IAA Full Member associations, in accordance with Article 4.3 vii of the Internal Regulations.

2.  Purpose

To address any professional issues of international relevance for actuaries working in the field of employer-provided pensions and employee benefits; or with plans where the government is the sponsor but the plans are designed, financed and evaluated in a manner consistent with private sector pension and employee benefit plans, especially when referred to the committee by the IAA Executive Committee, the Council or by the President.

3.  Role

  • Within its purpose, to coordinate input to the Organisation for Economic Co-operation and Development (OECD), the International Accounting Standards Board (IASB), the World Bank, the International Monetary Fund (IMF), and the International Organisation of Pension Supervisors (IOPS).
  • Through its Pensions and Benefits Accounting Subcommittee, to coordinate the IAA's input on employee benefits accounting standards that are used internationally, and to deal with matters arising out of the promulgation of those standards.
  • Through its OECD Subcommittee, to coordinate the IAA's input on pensions and employee benefits related issues of the OECD.
  • To provide support to the IAA Pensions, Benefits and Social Security Section.
  • To communicate on these and related issues with other affected parties, including IAA Member Associations and relevant parts of the pensions and employee benefits industry.

4.  Decision-making authority

The Committee operates within the IAA Statutes and Internal Regulations and makes recommendations for action by Council or the IAA Executive Committee as appropriate.

5.  Operational Matters

Frequency of Meetings:
The Committee meets at least twice a year in conjunction with each IAA Council meeting and may also meet by teleconference or electronic link as required.

Agendas and papers:
All meetings will have a formal agenda prepared by the Chairperson that generally must be distributed, along with required papers, at least one week before each meeting and made available on the Committee page on the IAA website.

Minutes will be prepared and distributed as soon as practicable after each meeting and will be made available on the Committee page on the IAA website.

The committee shall attempt to make decisions by consensus. However, where necessary, decisions may be made by a simple majority of the Committee members voting either at the meeting or electronically, with the Chairperson having a casting vote in the event of a tie.

The Committee reports to the Executive Committee (EC). To facilitate communication, the EC appoints one of its members to serve as the EC liaison person.

The Committee Chairperson will submit a proposed workplan and, where applicable, a related budget for the coming year, for EC consideration and approval.

The Chairperson will provide a written update report to the IAA Secretariat after each bi-annual Committee meeting.

Internal Liaison:
The Committee will liaise with other IAA Committees and Sections as required to carry out its role and activities, and help these committees achieve theirs. This will include at least, where relevant, the Actuarial Standards Committee and its task forces; Enterprise and Financial Risk, Insurance Accounting, Insurance Regulation and Social Security Committees; and the Pensions, Benefits and Social Security Section.

External Liaison:
The Committee will liaise with external stakeholders as required to undertake its role and activities, including, where relevant, the OECD, World Bank, IMF, IOPS and IASB.

These liaisons are subject to requirements and/or processes of the IAA Statutes and Internal Regulations, and established policies and protocols. Public statements are made in accordance with the Branding Policy and the Due Process for Making a Public Statement.

Other operational matters:
When considered appropriate, the committee shall appoint and oversee subcommittees for specific tasks. The Committee will share information regarding developments and initiatives in relation to pensions and employee benefits via the Committee page on the IAA website.

6.  Subcommittees, Working Groups and Taskforces Reporting to the Committee

Pensions and Benefits Accounting Subcommittee.
OECD Subcommittee (appointed jointly by the Insurance Regulation Committee)