By Pension and Benefits Editorial Staff
The Joint Board for the Enrollment of Actuaries (JBEA) is waiving the physical presence requirement for continuing professional education (CPE) credit for any formal programs conducted from January 1, 2020 through December 31, 2022. The Joint Board is providing the waiver because of the difficulties that the COVID-19 pandemic has caused, particularly issues related to traveling to and participating in gatherings requiring close contact with others. The JBEA conducts examinations in actuarial mathematics, pension law, and methodology.
The JBEA notes that the waiver applies to all enrolled actuaries, whether they are in active or inactive status. Joint Board regulations require that no less than 1/3 of the total hours of continuing professional education credit required for an enrollment cycle must be obtained by participation in a formal program or programs. Thus, without this waiver, an enrolled actuary earning credit hours for a formal program would have to participate in the program in the same physical location with at least two other participants engaged in substantive pension service.
Enrolled actuaries are still required to earn the same number of credit hours under formal programs that would otherwise be required, according to the JBEA. Although the physical presence requirement is temporarily waived, the other requirements for a formal program continue to apply, including all requirements for a qualifying program under the Joint Board regulations, attendance by at least three participants engaged in substantive pension service, and an opportunity for participants to interact with the instructor during the program. In addition, the certificate of completion or instruction issued by a qualifying sponsor of the program must indicate that the program is a formal program.
An active or inactive enrolled actuary who did not receive a waiver notice by email should contact the Joint Board at [email protected].
Source: IRS News Release IR-2020-177.
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