20 C.F.R. § 901.1 Definitions.
Title 20 - Employees' Benefits
As used in this part, the term: (a) Actuarial experience means the performance of, or the direct supervision of, services involving the application of principles of probability and compound interest to determine the present value of payments to be made upon the fulfillment of certain specified conditions or the occurrence of certain specified events. (b) Responsible actuarial experience means actuarial experience: (1) Involving participation in making determinations that the methods and assumptions adopted in the procedures followed in actuarial services are appropriate in the light of all pertinent circumstances, and (2) Demonstrating a thorough understanding of the principles and alternatives involved in such actuarial services. (c) Month of responsible actuarial experience means a month during which the actuary spent a substantial amount of time in responsible actuarial experience. (d) Responsible pension actuarial experience means responsible actuarial experience involving valuations of the liabilities of pension plans, wherein the performance of such valuations requires the application of principles of life contingencies and compound interest in the determination, under one or more standard actuarial cost methods, of such of the following as may be appropriate in the particular case: (1) Normal cost. (2) Accrued liability. (3) Payment required to amortize a liability or other amount over a period of time. (4) Actuarial gain or loss. (e) Month of responsible pension actuarial experience means a month during which the actuary spent a substantial amount of time in responsible pension actuarial experience. (f) Applicant means an individual who has filed an application to become an enrolled actuary. (g) Enrolled actuary means an individual who has satisfied the standards and qualifications as set forth in this part and who has been approved by the Joint Board (or its designee) to perform actuarial services required under ERISA or regulations thereunder. (h) Actuarial services means performance of actuarial valuations and preparation of any actuarial reports.
Title 20: Employees' Benefits
PART 901—REGULATIONS GOVERNING THE PERFORMANCE OF ACTUARIAL SERVICES UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
Subpart A—Definitions and Eligibility To Perform Actuarial Services
§ 901.1 Definitions.
