We use cookies to improve security, personalize the user experience,
enhance our marketing activities (including cooperating with our marketing partners) and for other
business use.
Click "here" to read our Cookie Policy.
By clicking "Accept" you agree to the use of cookies. Read less
Understanding the Joint Board for the Enrollment of Actuaries and Its Functions
Definition & Meaning
The Joint Board for the Enrollment of Actuaries (JBEA) is a regulatory body responsible for overseeing the process by which individuals become enrolled actuaries. Established under the Employee Retirement Income Security Act of 1974, the JBEA administers two examinations that candidates must pass to earn the title of enrolled actuary. This designation allows individuals to provide actuarial services in the context of pension plans and other retirement benefits.
Table of content
Legal Use & context
The term "Joint Board for the Enrollment of Actuaries" is primarily used in the context of pension law and actuarial practice. It plays a crucial role in regulating the qualifications of actuaries who provide essential services related to employee benefits. Legal professionals may encounter this term when dealing with pension plans, retirement funds, or compliance with federal regulations. Users can manage related forms and procedures through tools like US Legal Forms, which offers templates drafted by qualified attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: An individual who has passed the JBEA examinations and has accumulated the required professional experience can apply to become an enrolled actuary, allowing them to provide actuarial services for pension plans.
Example 2: A firm may require the services of an enrolled actuary to ensure compliance with federal pension regulations, thereby safeguarding the retirement benefits of its employees. (hypothetical example)
Relevant laws & statutes
The JBEA operates under the Employee Retirement Income Security Act of 1974 (ERISA), specifically section 3041, which outlines the establishment and responsibilities of the Board. Additionally, regulations such as 20 CFR 900.2 and 20 CFR 900.3 detail the composition and functions of the JBEA.
Comparison with related terms
Term
Description
Difference
Actuary
A professional who analyzes financial risks using mathematics, statistics, and financial theory.
An actuary may or may not be enrolled with the JBEA; only those who pass the JBEA exams are considered enrolled actuaries.
Enrolled Actuary
An actuary who has met the qualifications set by the JBEA and is authorized to perform actuarial services for pension plans.
All enrolled actuaries are actuaries, but not all actuaries are enrolled actuaries.
Common misunderstandings
What to do if this term applies to you
If you are pursuing a career as an enrolled actuary, start by preparing for the JBEA examinations. Ensure you also gain the required professional experience in actuarial work. Consider using US Legal Forms to access templates that can assist you in your application process. If you have questions or need guidance, consulting a legal professional may be beneficial.
Find the legal form that fits your case
Browse our library of 85,000+ state-specific legal templates.