29 USC 1242 - Enrollment by Board; standards and qualifications; suspension or termination of enrollment

U.S Code last checked for updates: Nov 22, 2024

§ 1242.

Enrollment by Board; standards and qualifications; suspension or termination of enrollment

(a)

The Joint Board shall, by regulations, establish reasonable standards and qualifications for persons performing actuarial services with respect to plans in which this chapter applies and, upon application by any individual, shall enroll such individual if the Joint Board finds that such individual satisfies such standards and qualifications. With respect to individuals applying for enrollment before January 1, 1976, such standards and qualifications shall include a requirement for an appropriate period of responsible actuarial experience relating to pension plans. With respect to individuals applying for enrollment on or after January 1, 1976, such standards and qualifications shall include—

(1)

education and training in actuarial mathematics and methodology, as evidenced by—

(A)

a degree in actuarial mathematics or its equivalent from an accredited college or university,

(B)

successful completion of an examination in actuarial mathematics and methodology to be given by the Joint Board, or

(C)

successful completion of other actuarial examinations deemed adequate by the Joint Board, and

(2)

an appropriate period of responsible actuarial experience.

Notwithstanding the preceding provisions of this subsection, the Joint Board may provide for the temporary enrollment for the period ending January 1, 1976, of actuaries under such interim standards as it deems adequate.

(b)

The Joint Board may, after notice and an opportunity for a hearing, suspend or terminate the enrollment of an individual under this section if the Joint Board finds that such individual—

(1)

has failed to discharge his duties under this chapter, or

(2)

does not satisfy the requirements for enrollment as in effect at the time of his enrollment.

The Joint Board may also, after notice and opportunity for hearing, suspend or terminate the temporary enrollment of an individual who fails to discharge his duties under this chapter or who does not satisfy the interim enrollment standards.

(Pub. L. 93–406, title III, § 3042, Sept. 2, 1974, 88 Stat. 1002.)

cite as: 29 USC 1242