2012 US Code
Title 29 - Labor
Chapter 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM (§§ 1001 - 1461)
Subchapter II - JURISDICTION, ADMINISTRATION, ENFORCEMENT; JOINT PENSION TASK FORCE, ETC. (§§ 1201 - 1242)
Subtitle C - Enrollment of Actuaries (§§ 1241 - 1242)
Section 1242 - Enrollment by Board; standards and qualifications; suspension or termination of enrollment
|Publication Title||United States Code, 2012 Edition, Title 29 - LABOR|
|Category||Bills and Statutes|
|Collection||United States Code|
|SuDoc Class Number||Y 1.2/5:|
|Contained Within||Title 29 - LABOR |
CHAPTER 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
SUBCHAPTER II - JURISDICTION, ADMINISTRATION, ENFORCEMENT; JOINT PENSION TASK FORCE, ETC.
Subtitle C - Enrollment of Actuaries
Sec. 1242 - Enrollment by Board; standards and qualifications; suspension or termination of enrollment
|Laws in Effect as of Date||January 15, 2013|
|Source Credit||Pub. L. 93-406, title III, §3042, Sept. 2, 1974, 88 Stat. 1002.|
|Statutes at Large Reference||88 Stat. 1002|
|Public Law References||Public Law 93-406|
(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.)References in Text
This chapter, referred to in subsecs. (a) and (b), was in the original “this Act”, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of this title and Tables.
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