Academy in the News

• Academy President-Elect Tom Terry pointed out the benefits of deferred income annuities for retirement income in old age in a Kiplinger Personal Finance story, “Add an Annuity to Your Retirement-Income Mix.” The story was also reprinted in Yahoo! Finance and other media outlets.
• Senior Pension Fellow Donald Fuerst’s congressional testimony supporting raising the full retirement age for Social Security was referenced in a Wall Street Cheat Sheet article on the challenges of making the program sustainably solvent.
• The Academy Joint Committee on Retiree Health’s comments on the second exposure draft of ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Prefunding Contributions, were highlighted in the BenefitsLink Health & Welfare Plans Newsletter.
• The Academy C1 Work Group’s presentation last month to the National Association of Insurance Commissioners’ Investment Risk-Based Capital Working Group was cited in the international law firm Debevoise & Plimpton’s client update.

Remember to Vote in the Academy Regular Director Elections

• Have you voted? Please check for an email from Intelliscan (elections@intelliscaninc.net), the Academy’s election vendor, for your online ballot. If you can’t find your ballot and would like to vote online, visit the Intelliscan website to submit your votes. Elections will be open until Sept. 16—we encourage you to vote! To learn more about this year's candidates, visit the Academy Board Election Center.

New Public Policy Activities

• The Medical Loss Ratio (MLR) Work Group submitted additional comments to the Centers for Medicaid & Medicare Services on the proposed rule implementing MLR requirements for Medicare Advantage and Medicare prescription drug (Part D) programs.
• The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to a second exposure draft of ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Prefunding Contributions.
• The Health and Pension Practice Councils sent a letter to the Actuarial Standards Board on coordinating Actuarial Standards of Practice affecting pension and retiree group benefits.

Newly Released Publications

• September/October Contingencies: Read about the brave new world of driverless cars, how higher disability claims may be one of the unintended consequences of health care reform, and the ways in which well-intentioned efforts to shore up defined benefit pensions may be hastening their demise.
• Q3 Retirement Account: Read about the Academy’s lifetime income initiative, work on Social Security, the recently released issue brief on the PBGC, comments on ASOP No. 4, and more.

Opportunities to Learn and Earn CE

• Sept. 15–17, Casualty Loss Reserve Seminar: Attend this seminar to stay current with loss reserving developments and learn from expert analysis of innovation in reserving. Practical sessions in estimating reserve risk and evaluating the effectiveness of various estimation techniques are offered, as well as professionalism sessions to help you comply with standards and communicate results.
• Sept. 19, LPC - NAIC Summer Meeting Overview and PBR Progress Webinar: Register now for the Life Practice Council’s Sept. 19 webinar to learn about the Academy’s activities at the NAIC Summer Meeting and progress on principle-based reserving, which is now being adopted by the states. Speakers will lead an in-depth discussion of reserving developments for non-variable annuities (VM-22) and also provide updates on Life Actuarial Task Force activity and related professionalism initiatives.
• Just added! Sept. 20, Understanding the ACA—Minimum Value and Actuarial Value Calculations Webinar: For those who calculate minimum or actuarial values under the Affordable Care Act or would like more information, register now to learn about the new minimum value and actuarial value requirements under the ACA and some of the technical issues associated with these calculations.
• Sept. 24–25, Life PBR—The New Valuation World Seminar: Don’t miss this seminar that combines instructor-led training with small-group discussions on the practical application of principle-based reserving as outlined in VM-20. PBR experts will discuss the latest developments, including the draft PBR for Life Products actuarial standard of practice (ASOP) exposure and PBR practice note—both expected to be completed this year.
• Nov. 4, Academy Annual Meeting and Awards Luncheon: Join award-winning author, journalist, and radio and TV personality Stephen J. Dubner, co-author of the international bestsellers Freakonomics and Superfreakonomics, as he shares his wit and insight at this year’s event. The luncheon is being held in conjunction with the CAS Annual Meeting in Minneapolis. The Academy will hold its presidential transition and present the Academy member awards.
• Nov. 11–14, Life and Health Qualifications Seminar: Register by Sept. 13 and receive $200 off the regular registration fee for this instructional seminar—a primary source of education for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards.
• Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Whether you’re an actuary who signs P/C loss reserve opinions or one who assists in preparing them, this hands-on seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!

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