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Recent Academy Activity, Feb. 17–21, 2014

Public Policy Activities

  • The Public Plans Subcommittee’s new issue brief, Objectives and Principles for Funding Public Sector Pension Plans, introduces important analysis to the public discussion on underfunded plans. Funding policies should maintain an appropriate balance among the competing objectives of benefit security, generational equity, and contribution stability.

Opportunities to Learn

  • The integrity of the actuarial profession lies in the hands of ... actuaries! Learn how to fulfill your obligations as a credentialed actuary under the Code of Professional Conduct and, most importantly, the requirements of Precept 13 in the Council on Professionalism’s March 14 webinar, “Precept 13: Preserving Integrity and Public Trust.” Council member John Purple, a member of the Actuarial Board for Counseling and Discipline, and Lisa Ullman, a member of the Committee on Professional Responsibility, will discuss how Precept 13 applies to your work and your actuarial life. This webinar will describe what steps you can take when faced with a potential Precept 13 situation, and where you can get counseling regarding possible violations of the Code. Register now!
  • Save the date for next month’s “Academy Capitol Forum: Meet the Experts” webinar, “Actuary Serving Congress: A Conversation with GAO's Chief Actuary.” The webinar, featuring a conversation with the U.S. Government Accountability Office’s Chief Actuary, Frank Todisco, will take place March 20 from noon to 1:00 p.m. ET. Topics will include an overview of the GAO, the role of the actuary within the GAO, and GAO’s work on key national issues that have required actuarial input and expertise.

International Congress of Actuaries (ICA): This Week’s Spotlighted Session—Pensions

  • This diverse meeting comes to the United States for the first time in over 50 years, bringing more than 100 sessions and offering up to 27 hours of continuing education in the nation’s capital. Join the leaders of actuarial organizations in the U.S., the U.K., Japan, and South Africa as they discuss the challenges facing public and private retirement systems today. On March 31, Academy President Tom Terry, Steve Goss of the Social Security Administration, Tonya Manning of the Treasury Department, Marius du Toit of the Financial Services Board, Chris Daykin of the Actuarial Association of Europe, and Junichi Sakamoto of the Nomura Research Institute will examine global issues facing pension actuaries in the current legislative and regulatory environment. Learn more on the ICA website.

Academy in the News

  • The Academy’s new issue brief on public-sector pension funding policy was highlighted by BenefitsPro on Feb. 20.
  • Senior Health Fellow Cori Uccello’s written testimony for a Feb. 5 U.S. House Committee on Oversight and Government Reform hearing on the Affordable Care Act’s (ACA) risk corridor program was covered by Pharmacy Choice.
  • Senior Pension Fellow Donald Fuerst was quoted in a (subscriber-only) Pensions & Investments story on President Obama’s forthcoming budget proposal, “Companies bracing for 1-2 retirement punch.”
  • The Health Practice Council’s Nov. 5 letter warning about the consequences of eliminating the ACA’s individual mandate or extending the open enrollment period was cited in a law firm’s “2013 Insurance Industry Year End Review and Forecast for 2014.”

Recent Events

  • Rebecca McCaughrin, associate director with the Office of Financial Research (OFR) at the U.S. Treasury Department, was the guest speaker for the Feb. 21 “Academy Capitol Forum: Meet the Experts” lunchtime webinar, “Monitoring Financial Stability at the OFR.” Participants at 188 sites throughout North America benefited from an overview of the OFR and its responsibilities; an examination of the recently released OFR annual report that focuses on the framework and tools for monitoring and assessing risks to financial stability; and a look at potential channels for transmitting various stress areas within the OFR. View the webinar slides online.

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