Here are links to some recent news stories in which the Academy or Academy members appear. Note: These are links to external websites; some may require registration. The Academy is not responsible for the content of these websites.
Unisex pricing puts insurer at disadvantage
July 26, 2010 The Republican (Springfield, Mass.)
Academy Life Products Committee member Linda Lankowski discussed risk classification and gender-based pricing for life insurance. Lankowski said that differences in life expectancy among males and females exist across all demographics and in every country around the globe.
New law helps pay for long-term care
July 24, 2010 Newsday
The Academy was mentioned for warning about possible adverse selection issues with the Community Living Assistance Services and Supports (CLASS) Act.
Waiting to collect Social Security
July 18, 2010 CNN
Academy Public Interest Committee Chairperson Tom Terry discussed increasing the retirement age for Social Security. Terry said that the age needs to increased to address Social Security's long-term imbalance.
CLASS Act vs. LTC insurance: What's best for LTC providers?
July 1, 2010 Long-Term Living
The Academy was mentioned for warning about possible adverse selection issues with the Community Living Assistance Services and Supports (CLASS) Act.
GASB proposal could spark major changes
June 28, 2010 Pensions & Investments
Academy Senior Pension Fellow Frank Todisco provided several observations following the release of the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.
The U.S. and the Netherlands: Converging Paths to Retirement Security
June 24, 2010 Heritage Foundation
Academy Senior Pension Fellow Frank Todisco commented on various risks facing the U.S. retirement system as a panelist during a June 24 Heritage Foundation conference examining retirement security systems in the United States and the Netherlands. (minute 4:12:00)
Actuary group discusses GASB pension accounting changes
June 18, 2010 Plan Sponsor
Academy Senior Pension Fellow Frank Todisco made several observations following the release of the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.
Senate holds hearing on longevity risk
June 17, 2010 Insurance Networking News
Written testimony submitted by the Academy to the U.S. Senate Special Committee on Aging for a June 16 hearing regarding lifetime income options was cited. The Academy stressed the importance of educating the public about longevity risk.
Feature: Testimony rips into stranger-originated annuities in different ways
June 14, 2010 National Underwriter Life & Health
The Academy's Life Products Committee Chairperson Cande Olsen was quoted from her testimony to the National Association of Insurance Commissioners during a May 20 public hearing regarding stranger originated/owned annuities (STOLA). An Academy analysis from the appendix of her testimony was also published.
SBLI: Changing times make unisex insurance pricing law outdated
June 14, 2010 Banker & Tradesman
Academy Life Products Committee member Linda Lankowski discussed risk classification and gender-based pricing for life insurance. She said that pricing should be equitable so that no group unfairly subsidizes another group and that the Academy supports actuarially sound pricing.
A little more respect for annuities
June 10, 2010 AARP Bulletin
Academy Senior Pension Fellow Frank Todisco discussed the Academy's response to a request for information from the departments of Labor and the Treasury regarding lifetime income options.
Retirement: Long-term care that falls short
June 8, 2010 Washington Examiner
The Academy's critical issues in health reform paper on the Community Living Assistance Services and Supports (CLASS) Act was cited. The Academy wrote that actuarially sound premiums for the new long-term care program could range from $125 to $160 per month.
Enlisting Patients in the Fight to Cut Costs
June 7/8, 2010 The New York Times
Robert Parke, the chairperson of the Academy's Disease Management Work Group, was quoted. Parke said that savings from disease management programs are offset by the costs of managing the programs but are still worthwhile because they enhance the quality of care.
Two Health Care Adversaries Find a Need to Collaborate
June 3/4, 2010 The New York Times
The Academy Medical Loss Ratio Regulation Work Group's April 28 letter to the National Association of Insurance Commissioners regarding the potential disruption to the individual health insurance market resulting from new medical loss ratio requirements was cited and the Academy's Senior Health Fellow Cori Uccello was quoted.
Long-Term Care That Falls Short
June 1, 2010 Kiplinger's Personal Finance
The Academy's premium estimates for the Community Living Assistance Services and Supports (CLASS) Act were cited. The Academy wrote that actuarially sound premiums for the new long-term care program could range from $125 to $160 per month.
Lawmakers debate pension gov't aid
May 28, 2010 "Marketplace" (American Public Media)
Academy Multiemployer Plan Subcommittee Chairperson Eli Greenblum discussed the current state of multiemployer pension plans. Greenblum said that "many of the industries in which multiemployer plans are prevalent are hurting" and that the plans have limitations regarding how they are funded.
New Medical Loss Ratio Requirements Could Disrupt Individual Market, NAIC Says
May 24, 2010 Bureau of National Affairs
The Academy Medical Loss Ratio Regulation Work Group's April 28 letter to the National Association of Insurance Commissioners (NAIC) regarding the potential disruption to the individual health insurance market resulting from new medical loss ratio requirements was cited in the NAIC's report to the U.S. Department of Health and Human Services. The NAIC cited scenarios described by the Academy on ways that inappropriate medical loss ratio requirements could disrupt the individual market prior to 2014.
Annuity Fraud Aimed at Seniors' Terminally Ill Gets NAIC's Ear
May 20, 2010 BestWire
Academy Life Products Committee Chairperson Cande Olsen was quoted from her testimony to the National Association of Insurance Commissioners during a May 20 public hearing regarding stranger originated/owned life insurance (STOLA). Olsen told commissioners that if the selling of variable annuity contracts with guaranteed minimum death benefits to terminally ill people becomes more prevalent, companies will need to increase charges or institute underwriting because of the additional risks and their costs.
Health reform needs young people
May 13, 2010 The Bulletin (Bend, Ore.)
The Academy's Senior Health Fellow Cori Uccello discussed the effects of bringing young people into the health care market -one of the most vital components of health care reform. She said that young people, on average, have lower medical spending costs and are a lower risk than older people. Uccello said that the new health care reform law brings in young people and that helps achieve a broad cross-section of risk and stabilizes the risk pool over time.
Fixing Social Security: The 'low hanging fruit'
May 11, 2010
CNNMoney.com
Academy board member Ron Gebhardtsbauer discussed different proposals to increase Social Security's retirement age, a reform option that the Academy has advocated should be included in any reform package.
Workers fight uphill battle with 401(k)s
May 10, 2010 Pittsburgh Tribune-Review
The Academy was cited as the source of various life expectancy and longevity statistics for average 65-year-old males and females.
Actuaries Back Systemic Risk Oversight
May 6, 2010
Insurance Networking News
New Academy white paper on systemic risk regulation was discussed and the Academy's Financial Regulatory Task Force Chairperson Jesse Schwartz was quoted from a related Academy news release. Schwartz said that a federal systemic risk regulator would be best-positioned to coordinate at a national level and across international lines to monitor and manage systemic risk.
Actuary: Act Fast, Or Individual Health Insurers Will Flee
May 3, 2010 National Underwriter Life & Health
The Academy Medical Loss Ratio Regulation Work Group's letter to the National Association of Insurance Commissioners regarding the potential for disruption to the individual health insurance market resulting from new medical loss ratio requirements was discussed. The work group asked regulators to consider options for adjusting the medical loss ratio calculation method for individual market products.
Details on the Class Act, pt. 2
May 3, 2010 New York Times
The Academy was mentioned for warning about possible adverse selection issues with Community Living Assistance Services and Supports (CLASS) Act.
401(k)s claw back from recession and bear market
May 3, 2010 Indianapolis Star
The Academy was cited as source of various life expectancy and longevity statistics for average 65-year-old males and females.
Workers fight uphill battle on 401(k) retirement savings
April 30, 2010 USA Today
The Academy provided various life expectancy and longevity statistics for average 65-year-old males and females to show that retirees may live a lot longer than they expect and could potentially outlive retirement savings.
Inquiry says health care charges were proper
April 26/27, 2010 The New York Times
The staff of the U.S. House Energy and Commerce Committee said that independent experts from the Academy had confirmed its findings that companies that posted one-time non-cash charges against earnings -- resulting from a section of the new health care reform law that eliminates a tax deduction for providing retiree drug benefits -- had acted properly and in accordance with accounting standards.
The truth about health care reform
April 22, 2010 Money, CNNMoney.com
Academy Senior Health Fellow Cori Uccello encouraged regulators to strengthen the individual health insurance coverage mandate contained in the Patient Protection and Affordable Care Act to limit adverse selection. She said this could be done by limiting participants' ability to jump plan levels during enrollment periods.
What health care reform means for long-term care
April 15, 2010 Kiplinger's Personal Finance
The Academy's critical issues in health reform paper on the Community Living Assistance and Supports Services (CLASS) Act was cited. The Academy wrote that actuarially sound premiums for the new long-term care program could range from $125 to $160 per month.
Academy says PBA project could be ready for legislatures by the fall
April 10, 2010 The Insurance Bellwether
The Academy Life Practice Council's April 6 webinar on principle-based approach updates from the March 2010 National Association of Insurance Commissioners meeting was discussed along with comments from panelists.
Long-term care part of health reform bill
April 1, 2010 Cincinnati Enquirer
The Academy was cited for expressing adverse selection concerns regarding
the Community Living Assistance Services and Supports (CLASS) Act. The
Academy said that the adverse selection issues are likely to lead to high
premiums and could threaten the viability of the program.
Lowering the health costs of womanhood (and then manhood)
March 30, 2010 New York Times
The Academy was cited from its Critical Issues in Health Reform paper,
Gender Consideration in the Voluntary Individual Health Insurance Market.
The Academy wrote that before age 50, women "generally incur higher medical
spending than men, even excluding the costs of normal maternity care. This
difference in spending translates to higher health insurance premiums on
average for women."
Health care: Going from broken to broke
March 12, 2010 Fortune, CNNMoney.com
The Academy's July 22 letter to congressional leaders regarding the Community Living Assistance Services and Supports Act (CLASS Act) was cited and linked. The Academy letter contained recommendations for improving this federal long-term care program and an actuarial analysis conducted by a joint work group of the Academy and Society of Actuaries.
Regulator group moves to reign in secondary market for annuities
March 8, 2010 National Underwriter Life & Health
The Academy Life Products Committee's Jan. 10 comments to the Interstate Insurance Product Regulation Commission (IIPRC) Management Committee regarding guaranteed living benefits for individual deferred annuities was quoted in article reporting on the IIPRC Product Standard Committee's decision in favor of a standard allowing annuity carriers to terminate the living benefit of a contract after a change of the contract's ownership.
Singles poised to reshape retirement
March 6, 2010
Associated Press, The Seattle Times
The Academy said that the cost of living for single retirees is about 40 percent higher than for couples (on a per person basis) in an article about retiring as a single. Cost of living is higher for singles because couples can share housing and other expenses.
Senate session
March 1, 2010
C-SPAN2
Sen. Lamar Alexander cited a Nov. 20 Academy comment letter regarding health care reform legislation during a Senate session (minute 41). Sen. Alexander also entered the Academy's letter into the Senate record.
Does of reality?
MSNBC.com
The Academy was cited in an ongoing interactive Web feature that tests one's ability to parse through headlines and sound bites to find the truth about health care reform. The Academy was a source on reform components such as an individual health insurance coverage mandate and the Community Living Assistance Services and Supports (CLASS) Act.
Update: Health-Care Reform
March 2010 Kiplinger's Personal Finance
Academy Senior Health Fellow Cori Uccello discussed how to strengthen an individual health insurance coverage mandate. She said that a coverage mandate could be strengthened by providing non-financial incentives to purchase coverage, such as offering health insurance only during an annual open-enrollment period so that people cannot wait until they are sick to purchase insurance.
Minimize risks of retirement
Feb. 26, 2010
Reuters
Academy Senior Pension Fellow Frank Todisco warned future retirees that there are significant risks that they must appropriately plan for and insurance against.
Forward on health care
Feb. 26, 2010
CNN Newsroom
An Academy report reviewing consumer-driven health plan (CDHP) studies was cited by on-air guest, who said the Academy found that CDHPs can save as much as 12 to 20 percent in health care costs in the first year.
Senate session
Feb. 25, 2010
C-SPAN2
The Academy's May 2009 monograph on consumer-driven health plans (CDHPs) data was cited by Sen. John Cornyn during Senate session (minute 75). According to research studies reviewed by the Academy's CDHP Work Group, these plans can save as much as 12 to 20 percent in health care costs.
How do health insurers set premiums?
Feb. 22, 2010
"Marketplace"
Academy Senior Health Fellow Cori Uccello explained the basics of determining health insurance premiums. She said it begins with ensuring that total premiums collected are adequate to cover claims and expenses. Audio also available.
A Summit Primer
Feb. 17, 2010 National Review Online
The Academy was cited from its Jan. 14 letter to congressional leaders regarding merging House and Senate health care reform legislation. The Academy said that as currently structure, the CLASS Act is likely to suffer from severe adverse selection, which could lead to high premiums and threaten the viability of the program.
Bill Would Apply Antitrust Laws To Insurance
Feb. 8, 2010
"Morning Edition" (National Public Radio)
Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham discussed the potential consequences of legislation to repeal an antitrust exemption for medical professional liability insurers. Bingham said the repeal could preclude data collection and aggregation across companies, which could reduce competition and potentially increase premiums.
Fact or fiction? State laws thwart must-buy rule
Feb. 3, 2010
MSNBC.com
The Academy's Jan. 14 letter to congressional leaders regarding merging House and Senate health care reform legislation was cited. The Academy expressed concerns regarding the ability of the individual health insurance coverage mandate to effectively limit adverse selection.
Health care's new hidden danger
Feb. 2, 2010 Fortune/CNNMoney.com
An Academy letter to congressional leaders as they began negotiations to combine House and Senate health care reform legislation was quoted. The Academy said that financial penalties in both Senate and House bills are fairly weak compared to the coverage costs and that lower-risk individuals could be more likely to pay the penalty and forgo coverage, putting upward pressure on premiums.
65 Too Young to Retire?
Feb. 1, 2010
FOX Business Network
Academy Senior Pension Fellow Frank Todisco discussed increasing the retirement age as part of any reform package for Social Security.
Cashing out of your 401(k) should be a last resort
Jan. 28, 2010 Pittsburgh Post-Gazette
Academy Senior Pension Fellow Frank Todisco discussed how cashing out a 401(k) plan before retirement jeopardizes a worker's future financial security, particularly if that worker does not have a traditional defined benefit pension plan.
Repealing Medical Liability Antitrust Exemption Could Raise Premiums, Say Actuaries
Jan. 25, 2010
HealthLeaders Media
An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.
Actuaries fight antitrust repeal
Jan. 25, 2010
Insurance Networking News
An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.
Actuaries Say Don't Move Health Care Bill Changing Antitrust Rule
Jan. 25, 2010 National Underwriter Property & Casualty
An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.
Actuaries fear reform could spur higher med-mal rates
Jan. 24, 2010 Modern Healthcare
An Academy letter to congressional leaders regarding legislation to repeal an antitrust exemption for medical professional liability insurers was discussed. Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham wrote that the legislation could limit or preclude the collection, aggregation and analysis of data across companies, which could ultimately limit competition and potentially increase premiums.
Long-term care insurance bill's prospects diminish
Jan. 23, 2010 The Tennessean
An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint work group of the Academy and Society of Actuaries was cited.
Rep. Courtney: ‘An intelligent response'
Jan. 19, 2010 USA Today
The Academy noted that an excise tax on employer-sponsored health care coverage would more accurately target overly generous plans if it were based on plan benefits rather than a premium dollar threshold because premiums are also based on other factors such as geography and age.
The Best and Worst Jobs
Jan. 5, 2010 Wall Street Journal
Actuaries landed at the top spot of a newly released study ranking the 200 best and worst jobs in the U.S. The study was commissioned by CareerCast.com and the rankings were compiled by Les Krantz, author of "Jobs Rated Almanac."
Bennett: An actuarial approach is a proven way to empower a new federal risk regulator
Jan. 1, 2010 Best's Review
Academy Senior Life Fellow Nancy Bennett wrote that actuarial principles should be an essential element for a new systemic risk regulatory framework. Bennett expanded upon this concept and provided an overview of the Academy's white paper, "Concepts for Successful Regulation of Systemic Risk."
Government insurance for long-term care likely to slip into final healthcare bill
Dec. 31, 2009 Los Angeles Times
Steve Schoonveld, a member of a joint Academy and Society of Actuaries work group, said adverse selection issues with the Community Living Assistance Services and Supports Act (CLASS Act) will cause premiums to be exceptionally high.
Academy Says PBA Is Close But Much Work Remains in 2010
Dec. 17, 2009
The Insurance Bellwether
The Academy's Life Practice Council's Dec. 14 webcast on principle-based approach updates from the December 2009 National Association of Insurance Commissioners meeting was recapped along with comments made by panelists.
Is your nest egg safe again?
Dec. 15, 2009 Newsweek
Academy Senior Pension Fellow Frank Todisco discussed how to protect against risks that could face retirees. Todisco said that "longevity insurance," which protects against the risk of outliving assets in retirement, can be obtained affordably by deferring the start of collecting Social Security benefits.
Public long-term care insurance
Dec. 15, 2009
"The Diane Rehm Show" (National Public Radio)
On-air guests referred to the Academy's letter to Congress regarding the Community Living Assistance Services and Supports Act (CLASS Act), which included an actuarial analysis conducted by a joint work group of the Academy and Society of Actuaries. Scott Harrington, professor of health-care management and insurance and risk management at the University of Pennsylvania's Wharton School, said that the Academy had found that the premiums required to keep the program self-sustaining would be high and that most people will opt not to participate.
Should long-term-care insurance be part of health reform?
Dec. 8, 2009 Time
Comments by Steve Schoonveld, a member of a joint Academy and Society of Actuaries work group, were included in a report on the Community Living Assistance Services and Supports Act (CLASS Act), a health care reform provision that proposes a federal long-term care program. He said changes to the provision are in the right direction but that that there is still plenty of room for improvement.
Health care fact check
Nov. 24, 2009 Cleveland Plain Dealer
An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint work group of the Academy and Society of Actuaries was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.
Senate to debate health care reform
Nov. 23, 2009 National Underwriter
Academy Senior Health Fellow Cori Uccello was quoted from an Academy issued news release that included comments to senators on health care reform legislation. Uccello and the Academy urged senators to strengthen the individual health insurance coverage mandate and said that an effective and enforceable mandate would minimize adverse selection stemming from more restrictive issue and rating rules prescribed by the bill.
Kennedy's disability plan could snag health bill
Nov. 11, 2009 Washington Times
An Academy letter to Congress that included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) and recommendations on improving this long-term care program provision was cited. The actuarial analysis was conducted by a joint work group of the Academy and Society of Actuaries.
D.C.'s ‘Failure to Launch' national health care policy
Nov. 8, 2009 San Francisco Chronicle
Academy Health Practice Council member Geoffrey Sandler was quoted from his July 2008 testimony to the National Conference of Insurance Legislators regarding extending dependent health benefits to young adults. Sandler had told state legislators that increasing coverage to young people age 19 to 25 will increase claims.
Plan creates new program to pay for long-term care
Nov. 4, 2009 Wall Street Journal
An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint American Academy of Actuaries and Society of Actuaries work group was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.
Editorial: Cooking the books
Nov. 4, 2009 The Columbus Dispatch
An actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint American Academy of Actuaries and Society of Actuaries work group was cited. The CLASS Act is a health care reform provision that proposes a federal long-term care program.
Actuaries: Public plan would need billions in capital
Nov. 2, 2009 National Underwriter
A new technical report prepared by a joint work group of the American Academy of Actuaries and Society of Actuaries that includes start-up capital requirement estimates under different scenarios for health insurance co-operatives and a public plan option was discussed.
House Democrats Reveal Their Health Care Reform Plan
Oct. 29, 2009
PBS's "Nightly Business Report"
An upcoming report by a joint work group of the American Academy of Actuaries and Society of Actuaries on projected start-up capital requirements for health insurance co-ops and a public plan option was discussed during recent segment on health care reform. The Academy's Senior Health Fellow Cori Uccello was featured during segment. A transcript is available here.
Centrists unsure about Reid's public option
Oct. 28, 2009 Washington Post
Considerations detailed in an Academy letter to Congress, which included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint Academy/Society of Actuaries work group, were referenced in an article on health care reform. The CLASS Act is a health care reform provision that proposes a federal long-term care program.
Dismiss the CLASS
Oct. 27, 2009 USA Today
An actuarial analysis conducted of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint Academy/Society of Actuaries work group was cited in an op-ed by American Council of Life Insurers President Frank Keating. The CLASS Act is a health care reform provision that proposes a federal long-term care program.
Weak mandate hurts overall health plans
Oct. 27, 2009 Investor's Business Daily
The Academy's Health Practice Council Vice President Al Bingham was quoted on the need for an effective and enforceable mandate to reduce adverse selection and keep the health care system viable. The Academy called for a mandate to be implemented "in conjunction with, or at least not too long after" new coverage regulations.
Proposed long-term insurance program raises questions
Oct. 27, 2009 Washington Post
Considerations detailed in an Academy letter to Congress, which included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) by a joint Academy/Society of Actuaries work group, were referenced in article exploring concerns with the proposed structure for a federal long-term care program.
Retirees are figuring out how to get the most out of the system
Oct. 26, 2009 Newsweek
Academy Senior Pension Fellow Frank Todisco warned that retirees who collect early Social Security benefits could be forgetting about a key financial risk for recipients, "longevity risk, the risk of living too long."
Possibility of individual mandate prompts insurers to beef up their product portfolios
Oct. 22, 2009 Health Plan Week
The Academy was cited for noting that efforts to increase access to health coverage through guaranteed issue and modified community rating rules—components of the various reform bills—typically result in high-risk individuals being the first to enroll. Thus efforts to draw in low-risk individuals through a mandate or other incentives are crucial in reducing adverse selection and keeping the system viable.
Health care gamble
Oct. 18, 2009 Albany Times Union
The Academy's Senior Health Fellow Cori Uccello explained that health insurance coverage for younger adults can be beneficial even though they are lower risk, on average, than older adults.
‘People Risk' Very Tough For ERM, Regulators To Manage
Oct. 9, 2009 National Underwriter
The Academy's Senior Life Fellow Nancy Bennett was quoted from her presentation during an Enterprise Risk Management conference. Bennett said that another systemic failure is possible and that whatever regulatory changes are made should be risk-management based.
Social Security's Wheel of Fortune
Oct. 8, 2009 U.S. News & World Report
The Academy's Pension Practice Council Vice President Tom Terry was quoted from an August 2008 press conference advocating that the retirement age for Social Security be increased. Terry said Social Security is facing a demographic problem that demands a demographic solution.
Antitrust Exemption of Health Insurers Imperiled?
Oct. 8, 2009
Insurance Networking News
James Hurley, who represented the Academy's Medical Professional Liability Subcommittee during an Oct. 8 congressional subcommittee hearing, was quoted from his testimony. Hurley said the language in H.R. 3596 may preclude the collection, aggregation and analysis of data across companies. He said that as a consequence entities would not have credible data in making loss cost determinations and may lead to reduced availability of medical liability coverage, fewer willing insurers, less vigorous competition among those that do write the coverage and higher costs to the consumer.
Living a single life in retirement
Oct. 2, 2009 The Arizona Republic; Associated Press
The Academy said that the cost of living for single retirees is about 40 percent higher than for couples in an article about retiring as a single. Cost of living is higher for singles because couples can share housing and other expenses.
In Health Care Premiums, Who Gets a Subsidy
Sept. 22, 2009 New York Times
Discussing health care reform, the Academy's Senior Health Fellow Cori Uccello said that if premiums for high-risk individuals do not adequately reflect the costs associated with the coverage, low-risk individuals will pay higher premiums to compensate. Without an effective and enforceable mandate, these low-risk individuals may choose to drop coverage.
NAIC Panel OKs Valuation Law Changes
Sept. 21, 2009 National Underwriter Life & Health
In supporting the passage of the Standard Valuation Law, the Academy wrote to the National Association of Insurance Commissioners that the proposed revisions would help consumers by establishing "a reserve system that recognizes all the benefits, guarantees, and funding associated with life insurance contracts and their risks." The Academy also said that applying principle-based reserving principles to the SVL would define a framework to "enable companies to price products with reserves more closely aligned to the assumed risks."
Actuaries Applaud Principle-based Progress
Sept. 16, 2009
LexisNexis Insurance Law Center
The Academy's Life Practice Council Vice President Tom Campbell said that the actuaries are pleased that the National Association of Insurance Commissioners Life Insurance and Annuities Committee decided to adopt revisions to the Standard Valuation Law as it is a milestone toward implementing a principle-based approach.
Bending the Health Care Cost Curve
Sept. 15, 2009 Investor's Business Daily
The Academy's Consumer-Driven Health Plan (CDHP) Work Group's recent study of emerging data on CDHPs was cited in op-ed on controlling health care costs.
Cigarettes Harm Financial Health Too
Sept. 15, 2009 Chicago Tribune
American Academy of Actuaries cited as source of the cost of secondhand smoke on non-smokers—nearly $6 billion a year in medical and economic costs.
The Best Health Care Plan You've Never Heard Of
Sept. 13, 2009
Real Clear Politics
The Academy's Consumer-Driven Health Plan (CDHP) Work Group's recent study of emerging data on CDHPs was cited and discussed in op-ed.
Senior fellow discusses retirement
Sept. 13, 2009
"Retirement Matters"
The Academy's Senior Pension Fellow Frank Todisco was the special guest on an Ohio retirement planning radio show. Todisco discussed the seven sources of retirement income.
Social Security and cost of living adjustments
Sept. 10, 2009 Queens Tribune
Letters from the Academy's Senior Pension Fellow Frank Todisco to FOX News Channel and Rep. Anthony Weiner were cited. Todisco wrote to clarify misunderstandings about the process of determining cost of living adjustments for Social Security.
New SVL moves closer to reality
Sept. 9, 2009
The Insurance Bellwether
Donna Claire, who represented the Academy during a National Association of Insurance Commissioners Life Insurance and Annuities Committee conference call, said that while the Academy had some concerns, it wholeheartedly supports the passage of the Standard Valuation Law.
Health care series looks at actuarial analysis
Sept. 3, 2009 Fortune, CNNMoney.com
An actuarial analysis of the CLASS Act provision conducted by a joint work group of the American Academy of Actuaries Federal Long-Term Care Task Force and the Society of Actuaries Long-Term Care Insurance Section Council was cited and extensively discussed.
Value-Based Insurance Design
Aug. 2009 Managed Care Magazine
The Academy's June 2009 issue brief on value-based insurance design was featured in a cover story on the subject.
Collecting Social Security early comes at a cost
Aug. 23, 2009
Associated Press, The Buffalo News
The Academy was cited as a source of life expectancy statistics and estimated break-even age between those who file early for Social Security and those who choose to wait. Those who live beyond the break-even age will benefit more by waiting to collect
Filling in the details on principle-based reserving
Aug. 14, 2009
The Insurance Bellwether
Donna Claire, the chairperson of the Academy's Life Financial Soundness/Risk Management Committee, addressed calibration criteria following a discussion of scenario generators during a conference call with regulators.
Premium factors needed
Aug. 13, 2009
Scripps Howard Foundation Wire
Shari Westerfield, the Academy's chairperson of the Committee on State Health Issues, said that gender rating and other premium factors are needed to make a voluntary insurance system function.
How well you age can depend on you
Aug. 13, 2009 St. Louis Post-Dispatch
The Academy's Senior Life Fellow Nancy Bennett said smokers pay higher life insurance premiums because of the increased risk of death.
Backgrounder on Standard Valuation Law
Aug. 10, 2009 National Underwriter Life & Health
The Academy's support of proposed revisions to the Standard Valuation Law to establish a principle-based reserving approach was cited. The Academy has contended that the revisions will establish greater uniformity of life insurance reserve requirements across states.
The A-Z of pension plans
Aug. 9, 2009
"Retirement Matters"
The Academy's Senior Pension Fellow Frank Todisco was the special guest on an Ohio retirement planning radio show. Todisco discussed various retirement security issues including risks associated with different retirement systems.
Cost of Collecting Early Social Security
Aug. 7, 2009
Associated Press, Lakeland Ledger
The Academy was cited as a source of life expectancy statistics and estimated break-even age between those who file early for Social Security and those who choose to wait. Those who live beyond the break-even age will benefit more by choosing to wait to collect Social Security.
Holtz-Eakin Cites Actuarial Analysis on CLASS Act
Aug. 6, 2009
NewMajority.com
Former Congressional Budget Office Director Douglas Holtz-Eakin cited a recent actuarial analysis of the CLASS Act provision. The analysis was conducted by a joint work group of the American Academy of Actuaries Federal Long-Term Care Task Force and the Society of Actuaries Long-Term Care Insurance Section Council.
Big Divisions Over Pending CLASS Act
July 29, 2009 Roll Call
An analysis of the Community Living Assistance Services and Supports Act (CLASS Act) performed by a joint work group of the Academy's Federal Long-Term Care Task Force and the SOA's Long-Term Care Insurance Section Council was cited. The actuaries said the CLASS Act would require premiums that may exceed affordable levels for many people.
Several NAIC panels vote to advance Standard Valuation Law
July 29, 2009 National Underwriter Life & Health
Tom Campbell, the vice president of the Academy's Life Practice Council, was quoted after proposed revisions to the Standard Valuation Law were approved by two bodies of the National Association of Insurance Commissioners (NAIC). Campbell encouraged "the NAIC to adopt the proposed revisions without delay to establish greater uniformity of life insurance reserve requirements across states."
CLASS Act unlikely to achieve broad participation
July 27, 2009 National Underwriter Property & Casualty
Eric Stallard, chairperson of the Academy's Federal Long-Term Care Task Force, remarked on the Community Living Assistance Services and Supports Act (CLASS Act).
Actuaries: CLASS Act Too Costly
July 23, 2009 National Underwriter Life & Health
Article discussed the American Academy of Actuaries letter to Congress that included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) along with recommendations on improving this long-term care program provision.
The Pieces Are There. Can We See A Picture Yet?
July 2, 2009
The Insurance Bellwether
The Academy's June 30 webcast on principle-based approach updates following the National Association of Insurance Commissioners (NAIC) summer meeting was summarized. Webcast speakers cheered the advancement of the revised Standard Valuation Law, which may soon be considered for adoption by the NAIC's Life & Annuities "A" Committee.
An Annuity That Pays Now and Forever
July 1, 2009 Kiplinger's Retirement Report
The Academy's Senior Pension Fellow Frank Todisco was quoted in a financial feature on annuities. Todisco said that immediate fixed annuities, like defined benefit pensions, protect against the risk of living so long that you run out of money.
Injuries at theme parks go unreported
June 28, 2009 San Antonio Express-News
Michael Toothman, the Academy's former vice president for casualty issues, was quoted in article on risks at theme parks.
Pop Open The Champagne (Well At Least Crack A Smile)
June 11, 2009
The Insurance Bellwether
The Academy's Life Financial Soundness/Risk Management Chairperson Donna Claire provided a positive reaction to the National Association of Insurance Commissioners Life and Health Actuarial Task Force's decision to adopt a revised Standard Valuation Law model for principle-based reserving.
Anticipated hurricanes leaving consumers exposed
May 30, 2009
Associated Press, National Public Radio
The Academy's Property and Casualty Extreme Events Committee Co-chairperson Shawna Ackerman discussed the hurricane insurance market heading into the 2009 hurricane season. Ackerman said that she was unaware of any mass non-renewals or existing policy changes that are in the works for 2009.
Setting Social Security straight gains urgency
May 30, 2009 Dallas Morning News
The Academy's President-elect Bruce Schobel remarked on the need to address Social Security's financial challenges sooner rather than later and discussed the Academy's proposal to include a later retirement age as part of any reform package..
6 options for stabilizing Social Security
May 30, 2009 Dallas Morning News
The American Academy of Actuaries was cited as source on options for addressing Social Security's financial challenges and each option's affect on the long-term funding shortfall.
Calculating Social Security, is it enough?
May 20, 2009
Elder Law Radio's "Aging Smart"
The Academy's Senior Pension Fellow Frank Todisco was the featured guest during podcast on Social Security and retirement planning.
The wolf is at the door
May 15, 2009
CBS MoneyWatch
The Academy's President-elect Bruce Schobel explained what would happen if Social Security and Medicare ran out of cash on hand. He said the systems do not have the authority to pay partial benefits so checks would have to be delayed until they had the money. Schobel also explored the possibilities for Social Security reform.
Actuary: raise retirement age
May 14, 2009 National Underwriter Life & Health
The Academy's President-elect Bruce Schobel discussed the Academy's position statement advocating that policymakers address Social Security's actuarial imbalance by increasing the retirement age.
What Social Security's underfunding means for your retirement
May 13, 2009 U.S. News & World Report
The Academy's President-elect Bruce Schobel explained what the most recent Social Security and Medicare trustees' reports mean for future retirees.
Recession hits Social Security hard
May 12, 2009
CNN Money
An analysis of the 2009 Social Security and Medicare trustees' reports included commentary from the Academy's Senior Health Fellow Cori Uccello on addressing Medicare's financial challenges. The Academy's position statement on Social Security, which advocates increasing the retirement age, was also referenced.
Social In-Security
May 12, 2009
FOX Business
The Academy's Senior Health Fellow Cori Uccello discussed the financial challenges facing the nation's retirement programs with FOX Business anchor Stuart Varney shortly before the release of the 2009 Medicare and Social Security trustees' reports. Uccello said that the Academy advocates increasing the retirement age for Social Security.
Limits to pension insurance
April 16, 2009 Detroit Free Press
The Academy's Senior Pension Fellow Frank Todisco explained pension benefit limits for plans taken over by the Pension Benefit Guaranty Corp. and what that could mean for retirees.
Principle-based reserving "making progress"
April 10, 2009
The Insurance Bellwether
A new insurance blog focused on the Academy Life Practice Council's quarterly webcast on principle-based approach updates from the National Association of Insurance Commissioners spring meeting.
CNBC looks at public pensions
April 8, 2009
CNBC
The Academy's Senior Pension Fellow Frank Todisco appeared on three CNBC programs to explain the current condition of state and local pension plans as well as options to improve pension funding levels.
Pensions at risk?
April 8, 2009
Bloomberg
The Academy's Senior Pension Fellow Frank Todisco was quoted in a report on what could happen to automaker pension plans and the Pension Benefit Guaranty Corp. if any of the biggest U.S. auto manufacturers file for bankruptcy.
State pensions may be merged
April 5, 2009 The Gazette (Chicago)
The Academy's Public Plans Subcommittee Chairperson Ken Kent discussed the pros and cons of public pension plan consolidation.
NAIC panels expose risk drafts
March 23, 2009 National Underwriter Life & Health
The National Association of Insurance Commissioners (NAIC) Life Risk-Based Capital Working Group announced during the NAIC's spring meeting that it would expose for comment a proposal by the Academy's C3 Life and Annuity Capital Work Group. The proposal outlines a single C3 framework that covers interest rate risk and market risk for life insurance.s.
Retirement systems hit by economic slump
March 23, 2009 Pensions & Investments
The Academy's Senior Pension Fellow Frank Todisco discussed the recently released Federal Reserve Flow of Funds report. He said that all three retirement systems—both corporate and public defined benefit pension plans as well as private define contribution plans—took hits in 2008 as a result of the economic downturn and are in deficit relative to the amount of promised benefits or beneficiaries' retirement needs.
IRS Notice on Asset Smoothing
March 18, 2009 Pensions & Investments
The Academy's Senior Pension Fellow Frank Todisco said IRS Notice 2009-22 delivered welcomed news to plan sponsors, who will be allowed to change valuation methods in 2009 without applying for approval. Plan sponsors will be permitted to change valuation methods to take advantage of new asset smoothing rules in the Worker, Retiree and Employer Recovery Act of 2008.
Academy supports systemic risk regulator
March 6, 2009 Insurance Day
The Academy's Risk Management and Financial Reporting Vice President James Rech, in written testimony submitted to a congressional subcommittee, said that the Academy supports the establishment of a systemic risk regulator.
Pension Protection
Feb. 26, 2009
AARP Bulletin Today
The Academy's Senior Pension Fellow Frank Todisco said that 'relatively few people lose benefits in a plan termination' because the benefits are protected by the Pension Benefit Guaranty Corp.
Senior fellow makes cable debut
Feb. 16, 2009
FOX Business News
The Academy's Senior Pension Fellow Frank Todisco discussed a report in USA Today on the fiscal health of state and local pension plans. Todisco reminded viewers that these plans have funds available to make payments to current retirees. Todisco said that the funding questions raised by the report are about these plans' long-term obligations—to be paid decades into the future. He also said that the deficits cited in the USA Today report are snapshots that are reflective of the current state of the economy, which has also affected other retirement systems including 401(k) plans.
Boosting executive pensions?
Jan. 23, 2009 Wall Street Journal
The Academy's Pension Committee Chairperson Jim Verlautz was quoted in a Wall Street Journal cover story on top executive's retirement plans. Some companies have used lower interest rate assumptions to compensate executives, who will face a higher tax bill, with larger lump sums. Verlautz joined critics who say the tax claim is overstated and that executives will have large tax bills regardless. He said executive who take a lump sum will face a bigger tax expense but that it does not justify cutting the interest rate assumptions from six percent to three percent.
Actuaries build momentum for reform
Jan. 21, 2009
Notes on Social Security Reform
Andrew Biggs, the former deputy commission of the Social Security Administration, discussed a recent Academy statement on Medicare and Social Security. Biggs said that "overall the Academy's support is very helpful in giving momentum to reform."
I want to be an actuary
Jan. 17, 2009
CNN
Academy member Tonya Manning explained to comedian D.L. Hughley what an actuary does during CNN's "D.L. Hughley Breaks The News." Hughley sought to poke a little fun at actuaries, but Manning turned out to be a joke teller herself.
The economy and the PBGC
Jan. 15, 2009
FOX Business
Senior Pension Fellow Frank Todisco explained how the recent economic downturn may impact the Pension Benefit Guaranty Corp.
Best jobs for new college grads
Jan. 9, 2009
Forbes.com
Academy member James Miles discussed why actuaries are in great demand. He said that assessing risk is as important as ever in today's financial climate.
The road ahead for PBR
Jan. 5, 2009 National Underwriter Life & Health
Donna Claire, of the Academy's Life Practice Council, identified several upcoming benchmarks for advancing a principle-based reserving approach for life insurance and annuity products.
What a recession means for the PBGC
Dec. 14, 2008 Detroit Free Press
Academy Senior Pension Fellow Frank Todisco discusses how the recession could affect the Pension Benefit Guaranty Corp.
Academy board member Bruning honored by NAIC
Dec. 10, 2008 Insurance Journal
The National Association of Insurance Commissioners honored Academy board member Larry Bruning, the chief actuary of the Kansas Department of Insurance, with the Robert Dineen Award.
Actuaries make recession-proof job list
Nov. 13, 2008 Time
Career expert and author of 150 Best Recession-Proof Jobs labeled the actuarial professional as "resistant to the economic downturn."
Four actuaries take on the Social Security
Nov. 13, 2008
Notes on Social Security Reform
Andrew Biggs, the former deputy commissioner of the Social Security Administration, explores a feature in the November/December 2008 issue of Contingencies. The feature includes four actuaries' perspectives on how they would redesign the Social Security system.
Risk management principles central to business strategy
Nov. 5, 2008
A.E. Feldman
Academy President William Bluhm's written testimony provided to the U.S. House Financial Services Committee regarding the future of oversight and regulation for the financial services industry discussed.
Reasons to delay collecting Social Security
Nov. 3, 2008
Fox Business
An Academy spokesman said, "Waiting until age 70 gives you a much bigger income for the rest of your life -- no matter how long you live, no matter how bad the stock market. And your payment goes up with inflation."
Health-care reform takes center stage
Nov. 1, 2008 Kiplinger's Personal Finance
The Academy's Senior Health Fellow Cori Uccello explains aspects of President-elect Barack Obama's health care reform proposal.
VA Reserving Rule's Impact Explained
Sept. 30, 2008 National Underwriter Life & Health
Tom Campbell, the Academy's vice president for life issues, explains a new principle-based reserving approach for variable annuities.
10 secrets to a financially secure retirement
Sept. 23, 2008 USA Today
Retirement planning column advises that retiring workers consider consulting a pension actuary before grabbing a lump sum. The column recommends using the American Academy of Actuaries PAL program.
Contingencies pulled onto campaign trail
Continuing an election-year tradition that began 2000, Contingencies magazine invited both presidential candidates to pen articles addressing a major issue of interest to the actuarial community. This year's topic was health care reform and the articles appeared in the September/October 2008 issue.
The words from the candidates were parsed, analyzed, and discussed by members of the media, campaign surrogates, and even the candidates themselves. The press corps following the candidates was quick to report on the details. As a result Contingencies magazine flashed across television screens, was discussed on radio programs, and made headlines worldwide. Some samples:
Actuaries lay out Social Security fix
Sept. 5, 2008
Marketplace Morning Report (public radio) Bruce Schobel explains the Academy's advocacy statement on Social Security, saying the retirement age needs to be raised because "it's a demographic solution to a demographic problem."
The only way to fix Social Security
Aug. 20, 2008
CNN Money
A report on what it would take to reform Social Security includes portions of an Academy statement that advocates raising the normal retirement age for Social Security. Ron Gebhardtsbauer, the Academy's former senior pension fellow, is quoted.
Marriage changes everything
Aug. 17, 2008
The Los Angeles Times
The Academy's Bruce Schobel offers advice on when to take Social Security benefits.
America in 40 years
Aug. 14, 2008
MSNBC
The Academy's Bruce Schobel discusses how demographic shifts in America will affect programs such as Social Security. Schobel and the Academy are cited as advocating raising the normal retirement age to help offset the effects of increased longevity.
A fair, long-term solution for Social Security
Aug. 5, 2008
The Indianapolis Star
Discussing the Academy's recommendation to raise the normal Social Security retirement age, syndicated columnist Marie Cocco writes that "if we want a long-term solution to treat all recipients as equally as possible, and do it in a way that is straightforward, there is solid reasoning behind the actuaries' plan." The Academy's Bruce Schobel is quoted.
— More support for the Academy's statement on Social Security and the retirement age
Rx for Social Security
Aug. 5, 2008 The Wall Street Journal
Dow Jones Newswire reports on a news conference announcing the Academy's advocacy statement on raising Social Security's retirement age. "Holding the retirement age constant is a certain prescription for future financial problems," said Tom Terry, the Academy's vice president for pension issues.
A demographic solution to a demographic problem
Aug. 1, 2008 — In a story on CBSNews.com, the Associated Press previews the Academy's upcoming statement on Social Security. The Academy's Bruce Schobel said, "You just can't have people living longer and longer and longer, and have the program with a frozen normal retirement age of 67. It just doesn't make sense."
Uccello: Risk pools can't do it all
August 2008 — In an op-ed on Gannett's Delaware
Online, Academy Senior Health Fellow Cori Uccello argues that creating larger
risk pools is no magic bullet for rising health care costs and the expanding
ranks of the the uninsured. Instead, she suggests curbing health spending growth
by, in part, embracing such strategies as health care coordination and comparative effectiveness
research.
Welcome to the Petabyte Age
July 2008 — Wired magazine's July cover story looks at how advances in data crunching are changing science, medicine, business, and technology. It includes an anecdote about how actuaries and the Academy used catastrophe models and terabytes of data to estimate the insured losses that could result from various types of terrorist attacks, and it mentions the Academy's 2006 analysis of terrorism risk coverage for the President's Working group on Financial Markets.
Sounds fair
July 10, 2008 — An Accounting Web article cites Sam Gutterman's remarks on behalf of the Academy during a July 9 SEC roundtable on fair value accounting standards. Gutterman said there was a need to educate corporate officers, boards, auditors, and investors on the issue.
"Unlikely, not impossible"
July 8, 2008 —
In an article on cities and towns trying to determine whether they need terrorism coverage, Massachusetts' Worcester Telegram and Gazette cited the Academy's estimates of insured losses that could result if, for example, a Midwestern city was a target for terrorist attacks. The figures came from the Academy's report to the President's Working Group on Financial Markets on the availability and affordability of terrorism risk insurance.
The sooner the better
June 28, 2008 — An editorial in the Scranton, Pa., Times-Tribune cites an Academy issue brief, Medicare's Financial Condition: Beyond Actuarial Balance." Says the issue brief: "The sooner the solutions are enacted, the more effective and gradual they can be. Moreover, the early introduction of reforms increases the time available for affected individuals and organizations — including health care providers, beneficiaries and taxpayers — to adjust their expectations."
Table talk
June 23, 2008 — Donna Claire, the chairperson of the Academy's Life Financial Soundness/Risk Management Committee, discusses new mortality tables in the June 23 edition of Investment News.
One to add to your summer reading list
June 22, 2008 — The Academy's Social Security Reform Options monograph was linked in an addendum to a report filed by McClatchy's Washington Bureau. The report reviewed presidential candidates' positions on reforming Social Security.
The reliable source
May 7, 2008— The Academy's September 2006 issue brief on medical
insurance pools was
discussed by Republican Sen. Leonard Fasano May 6 as the Connecticut Senate considered
a bill to open the state employee insurance pool to municipal employees on a
voluntary basis. The Senate session was broadcast the following day on the General
Assembly's Connecticut Network.
Remember longevity
April 22, 2008 — National Underwriter's online news service quotes the North American Actuarial Council's request that the Academy draw more attention to Americans' increasing lifespans. The NAAC letter, signed by 15 presidents and presidents-elect of North American actuarial associations, warns that failure to adapt to increasing longevity could threaten the viability of many financial security arrangements.
Medicare needs more than a bandage
April 7, 2008, The Greenville News —
A recent editorial cites an Academy issue brief that provides an actuarial perspective on the 2008 Medicare trustees report. The Academy says that fixing Medicare's 75-year deficit would require an immediate 122 percent increase in the Medicare payroll tax, a 51 percent cut in benefits, or a combination of the two.
Patience is a virtue
April 1, 2008 — AARP Bulletin TodayThe Academy's former senior pension fellow, Ron Gebhardtsbauer, discusses the advantages of waiting to collect Social Security benefits. He said, "Waiting until age 70 gives you a much bigger income for the rest of your life."
Academy's Cronin
featured on BestDay (audio link)
Feb. 21, 2008 — In an interview with BestDay
Audio (a news production from A.B. Best), outgoing Academy Executive Director Kevin Cronin offers an update on
the actuarial profession, background on the Academy, a summary of recent Academy
accomplishments, and a look ahead.
The 8 percent (Social Security) solution
Feb. 17, 2008 — Bruce Schobel, chairperson of the Academy's Retirement Security Principles Task Force, reveals some of the lesser-known facts about Social Security benefits in the Baltimore Sun's Sunday financial column.
Taking benefits early could be costly later
Jan. 29, 2008, The Columbus Dispatch —
The Academy's senior pension fellow, Ron Gebhardtsbauer, cautions that baby boomers who retire early will forever reduce not only their Social Security benefit, but their spouses' as well. He says the longer you and your spouse live, the more you lose.
The elephant in the room
Jan. 23, 2008
Just days before the South Carolina Democratic primary, a Greenville
News editorial focuses on the lack of "comprehensive attention" from
presidential candidates and Congress on Social Security and Medicare's financial problems. The editorial cites estimates in an Academy issue brief, Medicare's
Financial Condition: Beyond Actuarial Balance.
Is it smart to take Social Security early?
Jan. 16, 2008 —Depending on a retiree's circumstances, taking Social Security benefits at 62 might not be a smart bet.
To get a rough sense of what could be at stake over the long run, try out the online calculator developed by USA Today. It's the result of a collaborative effort between the newspaper and the Academy, which provided the mathematical estimates used in the calculator.
The Academy has been a leading source for a USA Today special report, "Turning 62: The retirement boom begins":
For those who want to dig a little deeper, many related actuarial resources are on the Web. They include Academy publications on Social Security and Medicare issues, the Social Security Administration's Office of the Chief Actuary, and the Actuarial Foundation's "Women at Risk."
20 questions
Dec. 31, 2007 — As mentioned in Marc Oberholtzer's article in the January 2008 Best's Review, the Academy's Committee on Property and Liability Financial Reporting (COPLFR) has published an overview of the loss reserving process, including a sample checklist of actuarial information that might be helpful to P/C insurers' audit committees and boards of directors.
Medicare: A primary issue
Dec. 2, 2007 — In a timely piece in
the New Hampshire Union Leader, Senior Health Fellow Cori Uccello urges the
presidential candidates to start paying attention to Medicare's financial
difficulties. "Candidates need to break the silence, acknowledge the
problem, and begin a public dialogue that addresses the tradeoffs necessary
to ensure Medicare's future," writes Uccello.
Uccello's piece is published during the height of primary season,
which brings national attention to New Hampshire and to the state's largest newspaper, the Union Leader. New Hampshire
will hold the first primary of the 2008 presidential election on
Jan. 8.
What's the better pension benefit?
Nov. 29, 2007 — Senior Pension Fellow Ron Gebhardtsbauer says in a BusinessWeek feature that a traditional pension plan generally suits older employees better than a 401(k), because of how benefits are calculated.
When I grow up . . .
Nov. 11, 2007 I want to be an actuary! This San Antonio Express-News jobs section feature explores the actuarial profession (and estimates there are only about 40,000 certified actuaries in the entire world).
Facing down "longevity's evil twin"
Oct. 28, 2007 — Taking one small bite after another, inflation can consume huge chunks of a retiree's nest egg as the years go by. But there are ways to fight back. A Washington
Post columnist consults several experts on inflation risk, including the Academy's Ron Gebhardtsbauer, and offers a few suggestions.
Hold on, let me ask my actuary
Oct. 24, 2007 — A recent Reuters feature discusses the value of having an actuary's help when making retirement decisions. An actuary can help "crunch all of your numbers" and will have a "grasp of Social Security rules, life expectancies, taxes and pension law." Senior Pension Fellow Ron Gebhardtsbauer provides comment.
Walk, don't run
Oct. 21, 2007 — When should you begin collecting Social Security benefits? Senior Pension Fellow Ron Gebhardtsbauer says if you are going to live past 80, it's better to wait. Gebhardtsbauer discussed this issue, as well as longevity and life expectancy, in a Baltimore
Sun financial column.
Identifying flood bill concerns
Sept. 28, 2007 — An Academy Flood Insurance Subcommittee letter to congressional leaders is featured in the Insurance Journal; the letter identifies concerns with a proposal to expand the National Flood Insurance Program.
Redefining retirement
Aug. 31, 2007 — The Academy was cited as a source of life expectancy data in a USA Today feature about the phased-retirement trend, which is increasing the ranks of seniors who remain in the work force.
Social Security conundrum for women
July 18, 2007 — An Associated Press article from Forbes.com discusses the American Academy of Actuaries issue brief, Women and Social Security. The brief says that women are more reliant on Social Security, yet on average receive lower benefits than men.
What's a boomer to do?
July 17, 2007 — Senior Pension Fellow Ron Gebhardtsbauer tells baby boomers to consider how long they (and their spouses) could live before deciding whether to take Social Security early, which permanently reduces the size of the benefit. As the Chattanooga Times Free Press reports, it may make sense to wait. (Audio also available.)
Play the Social Security Game
Think you can solve Social Security's
long-term financial problems? Try our online
game, recently featured in the Washington
Post,
on CNNMoney.com and
in Newsday.
It's a painless introduction to the debate over Social
Security reform. (updated June 25, 2007)
OPEB position clarified
June 20, 2007 — The Fort Worth Star-Telegram published a letter to the editor from Jeffrey Petertil and Adam Reese, the co-chairpersons of the Academy's Joint Committee on Retiree Health. The letter clarified the joint committee's position and stated its support of accrual accounting for other post-employment benefits.
Deciding when to take Social Security benefits
June 6, 2007 — Ron Gebhardtsbauer, in a CNNMoney.com article, discusses increased longevity and other pertinent factors for Baby Boomers to consider when they're deciding whether to collect benefits from Social Security before full retirement age.
Focusing on solvency: Social Security and Medicare
April 24, 2007 — In a CNNMoney.com article,
Cori Uccello, the Academy's senior health fellow, and Ken Steiner, a member of the Academy's Social Insurance Committee, comment on the 2007 Medicare and Social Security trustees' reports.
Employee benefits 101
April 15 and April 17, 2007 — In a Washington Post financial column aimed at new college graduates, the Academy's senior pension fellow helps explain employee benefit packages. Ron Gebhardtsbauer also answers readers' questions during a related Post web chat.
Is a 401(k) enough?
March 19, 2007 — Future 401(k) plans may look more like traditional pension plans, according to Academy Senior Pension Fellow Ron Gebhardtsbauer in a recent Baltimore Sun article, which ran in several other newspapers including the Miami Herald.
Tracking nest eggs
March 19, 2007 —
Academy Senior Pension Fellow Ron
Gebhardtsbauer helps dissect a Federal Reserve report on
financial assets in a recent Pensions & Investments article.
When I'm 65...
March 8, 2007 —
The Academy was a source of longevity statistics in a recent USA Today article on saving for retirement.
Terrorism costs
March 5, 2007 — Bloomberg News cited the Academy as the source of an insured-loss estimate from a future chemical, nuclear, biological or radiological terrorist attack in New York City.
Benefits delivered
Feb. 28, 2007 — Academy Senior Pension Fellow Ron Gebhardtsbauer is quoted about cash balance plans in a Memphis Commercial Appeal story after a courier company changes its pension plan structure.
Secondhand smoke costs
Feb. 11, 2007 — The Academy's estimate of the cost of secondhand-
smoke exposure is cited in a column published by several major newspapers, including the Baltimore Sun and Chicago Tribune.
Pension health improves
Jan. 22, 2007 — Donald J. Segal, The Academy's vice president for pension issues, discusses improved pension funding at Fortune 100 companies in an AP article published by the San Diego Times-Union.
Don't bury DB plans yet
Dec. 25, 2006 — Academy Vice President Donald J. Segal says the Pension Protection Act and favorable court rulings may bolster the future of defined benefit plans in an op-ed in Pensions & Investments.
About us
Continuing an election-year tradition that began 2000, Contingencies magazine invited both presidential candidates to pen articles addressing a major issue of interest to the actuarial community. This year's topic was health care reform and the articles appeared in the September/October 2008 issue.
To get a rough sense of what could be at stake over the long run, try out the online calculator developed by 
