The Academy jointly hosted the annual Enrolled Actuaries (EA) Meeting in Washington this week with the Conference of Consulting Actuaries. It was attended by more than 800 enrolled actuaries and other pension professionals. Academy President Tom Wildsmith gave an opening address, and Academy volunteers and staff, including Ken Kent, vice president of the Council on Professionalism; Ted Goldman, senior pension fellow; Brian Jackson, Actuarial Board for Counseling and Discipline staff attorney; and volunteers on the Actuarial Standards Board and its committees all participated in robust discussions and sessions. Look for more EA Meeting coverage in the upcoming issues of Actuarial Update and Enrolled Actuaries Report.
Academy’s Goldman Discusses Retirement Issues on Capitol Hill
Senior Pension Fellow Ted Goldman addressed longevity risk and other factors in retirement planning and policy Wednesday as part of a Capitol Hill discussion on “Retirement Planning Realities.” He was one of four panelists from a broad coalition of organizations, including the Academy, promoting this week’s National Retirement Planning Week, a national effort to help consumers focus on their financial needs in retirement. Goldman’s remarks focused on explaining longevity risk and the common mistake of using life expectancy age as a default horizon for retirement planning.
Register for Tuesday’s Post-NAIC Life Webinar
Register now for the Academy’s post-NAIC webinar, to be held next Tuesday, April 19, from noon-1:30 p.m. EDT. The webinar will provide an overview of the top life issues at the NAIC Spring 2016 National Meeting, held early this month in New Orleans, including an account of the Life Actuarial Task Force (LATF) meeting, activity in other LATF groups regarding principle-based reserving and related considerations for reinsurance, and updates on variable annuity and life risk-based capital issues. Click here for information and to register.
Upcoming Events
Second ‘PBR Boot Camp’ Planned for September: A repeat presentation of the Academy’s inaugural “PBR Boot Camp: Basic Training and Beyond for Principle-Based Reserving Implementation,” will be held in September. Registration for the inaugural seminar, June 6-8 in Chicago, has reached capacity, but a wait list is available for prospective attendees. The Academy will release more information on the September event as it becomes available, and those on the wait list will receive advance, priority notification when registration is open. If you would like to be put on the waiting list, please contact Public Policy Senior Administrative Assistant Leiloni Hayward at 202-223-8196, or hayward@actuary.org.
Register now for November’s LHQ Seminar: The popular 2016 Life and Health Qualifications Seminar will be held Nov. 13-17 in Arlington, Va. (metropolitan Washington, D.C.). Space is limited and slots routinely fill early; click here for program information and to register.
Alerts
The IRS announced Thursday it is withdrawing certain provisions relating to non-discrimination testing in a recently released proposed regulation. Click here to read the alert.
How to Subscribe to Member Alerts: Alerts subscribers are notified by email when a new alert is posted in their area(s) of interest. The alerts focus on five areas: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them after signing in to the member section of the website.
Public Policy Activities
The Risk Sharing Subcommittee published an issue paper that reviews the first year of experience under the Affordable Care Act’s (ACA) risk adjustment program with a focus on experience in the individual market. The analysis drew coverage in various media outlets (see “In The News,” below); read the Academy news release here.
The joint Academy / SOA Economic Scenario Project Oversight Group has updated the joint FAQ document developed by the group to provide information relevant to the Academy’s Interest Rate Generator (AIRG). [This item has been corrected from the original version emailed on April 15.]
The Health Care Receivables Factors Work Group sent its recommendation on credit risk factors for health care receivables to the NAIC’s Health Risk Based Capital (E) Work Group.
Recently Released
The April issue of HealthCheck covers the Health Practice Council’s presentations at the NAIC Spring 2016 National Meeting, recaps the Academy’s recent webinar with Center for Consumer Information and Insurance Oversight (CCIIO) representatives, and highlights this fall’s Life and Health Qualifications Seminar.
Nominate a Colleague for an Academy Service Award
It’s time to nominate a deserving colleague or respected mentor for an annual Academy award that recognizes his or her public service, or service to the actuarial profession and the Academy, as described below. The nominations deadline is July 8, and awards will be presented at the Academy’s Annual Meeting and Public Policy Forum in Washington, Nov. 3-4.
The Robert J. Myers Public Service Award honors an actuary who made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
The Outstanding Volunteerism Award honors Academy volunteers who have made a single, noteworthy volunteerism contribution in the last year that is above and beyond what is reasonably expected of an Academy volunteer.
In the News
Senior Pension Fellow Ted Goldman’s remarks addressing longevity risk issues in retirement planning were quoted in an Employee Benefit Newsstory covering a Capitol Hill panel discussion as part of National Retirement Planning Week.
Academy President Tom Wildsmith is featured in the “Quotable Quotes on Pension Reform” section of the Reason Foundation’s April Pension Reform Newsletter. The newsletter quotes Wildsmith’s comments on public employee plan disclosures from an Academy news release issued late last month.
The Health Practice Council’s analysis of the ACA risk adjustment program received coverage in numerous media outlets including Politico Pro (subscriber only), Becker’s Hospital Review, Morning Consult, and Fierce Health Payer. The issue paper reviews the first year of experience under the ACA risk adjustment program with a focus on experience in the individual market.
A Forbes column on the Academy’s Pension Assistance List (PAL) program tells the story of how Cindy Levering, member of the Lifetime Income Risk Joint Task Force and PAL volunteer, has helped individuals save tens of thousands of dollars by uncovering miscalculations made by plan sponsors and explaining how critical plan details can shape their benefits. Click here to learn more about how the PAL program works and how to become a volunteer.
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