American Academy of Actuaries Issues Discipline Notice 

WASHINGTON—The American Academy of Actuaries announced that the following discipline action became effective on Aug. 12, 2026. 

Notice of Public Discipline 
(Effective Date Aug. 12, 2026) 

A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings and a recommendation from the Actuarial Board for Counseling and Discipline (“ABCD”) regarding Sing W. Lee, MAAA, ASA, FCA, EA. 

Based on the decision of the Disciplinary Committee, the Academy suspends Mr. Lee from membership for a period of one year for materially failing to comply with Precepts 1, 2, 3, and 4 of the Code of Professional Conduct in connection with work he performed concerning a retiree medical and life insurance valuation report for a multiemployer health and welfare fund. 

Precept 1 requires that an actuary “act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.” Annotation 1-1 amplifies that duty by requiring an “Actuary to perform Actuarial Services with skill and care.” Precept 2 requires that an actuary “perform Actuarial Services only when the Actuary is qualified to do so on the basis of basic and continuing education and experience, and only when the Actuary satisfies applicable qualification standards.” The Disciplinary Committee concluded that Mr. Lee materially violated Precepts 1 and 2 in the following respects:

• Performing an Other Post-Employment Benefits (OPEB) valuation when he lacked the necessary knowledge, familiarity, and competence necessary to complete the work correctly, thereby overcoming the presumption of qualification under Section 1.1 of the U.S. Qualification Standards; 

• Failing to review the controlling Actuarial Standards of Practice (ASOP Nos. 6, 35, and 41) prior to commencing the work or after being notified of material deficiencies; 

• Relying on and replicating a deficient, two-page template previously prepared by a retired company employee who was not an actuary, despite having self-admitted doubts regarding his own qualifications; 

• Applying a 50% spousal participation rate without disclosing rationale and that appeared to be quite low relative to the plan’s actual observed demographic data for retirees (61%) detailed within his own report, meaningfully lowering the employee liability calculation; and 

• Relying on an un-annualized 4-month average of prescription drug claims to represent a full year’s cost, demonstrating a lack of competence and violating standard actuarial credibility practices. 

Precept 3 requires an actuary to “ensure that Actuarial Services performed … satisfy applicable standards of practice.” Precept 4 requires that Actuarial Communications be “clear and appropriate to the circumstances and [their] intended audience, and satisfy applicable standards of practice.” The Disciplinary Committee concluded that Mr. Lee materially violated Precepts 3 and 4 by failing to disclose the information, analysis, and rationales used to support his demographic assumptions (mortality, withdrawal, retirement age, and participation) as required by ASOP No. 35 and ASOP No. 41; failing to properly model and describe his death benefit valuation methodology under ASOP No. 6; failing to annualize short-term claims data in violation of ASOP No. 6 credibility standards; and failing to disclose the nature, rationale, and financial effect of a material deviation from ASOP No. 6 regarding his retirement age assumption. 

Based on the foregoing, Mr. Lee’s membership in the Academy is suspended for one year. 

For more information, please contact David Mendes, director of communication and public affairs at the American Academy of Actuaries, at 202.785.7872. For more information on the American Academy of Actuaries, please visit actuary.org. 

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The American Academy of Actuaries is a 21,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. For 60+ years, the Academy has assisted public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.