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Academy Offers Perspective on Medicare, Social Security Trustees’ Reports
The Academy offered perspective to the annual Medicare and Social Security trustees’ reports, which were released on Thursday. An Academy alert notes the Medicare Trustees Report shows that the Medicare Hospital Insurance (HI) Trust Fund will have sufficient funds to cover its obligations until 2028—two years later than reported last year—and the Social Security Trustees Report indicates the combined retirement and disability programs of Social Security will have sufficient resources to fully cover benefits until 2035.
Academy Senior Health Fellow Cori Uccello told CNN in a story published late Thursday that Congress should not take the HI Trust Fund’s slight solvency improvement as a sign to wait an additional two years to adopt reforms. “If we wait too long, then our menu of options dwindles,” she said. “Providers would not be able to be paid in full. And because it’s never happened, we don’t know what would happen. … That could affect access to care.”
 Essential Elements updated, Medicare issue brief released—The Academy updated its Essential Elements reports on the programs—“Medicare’s Long-Term Sustainability Challenge” and “Securing Social Security.” The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. And the Medicare Committee released an issue brief, Medicare’s Financial Condition: Key Points Beyond Actuarial Balance, that examines the program’s key challenges.
Webinar to examine reports—The Academy will hold a webinar in two weeks on the reports’ release, which will feature prominent actuaries overseeing the two programs, who will provide a deep dive into the assumptions and how recent events—such as the COVID-19 pandemic and related economic downturn—are reflected in their projections. The webinar will be held on Friday, June 17, from noon to 1:30 p.m. EDT. Register now.
Register for Next Week’s Health Webinar
The Academy will host a health webinar next week that will examine the Long-Term Care (LTC) Reform Subcommittee’s LTC Actuarial Equivalence Work Group’s recently released public policy issue brief, Value of Reduced Benefit Options in Long-Term Care Insurance Rate Increases, which examines the relationship of benefits to premiums for reduced benefit options (RBOs) in the context of ongoing premium rate increases for LTC insurance. The webinar is next Friday, June 10, from noon to 1 p.m. EDT. Register today.
Professionalism Webinar to Examine ASOP No. 28
An Academy professionalism webinar coming at the end of June will cover recent changes to Actuarial Standard of Practice (ASOP) No. 28, Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. The webinar will take place Thursday, June 30, from noon to 1:30 p.m. EDT. Register today.
 Cyber Toolkit Updated With Autonomous Vehicles Section
The Cyber Risk Task Force (CRTF) updated its Cyber Risk Toolkit to include the section, “Autonomous Vehicles and Cyber Risk.” The toolkit, released originally last year, was previously updated in February. With the line between cyber and auto insurance blurring as sophisticated and often internet-connected autonomous vehicles (AVs) become more prevalent, this new section discusses the growth of AVs, their benefits, and their cyber risks, in addition to legislation and current regulations overseeing cyber insurance.
Professionalism Outreach Offers Perspective to Actuarial Clubs
William Hines, a member of both the Council on Professionalism and Education and the Actuarial Board for Counseling and Discipline, delivered a virtual professionalism presentation to the Middle Atlantic Actuarial Club on Thursday. Hines reviewed the latest trends in ABCD cases and requests for guidance, engaged the audience in discussion of ethical case studies, and participated in a Q&A.
Also on Thursday, Committee on Qualifications member Chad Wischmeyer presented a “tour” of the amended U.S. Qualification Standards (USQS) at the Actuaries’ Club of Southwest meeting in Houston. Wischmeyer’s presentation highlighted changes from the previous USQS that was in effect until Dec. 31, 2021, and pointed attendees to the Academy’s many professionalism resources.
Submit Nominations for the Academy’s Annual Service Awards
Academy members are invited to submit nominations for four Academy annual service awards, including the new Rising Actuary Award, which will recognize an actuary on their way up in the profession. The Jarvis Farley Service Award is a lifetime achievement award, the Robert J. Myers Award honors an actuary in public service, and the Outstanding Volunteerism Awards recognize volunteers who have made noteworthy contributions in the past year. Find out more about the awards and how to submit nominations here.
Early Registration Discounts Available for LHQ Seminar
Register today for the Academy’s 2022 Life and Health Qualifications Seminar, to be held Nov. 14–17 in Arlington, Va. The annual LHQ Seminar delivers needed basic education or relevant continuing education (CE) credit necessary to qualify to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Don’t miss out on your discounted rate—register by June 30 and save $200.
Recently Released
 The May Actuarial Update leads with longtime Academy volunteer and past Casualty Vice President Lisa Slotznick being nominated to be the Academy’s next president-elect. Also in the issue: The Academy joined the International Association of Black Actuaries’ Corporate Advisory Council; Academy volunteers gave numerous presentations around the country on public policy and professionalism; the “Member Spotlight” profiles Risk Management and Financial Reporting Council Vice President Seong-min Eom; and the “Professionalism Counts” column posits that “In ‘Interesting Times,’ the Code Is Essential.”
The latest Contingencies web exclusive, “An Actuary Takes on Wordle,” offers insights into the Wordle craze, which took off during the COVID-19 pandemic. Behind this seemingly simple word game is a lot of math—Academy member Glenn Meyers set his mind to the task of looking under the hood and figuring out how best to approach this daily diversion.
The spring issue of The Retirement Report leads with a Q&A on the Social Security Committee’s issue brief on the Social Security retirement age. Also in the issue, the Pension Practice Council’s “Hill Visits” with federal officials; a Capitol Forum webinar examines retirement issues; an issue brief on single-employer plan funding requirements; a retirement issue brief wraps up the “Guiding Principles” series; and recent legislative and regulatory activity.
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