This Week, May 6 – 10, 2024

EDUCATION & EVENTS

Agenda Set for June PBR Bootcamp in Philadelphia; Registration Deadlines Approaching

The agenda is set and early-registration discounts have been extended for next month’s PBR Bootcamp, back in person this year June 11-13 in Philadelphia. Offering a comprehensive look at hot topics in principle-based reserving (PBR), attendees will gain valuable insights on applying PBR and meeting implementation challenges. They will also have the opportunity to ask experts questions directly.

• Early registration deadline: Register by May 17 to secure your spot and save $300-register today.

• Room block closing: The hotel room block closes on May 20-be sure to book your reservation at Le Méridien Philadelphia.

Next Week- ‘ERISA at 50′ Series Kicks Off With Webinar

With the Employee Retirement Income Security Act of 1974 (ERISA) marking its 50th anniversary this year, the Academy will kick off its “Looking Back, Moving Forward: ERISA at 50” series with a webinar next week exploring ERISA’s history. Speakers will discuss the landmark law’s framework, share historical insights, and give an overview of its subsequent evolution. The webinar is on Tuesday, May 14, from noon to 1:30 p.m. EDT. Register today. Next up after the webinar will be a June 4 symposium for stakeholders, being held in Washington, D.C.

PUBLIC POLICY

Medicare, Social Trustees’ Reports-Academy Releases Alert, Issue Brief, Infographic

An Academy alert covers the annual Medicare and Social Security trustees’ reports, which were released Monday and include updated projections on the solvency of the programs’ trust funds. The Medicare Hospital Insurance Trust Fund report shows it will cover its obligations until 2036, while the Social Security report shows that program will be able to pay full benefits until 2035.

• Publications-The Medicare Committee released an issue brief and the Social Security Committee released a one-page infographic on the respective reports.

• Webinars later this month-The Academy is also holding upcoming webinars on the trustees’ reports, on May 22 (Social Security) and May 23 (Medicare).

• Media coverage-Senior Retirement Fellow Linda Stone discussed benefits of earlier, gradual reform of Social Security in a CNN story, and CNBC‘s and AARP‘s coverage quoted Stone on how demographic trends may affect the program.

Life Discussion Guide Covers Deferred Annuities

The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities, which suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals.

• Visit the Public Policy webpage to stay on top of the latest news and activity.

OUTREACH & NEWS

Academy Presents at CAS Spring Meeting

(L-R) Gibson, Davis & Fischer at CAS Wednesday

The Casualty Actuarial Society’s Spring Meeting in Atlanta featured a presentation from Academy Casualty Policy Analyst Rob Fischer, Senior Casualty Fellow Rich Gibson, and Will Davis of the South Carolina Department of Insurance, on current and future P/C public policy considerations. President Lisa Slotznick and Executive Director Bill Michalisin represented the Academy at the event, and Board member Dorothy Andrews participated in a panel, “Breaking Down Bias in Data & AI.” Attendee volunteers also filled bags for Atlanta-area elementary school students, which included copies of the Academy’s The Magic School Bus Takes a Risk: A Book about Probability, which is available for order.

James Presents on Health Equity at Atlanta Conference

Academy Board member Annette James provided an actuarial perspective on equity considerations in employer-based insurance as a panelist in a Wednesday session on health insurance and patient cost-sharing at the ISPOR 2024 conference, held in Atlanta. Visit the Academy website to learn more about the Academy’s health equity work.

‘Actuarially Sound’ Notes Importance of Mental Health Awareness

The latest post in the Academy’s Actuarially Sound blog covers the 75th anniversary of Mental Health Awareness Month, and the importance of mental health and behavioral health, noting the new Behavioral Health Task Force, formed by the Health Practice Council last year.

Academy Celebrates The Actuarial Foundation’s 30th Anniversary

The Actuarial Foundation (TAF) hosted its 30th anniversary gala event Thursday evening. Sessions included presentations by students and actuaries on TAF’s work and the importance of developing critical math skills to grow and diversify the talent pipeline into the actuarial profession. The keynote speaker was former astronaut Ellen Ochoa, the first Hispanic director of the Johnson Space Center, who received a Presidential Medal of Freedom last week, the nation’s highest civilian honor. Many Academy representatives attended, and Executive Director Bill Michalisin offered a congratulatory message on behalf of the Academy and its members. If you missed it, you can watch the recorded session on TAF’s YouTube page.

In the News

• A Health Affairs article cited the Academy’s July 2021 issue brief on long-term care financing reform proposals involving public programs.

PROFESSIONALISM

ICYMI-Peer Review Professionalism Paper

In case you missed it, be sure to read the Committee on Professional Responsibility (COPR) discussion paper Peer Review-How Can It Help?, which examines policies and best practices for peer review to support actuarial professionalism. See the full list of COPR discussion papers.

• June professionalism webinar-The Academy’s next professionalism webinar, ABCD Requests for Guidance-Insight and Case Studies, which will feature members of the Actuarial Board for Counseling and Discipline (ABCD), will be held June 3. Register today.

CALENDAR

• May 14 [Webinar] Looking Back, Moving Forward: ERISA at 50-The Origins and Evolution of ERISA: 1974 to 2024

• May 22 [Webinar] Social Security Trustees Report: A Deep-Dive Discussion With the Program’s Actuaries

•  May 23 [Webinar] Medicare’s Financial Outlook and the Effects of Growing Enrollment in Medicare Advantage

• June 3 [Webinar] ABCD Requests for Guidance-Insight and Case Studies

• June 4 [Symposium] Looking Back, Moving Forward: ERISA at 50

• June 10 [Webinar] Speed-to-Market NAIC Presentation

• June 11-13 [Seminar] PBR Bootcamp; Philadelphia

• Sept. 9-11 [Seminar] Casualty Loss Reserve Seminar; San Francisco (co-sponsored with the Casualty Actuarial Society)

• Oct. 15-16 [Annual Meeting] Envision Tomorrow 2024; Washington, D.C.

• Nov. 4-7 [Seminar] Life and Health Qualifications Seminar; Arlington, Va.

• Dec. 9-10 [Seminar] Seminar on Effective P/C Loss Reserve Opinions; New Orleans

Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings.

Reminder-Nominations Open for Member-Selected Directors, Annual Awards

A reminder that nominations are open this month for Academy members for:

• Member-selected directors to the Academy Board, which are due June 3. For more, visit the nominations page.

• Annual service and recognition awards, which are due June 7. Recipients will be recognized at Envision Tomorrow, the Academy’s Annual Meeting in October. For more, visit actuary.org/awards.