The Academy's Life Invested Asset Work Group submitted a comment letter to the NAIC Valuation of Securities Task Force related to modification of the methodology for assigning classifications to investments and changing how classification decisions are implemented.
(June 20, 2012)The Academy's Life Financial Soundness/Risk Management Committee submitted an amendment proposal form to the NAIC Life Actuarial Task Force outlining a simplified approach for determining a prudent estimate mortality assumption for VM-20.
(June 18, 2012)The Academy’s Medicaid Work Group submitted comments to CMS on a proposed rule regarding payments for Medicaid primary care services. The letter addresses issues relating to actuarial soundness as they pertain to changes in the Medicaid program.
(June 12, 2012)Academy Senior Pension Fellow Don Fuerst testified before the ERISA Advisory Council June 12 on issues related to retirement security and the risk of long-term disability.
(June 12, 2012)The Long-Term Care Practice Note work group has extended to July 8 the exposure period for the rate stability practice note, Long-Term Care Compliance with the National Association of Insurance Commissioners Long-Term Care Insurance Model Regulation Relating to Rate Stability.
(June 12, 2012)
The Academy’s Actuarial Value Subgroup submitted comments to the IRS on Notice 2012-31, Minimum Value of an Employer-Sponsored Health Plan. The letter addresses how to account for non-core benefits and non-standard plan features as well as other considerations related to the treatment of health savings account (HSA) contributions.
(June 11, 2012)
The Academy's Health Practice Council and the SOA jointly released a research brief that summarizes the key findings and policy implications of a study, conducted by Milliman and sponsored by the SOA, of the risk mitigation programs under the Affordable Care Act (ACA)—risk adjustment, reinsurance, and risk corridors.
(June 04, 2012)The Pension Committee submitted a comment letter to the Actuarial Standards Board responding to an exposure draft of ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations. The letter addressed several provisions of the exposure draft, including scope, selection of reasonable assumptions, investment return assumptions, and measurement-specific conditions. The Joint Committee on Retiree Health also submitted a letter, focusing on the interaction of the ASOP to retiree group benefits practice.
The Social Security Committee published a new issue brief examining the significance of the Social Security trust funds from three perspectives: the Social Security system, a unified federal budget, and the whole economy.
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on the exposure draft for ASOP 27, Selection of Economic Assumptions for Measuring Pension Obligations, regarding the implications for retiree group benefits.
(May 31, 2012)
The Social Security Committee updated its annual issue brief offering an actuarial perspective on the 2012 Social Security Trustees Report and outlined policy options for addressing the program's long-term financial challenges.
The Pension Committee submitted a comment letter to the Actuarial Standards Board responding to an exposure draft and suggesting modifications to proposed revisions of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The Pension Finance Task Force also submitted a letter to the ASB responding to the exposure draft, as did the Joint Committee on Retiree Health whose letter focused on the interaction with retiree group benefits practice.
The Social Security Committee updated an issue brief examining the assumptions used to evaluate Social Security's financial condition. The brief analyzes demographic and economic assumptions used by the federal government and outside experts.
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on the exposure draft for ASOP 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, requesting clarification on the implications for retiree group benefits.
(May 31, 2012)
The Medicare Steering Committee updated its annual issue brief that offers an actuarial perspective on Medicare's financial condition and outlines the public policy options to address the program's long-term financial challenges.
(May 22, 2012)The Health Practice Financial Reporting Committee sent comments to the Actuarial Standards Board on revisions to ASOPs 22, Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life and Health Insurers and 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets.
The Actuarial Value Subgroup sent a letter to CCIIO offering comments on the Actuarial Value and Cost-Sharing Reduction bulletin, specifically addressing the proposed actuarial value calculator. This letter supplements comments submitted April 2 on the cost-sharing inputs for the calculator.
(May 16, 2012)
The cross-practice-Actuarial Soundness Task Force has issued Actuarial Soundness, a Special Report. It provides an overview of the uses of the terms “actuarial soundness” and “actuarially sound” in state and federal legislative and regulatory contexts to inform regulators and the general public of the meanings and implications of these terms.
(May 10, 2012)
The Pension Committee submitted a comment letter to the Internal Revenue Service (IRS) responding to proposed regulations for partial annuity distribution options under defined benefit (DB) pension plans, commenting specifically on the proposed structure of Section 417(e) exemptions, and transition issues.
The Pension Committee submitted a comment letter to the Internal Revenue Service responding to proposed regulations for longevity annuity contracts. The letter commended the IRS and Treasury Department for focusing on the problem of longevity risk, and recommended modest changes to the proposed regulations to further enhance retirement security.
