The Academy's Pension Practice Council submitted comments to the Governmental Accounting Standards Board (GASB) in response to two exposure drafts on pension accounting and financial reporting by employers. (October 17, 2011)
The Academy’s Pension Committee submitted a letter to the IRS and Department of Labor concerning a possible error in the instructions for Form 5500, Schedule H on the reporting of premium payments made to the PBGC from qualified DB plan assets. Click here to read the PBGC response to the Pension Committee's Inquiry. (October 17, 2011)
The Life Financial Reporting Committee has re-exposed the practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs, for an additional two weeks. The deadline for comments is Oct. 28, 2011. (October 14, 2011)
A joint work group comprised of members of the SOA Long-Term Section Council and the Academy’s Federal Long-Term Care Task Force submitted a letter to HHS Secretary Sebelius regarding the department’s extension of the Genetic Information Nondiscrimination Act (GINA) to long-term care insurance in proposed regulations.
(October 13, 2011)The Academy's Pension Committee submitted a comment letter to the Actuarial Standards Board regarding the discussion draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (October 12, 2011)
The Academy hosted a jointly sponsored Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. Presenters discussed important implications for plan sponsors, beneficiaries, and policymakers.
- Click here to download the presentation.
- Click here to view the report on the SOA website.
- Video of briefing: part 1, part 2, part 3, part 4
Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges facing the private defined benefit system. Presenters also discussed important implications for plan sponsors, beneficiaries, and policymakers. Speakers: Academy Vice President Ethan Kra, SOA Vice President Tom Terry, SOA Research Actuary Joe Silvestri, and Academy Senior Pension Fellow Don Fuerst.
- Click here to download the presentation.
- Click here to view the report on the SOA website.
- Video of briefing: part 1, part 2, part 3, part 4
The Casualty Practice Council submitted comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions.
(October 10, 2011)Exchanges Work Group comments to CMS in response to proposed regulations establishing health insurance exchanges and qualified health plans under the ACA. (October 06, 2011)
The Academy recently sent a letter to the NAIC Medigap PPACA Subgroup offering comments on the subgroup’s new discussion paper, Medicare Supplement Insurance First Dollar Coverage and Cost-Shares.
(October 04, 2011)
The Academy is hosting a jointly sponsored Capitol Hill briefing with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrates a “rising tide” of funding challenges facing the private defined benefit system. Presenters will discuss important implications for plan sponsors, beneficiaries, and policymakers. Learn more. (September 30, 2011)
The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model.
(September 30, 2011)The Academy's Social Security Committee urged President Obama and congressional leaders to improve the long-term solvency and sustainability of Social Security whether in a broader deficit-reduction package or through an alternative legislative track. (September 23, 2011)
The Academy's Pension Committee submitted a comment letter to the Pension Benefit Guaranty Corporation regarding the calculation of unfunded vested benefits for at risk pension plans. (September 22, 2011)
Academy Public Interest Committee Chairperson Tom Terry sent a letter to House Ways and Means Social Security Subcommittee Chairman Sam Johnson and Ranking Member Xavier Becerra in response to follow-up questions from Terry's July 8 testimony on the Social Security retirement age. The letter addressed ways in which policymakers can boost incentives for older workers to work longer.
(August 31, 2011)The Academy/SOA Long-Term Disability Work Group gave an update to the NAIC's Health Actuarial Task Force on the work group's progress regarding the creation of a valuation table for group long-term disability. The work group expects the table to be completed by March of 2012. (August 31, 2011)
The Committee on Property and Liability Financial Reporting sent comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. (August 31, 2011)
Slide presentations from the May 18 seminar, Preparing for Change under PBA: Life Company Reserves and Capital are available for download. You will find presentations on "hot topics" and information specific to the implementation challenges related to the Principle-Based Approach (PBA) for statutory reserves and capital. It was jointly sponsored by the Society of Actuaries and the American Academy of Actuaries.
(August 31, 2011)
The ERM Committee submitted comments to the NAIC on its Own Risk and Solvency Assessment (ORSA) Guidance Manual supporting its view that the manual offers ORSA guidance which focuses on the most fundamental components of a strong ERM framework.
(August 31, 2011)
The Academy's Medicare Supplement Work Group sent a letter to the NAIC's Medicare Supplement Refund Formula Subgroup with a proposed charge to have the work group review the Medicare Supplement Refund Formula for potential changes that may need to be addressed. (August 31, 2011)
