Proposed Advocacy Statement: Retirement Income Options In Employer-Sponsored Defined Contribution Plans
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The Period for Comments is Closed
TO: | Academy Colleagues |
FROM: | Steve Alpert, Academy President-Elect; Chairperson, Public Interest Committee |
DATE: | April 7, 2017 |
Background
The Academy’s mission statement provides, in part, for advocacy statements: “The Academy identifies and addresses issues on behalf of the public interest on matters in which actuarial science provides a unique understanding.” Advocacy statements are different from, and complementary to, the more common public policy statements, which fulfill the Academy’s mission to provide “independent and objective actuarial information, analysis, and education for the formation of sound public policy.”
Because of their higher profile and strategic positioning on behalf of the Academy as a whole and the actuarial profession generally, the Board of Directors has retained the responsibility for making the decision on whether or not to issue an advocacy statement. The Board has delegated to the Public Interest Committee (PIC) the responsibility for doing the due diligence and research needed to support a recommendation that the Board adopt an advocacy statement.
This request for feedback is the last step in that due diligence process. The report to the Board will include a summary of the responses received, and will help inform the Board’s judgment about how to best serve the strategic goals of both the Academy and the profession.
About the Statement
The idea for this project originated in the Lifetime Income Risk Joint Task Force (LITF), as an extension of the significant number of public policy documents developed under the Lifetime Income Initiative. The draft advocacy statement reflects an extended period of collaboration, editing, and review involving the LITF, PIC, and Academy staff. It thus reflects our consensus and collective best judgment as to the appropriate form and content for a potential advocacy statement.
Questions for Consideration
With respect to this proposed statement:
- Does the statement clearly identify a public interest?
- Does the statement identify a matter "in which actuarial science provides a unique understanding”?
- How does the Academy or the profession benefit if this advocacy statement were released?
- What are the risks to the Academy or to the profession if this advocacy statement were released?
- Considering your thoughts on questions 1–4, on balance do you:
- Strongly support release as an advocacy statement;
- Somewhat support release as an advocacy statement;
- Not object to release as an advocacy statement; or
- Oppose release as an advocacy statement?