Academy Testifies at Congressional Hearing on Multiemployer Plans
The Academy’s senior pension fellow, Ted Goldman, testified before the Joint Select Committee on Solvency of Multiemployer Pension Plans at a hearing Wednesday on “The History and Structure of the Multiemployer Pension System.” Watch the testimony here.
Proposed Revisions of ASOP Nos. 4, 27, and 35—Pension Plans
The Actuarial Standards Board (ASB) of the American Academy of Actuaries recently approved exposure drafts of revisions of Actuarial Standard of Practice (ASOP) Nos. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions; 27, Selection of Economic Assumptions for Measuring Pension Obligations; and 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
The revisions are based on suggestions from the Pension Task Force report issued in 2016 as a result of comments received on a 2014 Request for Comments on ASOPs and Public Pension Plan Funding and Accounting as well as a subsequent 2015 public hearing held on proposed ASOPs applicable to actuarial work regarding public plans.
The comment deadline for the exposure drafts is July 31, 2018. Information on how to submit comments can be found in the drafts, which can be viewed here.
New Quiz Tests Knowledge of Lifetime Income Options
The Academy’s new Lifetime Income Quiz poses questions that provide insight into issues in planning for retirement income, a better understanding of key concepts, and choices that people may face in deciding how to convert savings into lifetime retirement income. Test your knowledge and take the quiz today. More resources are available on the Academy’s Lifetime Income Initiative webpage.
Professionalism Outreach
On Tuesday, April 16, Academy President Steve Alpert spoke to actuarial science students at Maryville University in Saint Louis about “Professionalism and the Aspiring Actuary.” The presentation examined the importance of actuarial professionalism given the broad societal impact of much actuarial work, and described to the audience of potential future actuaries the professionalism infrastructure housed within the Academy.
Make Your Nomination for Annual Academy Service Awards
It’s time to nominate a deserving colleague or respected mentor for one of the Academy’s prestigious annual service awards, either for public service or for a lifetime of service to the actuarial profession and the Academy, as described below.
The Robert J. Myers Public Service Award honors an actuary who has made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
Additionally, the Outstanding Volunteerism Award honors Academy volunteers who have made a single, noteworthy volunteerism contribution in the past year.
Webinar Next Week: P/C Public Policy Update—Spring 2018
Don’t forget to register for the Casualty Practice Council’s “P/C Public Policy Update—Spring 2018,” which will be held next Friday, April 27, from noon to 1 p.m. EDT. The webinar will review the effect of the 2017 tax law on P/C insurers, look at recent legislative and regulatory activity in the states, provide an update on proposed changes in requirements for qualified and appointed actuaries, review the status of the National Flood Insurance Program, and provide an update on pending changes to risk-based capital (RBC) bond factors.
Alerts
The International Monetary Fund (IMF) has released its April 2018 Global Financial Stability Report, which provides an overview of major factors affecting financial stability on an international level. Read the alert here.
Check Your Subscriptions: Academy members can subscribe to the alerts to receive a notification when a new alert is posted in their area(s) of interest. Alerts are available in five areas of focus: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them free of charge as a member service after signing in to the member section of the website.
Seminar on Effective P/C Loss Reserve Opinions—Dec. 6–7, Chicago
In the News
An article in the Business Record of central Iowa on that state’s authorization of multiple-employer welfare arrangements cited the Academy’s 2017 issue brief on association health plans.
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