The Academy and the Society of Actuaries jointly released the Actuaries Longevity Illustrator, an easy-to-use online tool to calculate longevity risk. The illustrator, available to everyone, provides the user with the likelihood of living various lengths of time, through which individuals and couples can better understand the risk of outliving their retirement income. Read the news release here. Senior Pension Fellow Ted Goldman was quoted in BenefitsPro and ThinkAdvisor stories highlighting the illustrator, which was also covered by PlanAdviser and PlanSponsor.
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Recently Released
In the May/June issue of Contingencies, read the cover feature story “Help Them Get Home,” about how predictive modeling can improve outcomes in child welfare cases; “The Specter of Antiselection,” which explores how the increase in nondisclosure from applicants threatens the viability of life insurers; and “Mortality Experience of Hollywood Actors”—the media coverage of high-profile deaths of famous actors may suggest a “Live fast, die young” trend, but a deep study of the data offers some intriguing findings. Plus a provocative look at risk ranking as it pertains to kidney donation, the trillion-dollar marketplace of credit risk-sharing transactions, and the first puzzle in our new Crossword department.
The Spring 2016 edition of the Enrolled Actuaries Report covers the recent Enrolled Actuaries (EA) Meeting in Washington; Academy Senior Pension Fellow Ted Goldman highlights longevity risk at a National Retirement Planning Week forum; Actuarial Standards Board (ASB) representatives outline the ASB Pension Task Force’s work on public pension plans; and Social Security and retirement issues top the Academy’s EA Meeting poll of election-year issues.
Alerts
The U.S. Treasury Department denied the Central States Pension Fund benefits suspension application on Friday, saying that the plan's application to reduce benefits fails to satisfy the statutory criteria of benefit suspensions. Click here to read the alert.
Rep. Blaine Luetkemeyer (R-Mo.), chairman of the Subcommittee on Housing and Insurance, introduced the Transparent Insurance Standards Act (H.R. 5143) in the House of Representatives. Click here to read the alert.
The Pension Benefit Guaranty Corp. announced a proposed rule that would reduce late premium payment penalties by half. Some qualifying plan sponsors would also be eligible for additional reductions. Click here to read the alert.
How to Subscribe to Member Alerts: Subscribers to the Academy’s alerts are notified by email when a new alert is posted in their area(s) of interest. The alerts focus on five areas: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them after signing in to the member section of the website.
Public Policy Activities
The Role of the Actuary Subgroupsubmitted comments to the NAIC’s Life Actuarial Task Force on recommendations made in amendment proposal forms regarding VM-G of the Valuation Manual.
In the News
Military Times quotes Bill Hallmark, chairperson of the Academy Pension Practice Council, in a feature story questioning how personal discount rates will be used to calculate lump-sum payments from military pensions. The story was widely published by U.S. military-focused outlets and in BenefitsPro. Read the Pension Practice Council’s comments to the Department of Defense regarding the discount rates here.
A subscriber-only piece in A.M. Best analyzing Affordable Care Act (ACA) marketplace drivers of 2017 premiums quotes Senior Health Fellow Cori Uccello, who explained how insurers adjust their premiums relative to their risk profile. The story is also available via ProgramBusiness.
An Inside Health Insurance Exchangesstory, “Risk-Adjustment Payouts May Level Plans Before Tweaks Can Level the Playing Field,” cited analysis from the Academy’s issue paper on the ACA risk adjustment program.
An editorial by ThePress-Enterprise (Riverside, Calif.) cites the Academy issue brief, The 80% Pension Funding Standard Myth. The editorial board points to the Academy’s analysis in urging a discussion of how to further rein in pension costs.
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