Issue Brief Examines Implications of Pension Risk Transfers
The Pension Committee released an issue brief, Pension Risk Transfer, that explores risk transfers by defined benefit pension plans from the perspectives of plan sponsors, beneficiaries, and policymakers.
“Pension risk transfers can have significant implications for the financial security and responsibilities of different plan stakeholders,” said Ellen Kleinstuber, chairperson of the Pension Committee. “This new issue brief explores how pension risk transfers can affect different parties. Whether you’re a plan participant, a plan sponsor, or a pension regulator or plan fiduciary, Pension Risk Transfer can help you take stock of how other key stakeholders view pension risk transfer and what a risk transfer transaction might mean for you.”
The issue brief examines risk transfer implications such as the possible merits and downsides of different options typically offered to plan participants; the potential risks, benefits, and other business considerations for sponsors, including the effects on plan participants and shareholders, and on sponsor costs and liabilities; and the responsibilities, including regulatory compliance concerns, of regulators and plan fiduciaries who serve or protect public or shareholder interests, respectively.
Professionalism Outreach
Actuarial Board for Counseling and Discipline (ABCD) Vice Chairperson Janet Carstens spoke Tuesday on professionalism to an audience of nearly 200 at a Twin Cities Actuarial Club meeting in Minneapolis. Topics included an overview of the ABCD’s purpose and counseling services for actuaries, and aspects of documentation. Carstens, a Council on Professionalism member, also facilitated discussions of professionalism case studies.
Reminder: Health Care ‘Actuarial Challenge’
The Academy is helping to promote and coordinate a collaborative “Actuarial Challenge,” being conducted by the Robert Wood Johnson Foundation in conjunction with Milliman Inc. This is an opportunity for actuaries to provide innovative ideas and proposals to increase stability in the individual health insurance market. The challenge runs through April 2017; visit the Actuarial Challenge website for more information.
Recently Released
The October issue of HealthCheck previews the health plenary and breakout sessions at the Academy’s upcoming Annual Meeting and Public Policy Forum; covers recent Academy correspondence with Congress on health issues; recaps this month’s global health webinar on health care systems in France and the U.K.; and includes a reminder on the health care “Actuarial Challenge.”
Upcoming Events
Annual Meeting Regular Registration Rates Ending Soon: Regular registration rates for the Academy’s Annual Meeting and Public Policy Forum are available for just one more week, through next Friday, Oct. 21. With more than 40 experts on hand, attendees will hear the latest news on today’s top public policy and professionalism issues. The agenda offers up to 12 hours of organized-activity continuing education (CE) credits, and up to 1.8 hours of professionalism CE credits. Register today, and join us in Washington Nov. 3-4 for the meeting and forum.
Next Week—Cross-Practice Professionalism Webinar Set for Wednesday: A professionalism webinar, “An Overview of Cross-Practice Standards,” will be held next Wednesday, Oct. 19, from noon to 1:30 p.m. EDT. Actuarial Standards Board (ASB) Chairperson Maryellen Coggins and Vice Chairpersons Beth Fitzgerald (finance) and Frank Todisco (operations) will lead the conversation about the value and challenges of cross-practice standards. The panel, moderated by Paul Kollmer-Dorsey, the Academy’s general counsel and director of professionalism, will discuss Actuarial Standards of Practice Nos. 1, 23, 25, and 41, and proposed standards on modeling and assumptions that are in development. Register today.
LHQ Seminar Registration Closes Next Friday: Registration closes Oct. 21 for the 2016 Life and Health Qualifications Seminar, to be held Nov. 13-17 in Arlington, Va. (Washington, D.C., metro area). This annual seminar is the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Just a few spots remain available; register today to reserve one of the remaining spaces for this highly regarded seminar.
See our website for a listing of all Academy events.
Public Policy Activities
The Casualty Practice Council and Committee on Property and Liability Financial Reporting submitted a comment letter to the Actuarial Standards Board on the third exposure draft to a proposed actuarial standard of practice on modeling.
Alerts
The Centers for Medicare & Medicaid Services released a final rule Friday on implementing the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
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 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.
In the News
Time and CNN Money stories on retirement planning cited the Actuaries Longevity Illustrator, developed by the Academy and the Society of Actuaries, as a useful tool to help people understand longevity risk. The stories were republished by a number of news outlets, including Real Deal Retirement and Yahoo Finance.
Academy Senior Life Fellow Nancy Bennett described actuarial assumptions for a LifeHealthPro story on universal life policy premium increases.
A Health Affairs Blog post promoting the Academy co-sponsored Actuarial Challenge urged actuaries to be part of the friendly competition in which teams of actuaries develop and test feasible solutions to improve the performance of the individual health insurance market.
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