The Academy hosted an Aging Securely Forum on Capitol Hill in Washington on Friday, which covered a variety of topics related to lifetime income, pension and long-term care (LTC) issues, an introduction to the Academy’s Aging Securely initiative, a look at the sustainability of public programs such as Medicare and Social Security, and the release of the Academy’s new Social Security Game and several lifetime income and LTC papers. Please see the October Actuarial Update for full coverage.
New Social Security Game Released
The Academy’s Social Security Game, unveiled Friday in conjunction with the Aging Securely Forum in Washington, offers a chance to explore options for Social Security reform and their impact on the program’s long-term solvency. Play the game to learn about common Social Security myths, then explore options for reform and see how changes will affect younger workers, retirees, and the program’s long-term health. Try your hand at www.actuary.org/playthegame.
Academy Gala Dinner Close to Capacity—Register Today
Limited seats remain for the Academy’s 50th Anniversary Gala Dinner on Nov. 12, which will be hosted in the spectacular Renaissance Revival-style halls of the National Museum of Women in the Arts in downtown Washington, D.C. The Gala Dinner is included in the two-day registration fee for the Annual Meeting and Public Policy Forum. Tickets may also be purchased separately.
A new plenary on climate change has been added to the meeting agenda. Panelists will discuss the risks posed by climate change, including the evolution of extreme event risk exposure and the changing scope and severity of the economic threat posed by climate change. Preview the updated agenda and register here.
At this time, by attending the entire Annual Meeting and Public Policy Forum, depending upon your area of practice, the agenda will enable attendees to earn up to 11.1 organized activity continuing education credits, 1.5 hours of business skills CE credits, and 4.2 hours of professionalism CE credits.
New Joint Paper Explores Longevity Risk
The Academy, in conjunction with the U.K.’s Institute and Faculty of Actuaries (IFoA), and the Actuaries Institute of Australia, released The Challenge of Longevity Risk: Making Retirement Income Last a Lifetime, a paper that explores one challenge to assuring financial security in retirement: the risk of outliving one’s assets—also known as longevity risk.
The paper examines longevity risk under the retirement systems in the three countries, and calls attention to the need to inform individuals and educate policymakers about the decumulation phase of retirement, when people are spending down their retirement assets. The paper highlights that the shift away from defined benefit pensions to defined contribution plans in many countries has transferred the responsibility for managing longevity risk, along with investment and inflation risk, to the individual.
The Medicare Subcommittee released an issue brief that examines the potential for Medicare Advantage plans to improve quality of care at lower prices as part of its Medicare@50 series.
The Nonforfeiture Modernization Work Group submitted additional comments related to cancellation benefits on the Draft Contingent Deferred Annuity (CDA) Cancellation of Benefits Document to the NAIC CDA (A) Working Group.
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force on its Price Optimization White Paper that was exposed on Oct. 13.
Upcoming Events
‘Unknown Unknowns’ Professionalism Webinar Next Week: Don’t miss the next installment in the Council on Professionalism’s (COP) highly popular webinar series, “Unknown Unknowns: Challenges to Professionalism,” which will be held Oct. 30, from noon to 1:30 p.m. EDT. Using experience from the pension, health, and property and casualty practice areas, expert panelists will review and discuss how they have approached work in areas where implementation guidance is minimal, nonexistent, or changeable. Click here for webinar information and to register.
The COP’s fourth and final webinar of the year—“Facing a Dilemma? The ABCD Can Help,” about the guidance available from the ABCD—will be held on Dec. 9. Stay tuned for more details as they become available.
International Health Care Webinar to Focus on Canada, Chile: The Academy’s Nov. 4 international health care webinar will be the final installment of our joint series with the IAA Health Section. This webinar will focus on the health care systems of Canada and Chile. Click here to view the agenda and click here to register. Registration closes Oct. 29.
The 2015 Life and Health Qualifications Seminar will be held Nov. 9-12 in Arlington, Va. (metropolitan Washington, D.C.), just prior to the Academy’s Annual Meeting in Washington. While the seminar has reached capacity, spaces do sometimes open up, so please visit the seminar page for information about getting on the waiting list.
Pension Costs Webinar Planned for November: The Academy’s Nov. 10 webinar, “Alternatives for Pension Cost Recognition,” will provide a discussion of an area of emerging practice to inform actuaries and other interested parties about alternative expense methodologies. Click here for information and to register.
Space Limited for P/C Opinion Seminar: Space is limited for the Academy’s 2015 Seminar on P/C Effective Loss Reserve Opinions, to be held Dec. 1-2 in Philadelphia, so register today. Actuaries who prepare or sign NAIC annual statement actuarial opinions on P/C loss reserves, or those who assist in preparing them, should plan to attend. Click here for seminar information, here to see the speakers list, and here to register.
Alerts
The IRS announced cost-of-living adjustments regarding dollar limitations for pension plans and other retirement-related items for the 2016 tax year.
In the News
The U.K.’s Professional Pensionsreported on the release of The Challenge of Longevity Risk: Making Retirement Income Last a Lifetime, a joint project of the Academy, the IFoA, and the Actuaries Institute of Australia that explores considerations of the decumulation phase of retirement, in which a retiree spends down assets accumulated prior to retirement. BenefitsPro also reported on the release of the paper.
The Academy is cited in BenefitsPro story that provides a critical analysis of the latest update to mortality tables produced by the Society of Actuaries (SOA). The story notes that the rate of improved mortality in the updated tables will have significant implications for plan sponsors, and questions the timeliness of the data used by the SOA. The piece was also published in Treasury & Risk.
Bill Hallmark, chairperson of the Public Plans Subcommittee, was quoted in a separate BenefitsPro story that examines the potential discount rates that might be used in the new defense authorization bill passed by Congress allowing military personnel to take lump-sum payouts instead of traditional pensions.
Hartford Business Journalcited the Academy issue brief on expanding the small group definition under the ACA in reporting that Connecticut will opt out of the provision. Recent legislation signed by President Obama amended the ACA to make state participation in the provision optional. The issue brief was also cited by The Charlotte Observer (N.C.).
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