Senior Pension Fellow Don Fuerst responded by letter to additional questions asked by Chairman Johnson of the House Ways and Means Subcommittee on Social Security. The letter, related to Mr. Fuerst’s May 23 testimony to the subcommittee, provided further analysis on changing the benefit formula of Social Security, and modifying the program’s early and full retirement ages. (July 31, 2013)

Reforms introduced by the Affordable Care Act (ACA) may create uncertainty for health insurance issuers. What does this uncertainty mean for your future financial statements, especially given increased ACA requirements for actuarial estimates in financial reporting? Register for the Aug. 22 webinar to learn about the financial reporting implications of several key provisions of the ACA—premium stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities. (August 07, 2013)

Detroit’s pension shortfall has drawn new attention to long-standing issues regarding the risks of public pension plans. Learn about the American Academy of Actuaries’ work to raise awareness of these risks and educate stakeholders about solutions. (July 31, 2013)

Whether you’re an actuary who signs P/C loss reserve opinions or someone who assists in preparing them, the Academy’s annual seminar on P/C Effective Loss Reserve Opinions offers you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Join us on Nov. 13 and 14 in St. Louis for this highly interactive and customized seminar. Registration spaces are limited to maximize customization and robust discussion. Register today! (October 18, 2013)

On July 22, Academy President Cecil Bykerk sent a letter to the editor of The New York Times pointing out that a story regarding Detroit’s pension shortfall mischaracterized actuaries as “running” pension plans and urging the Times to report on “the causes and the fiscally sound and sustainable solutions” for troubled public pension plans. The Times subsequently issued the following correction: “An article on Saturday about a dispute among actuaries over how to calculate the present value of future pensions misstated the role of actuaries in pension plans. The actuary keeps track of plan members’ data, calculates how much money must be contributed every year and advises the board on key assumptions like future investment returns; the actuary does not ‘run’ the plan.” (July 25, 2013)

The Enterprise Risk Management Committee released the final version of its practice note, “Insurance Enterprise Risk Management Practices,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance. (July 25, 2013)

Senior Life Fellow Nancy Bennett presented on annuities regulation at the National Conference of Insurance Legislators Summer Meeting. (July 13, 2013)