In this webinar, Council on Professionalism members Curtis Huntington and Godfrey Perrott discuss the International Actuarial Association and how its activities potentially affect U.S. actuaries. Presenters also discuss why actuaries should keep up with current international events and stay informed of proposed changes. (December 15, 2011)
The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries Project Oversight Group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators.
All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: ESGhelp@SOA.org. (December 16, 2011)
Read the second edition of Retirement Account, the Pension Practice Council’s quarterly email newsletter designed to keep you up to date on Academy public policy activity in the pension arena. (November 14, 2011)
Robert Meilander has been appointed chairperson of the Actuarial Standards Board, and Paul Fleischacker has been appointed chairperson of the Actuarial Board for Counseling and Discipline. Their terms will begin on Jan. 1, 2012. (December 15, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting. (December 07, 2011)
Join the Academy’s Council on Professionalism on Dec. 15 to learn more about the International Actuarial Association and how its activities may affect you as a U.S. actuary. As the global economy affects our own economy and progress, actuaries—regardless of where they live—need to keep up with current international events and stay informed of proposed changes that may affect how they approach their U.S. practice. Click here to learn more. (December 06, 2011)
Click here to order your copy. The law manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion. (December 02, 2011)
The Academy submitted written comments to the International Actuarial Association (IAA) in response to its exposure draft on model International Standard of Actuarial Practice (ISAP) 1–General Actuarial Practice. Mary Frances Miller, then the Academy’s president, advised members in October that the IAA had released its first exposure draft to IAA member associations and individual actuaries for comment. The Actuarial Standards Board (ASB) provided a report to the U.S.-based actuarial associations on the proposed ISAP and also submitted a comment letter that was strongly endorsed by the Academy. To learn more, read the Academy’s comment letter, Miller’s message, and the ASB’s report and comment letter. (December 02, 2011)
2012 membership dues remain at the same level as 2011. If you haven’t paid your 2012 dues, click here to conveniently pay online before Jan. 1. Now is also a good time to ensure your member profile is up to date, make any necessary changes, and sign up for Academy alerts—timely online bulletins about legislative and regulatory developments that keep you informed. Log in now to pay your dues, print your invoice, or to update your profile. (December 12, 2011)
The Academy's Public Interest Committee Chairperson Tom Terry testified today to the U.S. House Committee on Ways and Means Subcommittee on Social Security. Terry told the subcommittee that actuaries believe it necessary for policymakers to act promptly in considering options for putting Social Security on a path toward sustainable solvency. He said that when exploring the options and considering continued life expectancy improvements at age 65, increasing Social Security's retirement age stands out as one of the most obvious choices.
Written testimony News release Follow-up letter to Subcommittee Chairman Johnson and Ranking Member Becerra Second follow-up letter to Subcommittee Chairman Johnson and Ranking Member Becerra (July 08, 2011)Presentation slides are now available for the Pension Practice Council’s May 26 Capitol Hill briefing: An Actuarial Perspective on the 2011 Social Security Trustees Report. Presenters from the Academy's Social Insurance Committee shared insights on the 2011 Social Security Trustees Report and presented reform options that, if enacted now, could help address Social Security's long-term financial soundness. (May 26, 2011)
The Academy's Social Insurance Committee released a new issue brief that highlights the 2011 Social Security Trustees Report and outlines the public policy options to address Social Security's long-term financial soundness. (May 26, 2011)
The Academy's Social Security Committee released an updated issue brief on automatic adjustment mechanisms that could help address actuarial balance challenges facing Social Security. (August 04, 2011)
The Academy's Pension Practice Council and Public Plans Subcommittee submitted a comment letter to the U.S. Securities and Exchange Commission requesting that public pension plans be excluded from the definition of "investment strategies" and that enrolled actuaries and members of the five U.S.-based actuarial organizations be excluded from the definition of "municipal advisors" to the extent they are providing actuarial services that are governed by the Actuarial Standards of Practice and the Code of Professional Conduct. (June 22, 2011)
Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges facing the private defined benefit system. Presenters also discussed important implications for plan sponsors, beneficiaries, and policymakers. Speakers: Academy Vice President Ethan Kra, SOA Vice President Tom Terry, SOA Research Actuary Joe Silvestri, and Academy Senior Pension Fellow Don Fuerst.
Click here to download the presentation. Click here to view the report on the SOA website. Video of briefing: part 1, part 2, part 3, part 4 (October 12, 2011)
