In light of the coronavirus pandemic, the Academy has extended the comment period for the exposure draft of the Actuarial Memorandum Practice Note until June 15. Comments had previously been due in March. The Actuarial Memorandum Practice Note Work Group published the exposure draft in January to provide information that can be useful for appointed actuaries dealing with challenges of producing an Actuarial Memorandum in support of the Actuarial Opinion filed as part of the Health Annual Statement Blank, which is often referred to as the Health Blank or the Orange Blank. Comments can be submitted to health@actuary.org. (April 15, 2020)
The Academy has released the 2019 edition of The Record. The Record is the Academy’s annual report to the membership and the public, recapping the work of Academy volunteers over the past year in serving the public and the profession. From Past President Shawna Ackerman’s opening letter to professionalism and public policy activities, from volunteering and communications to international undertakings, The Record illustrates what a productive year 2019 was for the Academy. (April 15, 2020)
The Multiemployer Plans Committee released an issue brief that addresses current practices and approaches to the selection of withdrawal liability interest rates. (April 13, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (April 10, 2020)
The Academy’s Retirement System Assessment and Policy Committee published an issue brief that considers potential ways to optimize portability and personal management of retirement assets, income, and benefits. (April 10, 2020)
The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential effects on health care spending and the private health insurance system and on the Medicaid program and Medicaid managed care organizations. We also developed a page with links to many COVID-19 information resources. Members of the Academy may also use this form to suggest additions to the resources page, our FAQs, potential COVID-19-related webinar topics, or other issues we might want to investigate. (April 07, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (April 03, 2020)
The Life Principle-Based Approach Practice Note Work Group updated the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for Dec. 31, 2019, valuations. (April 03, 2020)
Clear actuarial communication—especially in a time of a pandemic crisis when most people are working remotely—is about much more than the numbers, as spelled out in both Actuarial Standard of Practice No. 41, Actuarial Communications, and Precept 4 of the Code of Professional Conduct. (Actuarial Update, March 2020) (March 31, 2020)
In the March Actuarial Update, Academy President D. Joeff Williams offers a message to members on the Academy’s continuing (remote) operations in light of the coronavirus pandemic. Related, the Academy has developed a webpage of related resources and FAQs covering COVID-19 and its possible effects on health spending and insurance. Also in the issue, the Academy remembers Past President Barbara Lautzenheiser and longtime member and World War II “Buffalo Soldier” Ivan Houston; the Annual Meeting and Public Policy Forum, scheduled for November, will feature keynote speakers historian Michael Beschloss and political analyst Charlie Cook; a new “Actuary Voices” conversation with Academy Secretary-Treasurer Cathy Murphy-Barron; meet President-Elect Tom Campbell in the new “Member Spotlight” section; and the “Professionalism Counts” column looks at the importance of actuarial communication. (March 31, 2020)
The Public Plans Committee published a practice note reviewing current and emerging approaches to completion of the Actuarial section of the Comprehensive Annual Financial Report. (March 31, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 27, 2020)
The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding draft revisions to the Audit and Accounting Guide: Life and Health Insurance Entities. (March 25, 2020)
I’m sure that all of you are aware of and concerned about the consequences of this extraordinary period of uncertainty as a result of COVID-19. I want you to know that the American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level, as you will see in our new webpage on COVID-19 information resources, described more below. As many people shift to virtual or remote platforms, the Academy’s staff and volunteers are also doing so while continuing to work together as we always have done to remain available to our members and other stakeholders. We will do our best to continue to disseminate relevant and useful information to you—not just on COVID-19, but on all of our public policy and professionalism work.
I also want to remind you that, with the announcements we have all seen of the necessary cancellation of many larger in-person events, live webinars that include the opportunity for Q&As are an excellent source for obtaining the “organized activity” continuing education (CE) credit that you may need this year. Academy webinars continue to be a viable source for CE. Academy webinars are also archived and available without charge to members after the live event and provide another opportunity, if you are working remotely, to gain CE that meets the requirements of the U.S. Qualification Standards under the “other activities” category. (March 24, 2020)
The Multiemployer Plans Committee submitted a letter to the Internal Revenue Service requesting leniency on the March 30th deadline for multiemployer pension plan certifications. (March 24, 2020)
