Academy Responds to Medicare, Social Security Trustees Reports
The Academy released updated Medicare and Social Security information after the respective boards of trustees issued their annual reports this week on the financial status of those federal programs, including an issue brief on the Medicare Trustees Report. An issue brief on the Social Security Trustees Report will be released soon.
Following the release of this trustees’ reports, the Academy issued a cross-practice alert, updated the Essential Elements reports on Medicare and Social Security, and revised its 2016 Election Guides to reflect the changes. See the upcoming June Actuarial Update for more coverage.
Sen. Dodd to Give Keynote Address at Annual Meeting and Public Policy Forum
Former Sen. Chris Dodd, principal sponsor of the Dodd-Frank financial reform law, will deliver the keynote address at the Academy’s Annual Meeting and Public Policy Forum. Registration opened this month for the event, to be held Nov. 3-4 in Washington, D.C., just prior to the presidential and congressional elections. Dodd will speak at the luncheon on Thursday, Nov. 3.
Also new to the agenda, renowned political satire troupe the Capitol Steps will provide a just-in-time, irreverent musical take on the candidates and the political season as the entertainment for the Nov. 3 dinner.
Visit the Annual Meeting webpage to learn more, including how to register and where to stay. The biggest discounts for registration end on June 30, so register now for the lowest rates.
Academy Leaders Attend SOA Board Meeting
The Society of Actuaries (SOA) Board welcomed leaders of the American Academy of Actuaries to its Board meeting last Friday in Philadelphia. Academy President Tom Wildsmith, President-Elect Bob Beuerlein, and Executive Director Mary Downs outlined the Academy’s history and purpose. The Board and the Academy leaders discussed issues facing the U.S. actuarial profession and areas of mutual interest.
Two Webinars Next Week
Big Data Professionalism Webinar Set for June 28: The Academy will host a professionalism webinar on Tuesday, June 28, from noon to 1:30 p.m. EDT, on Big Data and Actuarial Professionalism. The presenters—Academy President-Elect Bob Beuerlein; Ross Winkelman, a member of the Actuarial Standards Board; and Academy Senior Property/Casualty Fellow Jim MacGinnitie—will discuss professionalism aspects of using Big Data in the life, health, and P/C practice areas, and explore how actuaries can apply the Code of Professional Conduct, actuarial standards of practice, and other professionalism tools to address issues that may arise when working with Big Data. Register today.
Join the Academy for a June 30 webinar that will look at the Report on Principle-Based Reserve Modeling for Long-Term Care (LTC) Insurance, which was issued earlier this year. Hosted by members of the LTC PBR Work Group, the webinar, to be held from noon to 1 p.m. EDT, will feature a discussion of the report, which demonstrates the feasibility of one modeling method and provides resources for future modeling investigation on principle-based valuation of liabilities as applied to LTC insurance. Speakers also will provide a live demonstration of the model included in the report. Attendees will gain strong knowledge of the model’s functionalities and structure, assumptions employed, and the modeling process. Register today.
Professionalism Outreach
Council on Professionalism (COP) Vice President Ken Kent and COP member Joeff Williams both spoke at the Southeastern Actuaries Conference on Wednesday, giving talks on, respectively, the actuarial profession and ethics. Kent gave an overview of the actuary’s professional relationship with the public, as well as his or her employer, principal, and clients. Williams cited the Code of Professional Conduct’s precepts, which “identify the professional and ethical standards with which an actuary must comply,” and noted that in addition to the Code, actuaries are “subject to applicable rules of professional conduct or ethical standards that have been promulgated by a Recognized Actuarial Organization.” Academy General Counsel and Director of Professionalism Paul Kollmer-Dorsey also gave a presentation on U.S. actuarial professionalism.
Retirement Account Released
The summer 2016 issue of Retirement Account, released Friday, covers the launch of the Actuaries Longevity Illustrator, the Enrolled Actuaries Meeting held in April, an exposure draft of a practice note on investment return assumptions, comments submitted to the Treasury Department and IRS on 2017 applicable mortality tables, and other public policy matters.
Upcoming Events
Biggest Discount Ends Next Week for Annual Meeting and Public Policy Forum: Register today to secure the lowest registration rates for the Academy’s 2016 Annual Meeting and Public Policy Forum. Extra-early discounts end June 30.
Save the date for the July 20 webinar, “Putting a Price on Risk: Quantifying Risk Exposures for ORSA Reports.” The ERM/ORSA Committee will host this interactive forum, in which members of the committee’s Risk Exposures Subgroup will provide an overview of the forthcoming Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports practice note. Registration details will be announced soon.
Registration Open for Casualty Loss Reserve Seminar: The 2016 Casualty Loss Reserve Seminar (CLRS) and Workshops, jointly sponsored by the Academy and the Casualty Actuarial Society, will be held Sept. 18-20 in Chicago. Learn from expert analysis of innovation in reserving. For registration information, email arc@casact.org or visit the CLRS website.
LHQ Seminar Set for November: The lowest registration rates are available for the 2016 Life and Health Qualifications Seminar, to be held Nov. 13-17 in Arlington, Va. (Washington, D.C., metro region). Seminar topics will include health insurance valuation; premium, loss, expense, and contingency reserves; risk-based capital; and professionalism. Register today to reserve your space.
Alerts
The Pension Benefit Guaranty Corp. (PBGC) released two reports: the FY 2015 PBGC Projections Report and the MPRA Report, as required by the Multiemployer Pension Reform Act of 2014.
The Centers for Medicare and Medicaid Services released new information related to the transitional reinsurance program under the Affordable Care Act (ACA), as well as guidance regarding alternative payment schedules for reconciliation of the cost-sharing reduction for the 2014 and 2015 benefit years.
The IRS released proposed rules regarding nonqualified deferred compensation plans and state and local government deferred compensation plans.
The Financial Stability Oversight Council released its annual report, describing significant financial market and regulatory developments, emerging threats to the financial system, and recommendations for addressing them.
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.
Public Policy Activities
The Pension Committee submitted a comment letter to the PBGC expressing appreciation for proposed regulations providing a reduction or partial waiver of the penalty due upon the late payment of premiums to the single employer and multiemployer insurance programs.
The Role of the Actuary Subgroup submitted comments to the NAIC’s Life Actuarial Task Force on the Consolidated ACLI and Academy Amendment Proposal Form.
In the News
A Managed Healthcare Executivestory cited the Risk Sharing Subcommittee’s April issue paper on the ACA risk adjustment program, examining how insurers should prepare for future risk adjustments.
A Financial Buzzstory examining the military’s plan to institute a new blended retirement system for enlisted service members highlighted the Pension Practice Council’s concerns about how personal discount rates will be used to calculate lump-sum payments from military pensions.
The Craig Daily Press (Colo.) and the Shorewood Sentinel (Ill.) cited the Academy’s Individual and Small Group Markets Committee issue brief analyzing 2017 health insurance rates in a column that explores how premiums and subsidy fluctuations under the ACA have affected policyholders in the Midwest.
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