The Accounting Principles Board (precursor to the Financial Accounting Standards Board) issues Opinion 8, “Accounting for the Cost of Pension Plans,” which states that membership in the Academy is evidence of professional qualifications.
The Academy’s Guides to Professional Conduct are revised and expanded by adding an Interpretative Opinion on Relations with Other Actuaries. Other changes and additional Interpretative Opinions follow on an ad-hoc basis.
The Academy consolidates its various qualification committees into a newly charged Committee on Qualifications in an effort to consider qualifications across practices.
The Social Security Reform Amendments of 1983 is signed into law which, among other changes, extends Social Security’s retirement age to age 66 in 2009 and age 67 in 2027