Academy membership becomes a legal requirement for actuaries filing actuarial equivalence attestations for retiree prescription drug plans seeking a Medicare Part D subsidy.
The Academy Board issues guidelines for making public statements, which required that the statements be consistent with the mission and purpose of the Academy and grounded in actuarial science. Statements may go beyond the narrow areas where the actuary’s knowledge is unique if that statement will contribute to discourse on an issue that is of interest to the Academy, its members, and the public.
An “Up to Code” column debuts in Contingencies to offer important information about the issues and workings of the Actuarial Board for Counseling and Discipline.
To encourage recruitment for the growing number of Academy volunteer opportunities, the Volunteer Resource Committee is formed, charged with developing and annual survey to describe volunteer activities.
The Qualification Standards are revised, by action of the Academy Board, increasing continuing education requirements, and, for the first time, becoming effective for all credentialed actuaries providing Statements of Actuarial Opinion (SAOs) in the United States. Before this time, the USQS were only applicable to actuaries issuing statutory SAOs.
The Academy creates its Public Interest Committee, and upon its recommendation, the Board approves the issuance of a public interest advocacy statement to raise Social Security's retirement age.
The Academy’s Public Interest Committee organizes a public forum to hear stakeholder views on the disclosure of the market value of assets and liabilities for public pension plans. Panelists including plan administrators, public officials, regulators, investment advisers, and actuaries discuss the relationship between financial disclosures and good public plan decision-making.