The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
Professional objectivity is at the core of the Academy’s identity and mission. That’s why, to serve as a volunteer or be an interested party on Academy boards, councils, committees, subcommittees, task forces, and work groups, one must annually acknowledge the Academy’s conflict of interest policy and attest to compliance with USQS CE requirements.
The Pension Committee submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
The Academy hopes that retirement legislation introduced today by Sen. Tom Harkin will prompt a national discussion about retirement policy. “The discussion is long overdue,” said Academy President Tom Terry. An April 28 policy forum in Washington, D.C., hosted by the Academy will focus on how the Academy’s new “Retirement for the AGES” framework can be used to evaluate proposals such as Sen. Harkin’s.
The Nonforfeiture Modernization Work Group developed a spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal.
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal.