The Academy submitted written comments to the International Actuarial Association (IAA) in response to its exposure draft on model International Standard of Actuarial Practice (ISAP) 1–General Actuarial Practice. Mary Frances Miller, then the Academy’s president, advised members in October that the IAA had released its first exposure draft to IAA member associations and individual actuaries for comment.
Academy Senior Pension Fellow Don Fuerst discussed efforts to extend a temporary cut to Social Security payroll taxes. He said the payroll tax cut is being used as a tool to manage today's economic conditions, but that Social Security's long-term challenges are not being addressed.
The Academy's Public Interest Committee Chairperson Tom Terry testified today to the U.S. House Committee on Ways and Means Subcommittee on Social Security. Terry told the subcommittee that actuaries believe it necessary for policymakers to act promptly in considering options for putting Social Security on a path toward sustainable solvency.
The Academy's Social Security Committee released an updated issue brief on automatic adjustment mechanisms that could help address actuarial balance challenges facing Social Security.
Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges facing the private defined benefit system. Presenters also discussed important implications for plan sponsors, beneficiaries, and policymakers.