Is the 27 Club a statistical quirk?
The Academy provided life expectancy and mortality data for the average 27-year-old female.
The Academy provided life expectancy and mortality data for the average 27-year-old female.
The Academy life and pension practice councils' May 2010 response to a request for information from the departments of Labor and Treasury regarding lifetime income options for retirement plans was cited and linked. The Academy wrote that to achieve a specified level of retirement security, an individual would need to set aside 50 to 75 percent more money than if the individual participated in a risk-pooling arrangement such as annuity.
Academy President Mary Frances Miller's letter to the National Association of Insurance Commissioners Life Actuarial Task Force was discussed. Miller corrected misstatements made about the Academy and the actuarial profession by a third party. In her letter, Miller also defined the Academy’s work in representing the U.S. actuarial profession on public policy issues and outlined the Academy’s policies and procedures that help to maintain the objectivity of its work.
The Academy's Consumer-Driven Health Plans (CDHP) Work Groups’ analysis of CDHPs was cited in a commentary by Janet Trautwein, the CEO of the National Association of Health Underwriters. The Academy said that CDHPs can save as much as 12 to 20 percent in health care costs in the first year and three to five percent on average in subsequent years.
The Academy was cited for its adverse selection and sustainability concerns regarding the Community Living Assistance Services and Supports (CLASS) program.
Academy Social Security Committee Chairperson Janet Barr discussed a new report, "Fast Facts and Figures on Social Security, 2011." Among other observations, Barr said that Americans are living longer and that all three legs of the traditional retirement stool--Social Security, employer-provided retirement plans, and personal savings--will be depended on to support longer life expectancies. She said this may require individuals to work longer or save more.
The Academy's Council on Professionalism has published a discussion paper entitled Conflicts of Interest When Doing Volunteer Work. This paper is intended to assist current and future Academy volunteers in identifying and resolving potential conflict of interest issues that may arise when providing volunteer services to the Academy.
Polls will remain open until 11:59 p.m. ET on Sept. 2 and all Academy members (active as of July 14, 2011) are eligible to vote in this election. If you have not received an email (or paper) ballot, you may request a replacement ballot by emailing elections@actuary.org. For more information on the election, visit the Academy's Election Center.