CBO: Change public pension accounting to fair-value method
Academy Pension Accounting Committee Chairperson Steve Alpert discussed how public pension plan funding would be affected by a move to a fair-value accounting approach.
Academy Pension Accounting Committee Chairperson Steve Alpert discussed how public pension plan funding would be affected by a move to a fair-value accounting approach.
In a preview of the 2011 Social Security and Medicare trustees' reports, Academy Social Insurance Committee Chairperson Janet Barr discussed the 2010 Social Security report's projection that the Disability Insurance trust fund would be exhausted by 2018.
American Academy of Actuaries Senior Health Fellow Cori Uccello discussed the 2011 Medicare Trustees Report. Uccello said that the trustees determined that for Medicare to stay solvent for the next 75 years, it would have to immediately raise payroll taxes by 24 percent, or cut current benefit payments by 17 percent.
American Academy of Actuaries Senior Health Fellow Cori Uccello discussed the 2011 Medicare Trustees Report. Uccello said that the trustees determined that for Medicare to stay solvent for the next 75 years, it would have to immediately raise payroll taxes by 24 percent, or cut current benefit payments by 17 percent.
Reuters
The Academy's Pension Assistance List program was mentioned for providing free actuarial expertise to workers who need help checking pension calculations.
The Academy's Capitol Hill briefings on the 2011 Medicare and Social Security trustees' reports were discussed.
Academy President Mary Frances Miller's letter to the U.S. Treasury Department regarding the proposed Federal Advisory Committee on Insurance (FACI) was discussed. Miller urged officials to ensure that the FACI includes individuals with direct actuarial expertise.
The Academy's issue brief on Medicare's financial condition was cited and linked. The actuaries discussed how the Affordable Care Act would affect Medicare's financing.
Karen Bender, the chairperson of the Academy's Individual and Small Group Market Task Force, discussed the development of the essential health benefits package, a set of health care service categories that must be covered by plans offered through the state health insurance exchanges.
The Academy's issue brief on Medicare's financial condition was cited in op-ed by Rep. Jim Gerlach. The Academy's Medicare Steering Committee urged swift action to ensure that Medicare remains viable. "The sooner such corrective measures are enacted, the more flexible the approach and the more gradual the implementation can be," the actuaries wrote. "Failure to act now will necessitate far more drastic actions later."