Written testimony submitted by the Academy to the U.S. Senate Special Committee on Aging for a June 16 hearing regarding lifetime income options was cited. The Academy stressed the importance of educating the public about longevity risk.

Academy Senior Pension Fellow Frank Todisco made several observations following the release of the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.

The Academy's Senior Pension Fellow Frank Todisco was a panelist during an Urban Institute briefing that explored increasing the retirement age for Social Security. Audio also available.

Academy Public Interest Committee Chairperson Tom Terry discussed increasing the retirement age for Social Security. Terry said that the age needs to increased to address Social Security's long-term imbalance.

The Academy was mentioned for warning about possible adverse selection issues with the Community Living Assistance Services and Supports (CLASS) Act.

Academy Life Products Committee member Linda Lankowski discussed risk classification and gender-based pricing for life insurance. Lankowski said that differences in life expectancy among males and females exist across all demographics and in every country around the globe.

Academy Senior Pension Fellow Frank Todisco and Academy board member Ron Gebhardtsbauer discussed increasing the retirement age for Social Security. Todisco said a worker can still earn about the same level of retirement security with an increased retirement age if the future retiree decides to work one extra year for every year the retirement age is increased.

The Academy's Medical Loss Ratio Regulation Work Group's May 14 letter to the U.S. Department of Health and Human Services regarding new medical loss ratio requirements was cited.

Academy Senior Pension Fellow Frank Todisco was a featured guest to discuss the retirement age for pension plans. Todisco said that as people are living longer, pension plans become more and more expensive to maintain.

Tom Wildsmith, an Academy board member and long-time Health Practice Council volunteer, offered an initial actuarial perspective on the 2010 Medicare trustees’ report. Wildsmith said that although Medicare’s hospital insurance (HI) trust fund’s date of exhaustion has been put off for a few years, an underlying financial imbalance still remains.