Vol. 8 | No. 1
Date:01/01/2025
June Retirement Symposium to Examine Social Security, Public Policy Issues
The Retirement Practice Council (RPC) will host a “Future of Retirement” Symposium in June, following the success of last June’s inaugural retirement symposium that highlighted the Employee Retirement Income Security Act of 1974’s (ERISA) 50th anniversary.
The symposium will connect attendees with policymakers and other thought leaders in the retirement and financial security space on this theme. Spotlighting recent and current Academy and RPC work, the event will consider future opportunities related to ERISA, consider the future for public and private pension plans, and highlight the fact that 2025 marks Social Security’s 90th anniversary.
With a new presidential administration in Washington, D.C., the event will be a timely opportunity to engage with a wide spectrum of stakeholders to discuss the future needs and prospective solutions to policy issues around the financial solvency of the American retirement system, including Social Security.
Bringing together actuarial expertise and public policy insights, the symposium will address the pressing concerns of those working on retirement issues.
Cross-Practice ‘Hill Visits’ to Include Retirement Issues
The Academy will hold its annual “Hill visits” this spring. As we’ve done in past years, the Academy and a designated cohort of active volunteers will head to Capitol Hill in Washington, D.C., to meet with federal lawmakers, policymakers, and regulators. They are set for April 2–4.
For the first time, the 2025 visits will be a joint practice-area event. Volunteers from all five Academy practice councils, including the RPC, will visit Senate and House congressional offices, as well as federal agencies and other key stakeholders. The meetings will focus on a variety of key public policy and professionalism issues.
Along with a focus on concerns related to financial security, the solvency of programs like Social Security, and the future of retirement, volunteers will also highlight the value and expertise that actuaries bring to the table.
The meetings serve as a great reminder to elected officials, appointed regulators, and other stakeholders to include actuaries in their discussions, as they evaluate and consider proposals to solve some of the nation’s biggest challenges in retirement and other practice areas.
This year’s visits will be timely and relevant, given the change of administration and increased policy dialogues around public and private retirement systems.
Social Security Chief Actuary Stephen Goss Retires
Myers Award Recipient Was a Longtime Academy Volunteer
Stephen Goss, chief actuary of the Social Security Administration (SSA) and the 2013 recipient of the Academy’s Robert J. Myers Public Service Award, retired Jan. 3. The Academy established the Myers Award in 1994—named after Robert Myers, the Social Security Administration’s chief actuary from 1947 to 1970, to honor his lifelong commitment to public service.
“We wish our Chief Actuary Stephen Goss all the best in his retirement after 51 years of outstanding public service,” SSA Acting Commissioner Carolyn Colvin posted on X. Goss’s “expertise, leadership, and integrity helped our nation’s leaders understand and navigate myriad complex Social Security issues, benefiting millions of Americans along the way.”
Goss has been an active volunteer with the Academy’s Social Security Committee, and was most recently a featured speaker at October’s Envision Tomorrow retirement session on Social Security, which aired nationally on C-SPAN.
Former Deputy Chief Actuary Karen Glenn, also an Academy volunteer, is now SSA’s chief actuary. Glenn has also participated in many Academy events including webinars and in-person retirement sessions, and chairs the Robert J. Myers Award Task Force.
RPC, Pension Committee Meet With Federal Officials
RPC and Pension Committee volunteers held strategic planning meetings in December with external stakeholders, including representatives from the U.S. Government Accountability Office, the Labor Department’s Employee Benefits Security Administration, and the Pension Benefit Guaranty Corporation (PBGC), discussing strategic priorities and anticipated activity in 2025.
The discussions provide valuable insights, particularly as both the RPC and Pension Committee evaluate their priorities and work efforts during the next few years.
Christian Benjaminson Named to ERISA Advisory Council
Academy volunteer and past Multiemployer Plans Committee Chairperson Christian Benjaminson was named to the U.S. Department of Labor’s ERISA Advisory Council, which provides advice on policies and regulations affecting employee benefit plans governed by ERISA.
Benjaminson is a vice president and principal consulting actuary at Cheiron Inc., primarily advising multiemployer plans in the trucking, manufacturing, construction, communications, and grocery industries. His appointment follows outgoing council member Tonya Manning, also a longtime Academy retirement volunteer. Benjaminson discussed multiemployer issues in a November 2021 episode of the Academy’s podcast, Actuary Voices.
Academy Volunteers Lead NIRS Webinar
Retirement Policy and Design Evaluation Committee Chairperson Claire Wolkoff and committee member Connie Rydberg led “A Conversation on Improving Retirement Outcome,” a Dec. 11 National Institute on Retirement Security (NIRS) webinar.
The discussion drew from the policy paper Improving Retirement Outcomes: Demographic Consideration, which reviews data on adverse retirement outcomes for certain cohorts of individuals and presents possible plan design and public policy approaches to address them.
Past Retirement VPs Geddes, Greenblum Join ABCD
Past Academy Retirement Vice Presidents Tim Geddes and Eli Greenblum are new appointees to the Actuarial Board for Counseling and Discipline (ABCD). Geddes was most recently vice president of professionalism and education.
Each was appointed to a three-year term, and they replace Tammy Dixon and Richard Kutikoff, who rolled off the ABCD.
Highlights From
Retirement Report
Prefer to watch your news? Check out this “Highlights From Retirement Report” video for a quick recap of what you need to know.
Webinar to Examine CDC Plans
A Feb. 26 webinar, Collective Defined Contribution (CDC) Plans: What Are They and Could They Work in the U.S.?, will feature members of the Retirement Policy and Design Evaluation Committee, who will examine CDC plans, including how policymakers may want to think about them as a future retirement tool, and the committee’s September issue brief on the topic. Register today.
Recent RPC webinars included:
- A Dec. 3 webinar, Capital Markets—What Now?, which offered an update on current capital market conditions and trends, given recent inflation and the Federal Reserve’s response.
- A Dec. 12 webinar, Surplus Considerations for Public Pension Plans, examined a recent issue brief on the subject and discussed surplus management.
Recordings are available on Academy Learning, a member benefit.
ASOP No. 41 Second Draft Open for Comment
A second exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications, is open for comment. The draft reflects revised guidance and updated definitions in response to comments received on the first exposure draft. ASOP No. 41 applies to all practice areas. Comments are due to the Actuarial Standards Board (ASB) by March 15. For more information and to comment, visit the ASB website.
In the News
In addition to C-SPAN, other outlets covering the Envision Tomorrow general session on Social Security included Insurance NewsNet, Money, and Financial Planning.
An MSN story on pension funding cited the Academy issue brief, The 80% Pension Funding Myth.
The Reason Foundation reported on the Academy’s September issue brief on collective defined contribution plans.
A USA Today story on retirement savings cited the Academy’s jointly sponsored Actuaries Longevity illustrator. The illustrator also was highlighted in a discussion of longevity risk during a Dec. 4 Motley Fool Money podcast.
Legislative/Regulatory Activity
Federal
President Biden signed H.R. 82, The Social Security Fairness Act, into law on Jan. 5, shortly before leaving office. The bipartisan measure increases Social Security benefits for nearly 3 million public sector employees by repealing two provisions that reduced program benefits for some public school teachers, first responders, and other government workers who also receive pensions. The White House estimated affected workers will see their benefits rise by $360 a month on average. The law draws funding from Social Security’s Old-Age and Survivors Insurance Trust Fund, which is projected to become insolvent in 2035.
President Trump nominated former Rep. Lori Chavez-DeRemer of Oregon to serve as Secretary of Labor. Chavez-DeRemer is a former member of the House Education and Workforce Committee, which considers worker and retirement-related legislation. Trump also nominated Frank Bisignano, CEO of financial payment processing company Fiserv, to lead the Social Security Administration. Both positions require Senate confirmation.
The PBGC released its fiscal year 2024 annual report in November. The report showed PBGC’s multiemployer program had assets of $4.5 billion and liabilities of $2.3 billion as of Sept. 30, while its single-employer program had $146 billion in assets and $92 billion in liabilities during the same period. Both programs experienced growth in their net positive positions.
The PBGC issued a final rule amending its regulation on Allocation of Assets in Single-Employer Plans. The amended rule prescribes the spreads component of the interest assumption under the asset allocation regulation for plans with valuation dates of Jan. 31 – April 29.