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RECENT ACADEMY ACTIVITY | | |
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Only have a minute? Catch up on this week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as they are released. | |
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Academy Closed Monday for Memorial Day; Actuarial Update to Introduce Next President-Elect The Academy will be closed Monday, May 25, for Memorial Day, in honor of those who made the ultimate sacrifice in service to our country. Also, there will be no issue next week—but you will have an opportunity to meet the Academy’s next president-elect in the May Actuarial Update, which will be published Friday, May 29. | | |
Actuary Voices Features Academy President Tricia Matson & Executive Director Bill Michalisin | | |
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In the latest episode of Actuary Voices, Academy President Tricia Matson and Executive Director Bill Michalisin reflect on the challenges, and opportunities, shaping the actuarial profession and the Academy. From AI and climate risk to affordability and demographic changes, they discuss what feels most consequential right now and why actuaries and the Academy are uniquely equipped to help organizations and society make sense of uncertainty. Listen and subscribe to Actuary Voices wherever you get your favorite podcasts.
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Supreme Court Rules Unanimously in Multiemployer Case, Citing Academy Issue Brief, ASOPs The U.S. Supreme Court issued a unanimous opinion on May 21 in M & K Employee Solutions, LLC v. Trustees of the IAM National Pension Fund, a high-profile case that centrally involves the timing of actuarial assumptions used to calculate multiemployer-plan withdrawal liability. The decision twice cited the July 2020 Academy issue brief Selection of Actuarial Assumptions for Multiemployer Plans—and also referenced Actuarial Standard of Practice No. 27, Selection of Assumptions for Measuring Pension Obligations—in clarifying actuarial considerations. The high court concluded that “ERISA does not require pension plans to assess withdrawal liability based on actuarial assumptions adopted before the measurement date,” affirming the judgment of the D.C. Circuit in the case. Reminder—Member-Selected Director Nominations Due May 31 | | |
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A reminder that nominations remain open through May 31 for member-selected directors to the Academy Board. Directors will be selected by members later this year in an online selection process from a slate of candidates presented by the Nominating Committee. Members may review the Nominating Committee Guidelines to learn more, and how to nominate yourself and/or fellow Academy members. Nominations will remain open through May 31. Nominate at the nominations webpage.
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▶ Webinar offers insight on the Academy’s Nominating Committee—Tuesday’s member webinar, Strengthening Governance: The Nominating Committee’s Approach to Balance on the Board, covered key points in how the Nominating Committee helps shape a strong and effective Board. Members can watch a free replay on Academy Learning. Academy Speakers Bureau Presentations Focus on Expert Testimony, Self-Regulation Academy outreach this week focused on professionalism topics including: ▶ Actuarial Standard of Practice (ASOP) No. 1 Task Force member and former Actuarial Standards Board (ASB) Life Committee member Lisa Kuklinski presented “Actuarial Professionalism Responsibilities in the Expert Testimony Role” to a packed session of the Actuaries’ Club of Hartford (Conn.) & Springfield (Mass.) meeting on Tuesday, supported in presenting by Academy member Jeffrey Raven. The presentation provided a comprehensive overview of professionalism responsibilities rooted in the Code of Professional Conduct, ASOP No. 17, Expert Testimony by Actuaries, other ASOPs, and particular and practical issues and considerations that can arise in this unique role for actuaries. ▶ Former Academy Risk Management and Financial Reporting Vice President Seong-min Eom provided a virtual “Professionalism Update from the Academy” to the Middle Atlantic Actuarial Club on Thursday, with updates on actuarial standard-setting activities, trends in Actuarial Board for Counseling and Discipline (ABCD) cases and requests for guidance (RFGs), and qualifications. Speakers Bureau—The Academy’s Speakers Bureau provides qualified speakers to actuarial clubs, employers, and educational entities on professionalism and public policy topics. June Professionalism Webinar to Explore ABCD’s Role Mark your calendar for next month’s webinar, Professionalism: The Role of the ABCD. Academy President Tricia Matson will moderate, and ABCD Chairperson William Hines and Vice Chairperson Shawna Ackerman will offer insight to help actuaries better understand the ABCD’s role and processes related to inquiries and requests for guidance (RFG). It will be held on Friday, June 12. Register today. | | |
Public Policy in Action - The Life Products Committee submitted exposure questions regarding Model #245 to the NAIC Life Insurance and Annuities Illustration (A) Working Group.
- The P/C Committee on Equity and Fairness submitted a comment letter to the District of Columbia Department of Insurance, Securities and Banking (DISB) on an exposed balancing test.
▶ Resource Center—Visit the Resource Center to stay on top of the latest Academy news and activity. Next Week—Retirement Report to Preview Fall Retirement Symposium The Spring Retirement Report will preview the Academy’s retirement symposium, set for Sept. 23 in Washington, D.C. Also in the issue, a recap of the Retirement Practice Council’s participation in the Academy Hill visits, an updated Social Security issue brief and infographic, and a VP Corner from Retirement Vice President Bruce Cadenhead. Academy in the News - Life Annuity Specialist (subscriber-only) covered several sessions of the Academy’s May 12–13 Insurance Investment Summit in New York.
- A guest on the Big Biz Show national program discussed the Academy’s work on Social Security reform options and the downsides of delaying reform (7:15 mark in the video).
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