Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | April 3–7, 2023
This Week … In a Minute
Have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as new videos are released.
Nominations Open Soon for Member-Selected Directors, ASB Health Member
Nominations will be accepted beginning April 21 for Academy member-selected directors, who will serve three-year terms on the Academy’s Board of Directors. Nominations will be due by May 31—please review the criteria and how to submit nominations in the 2023 Board Selection Center. Member-selected director candidates will be selected by Academy members later in 2023 in an online vote from the slate of candidates presented by the Nominating Committee.
ASB Health-Practice Member—The Academy will also accept names beginning April 21 for Academy members interested in potentially serving as an Actuarial Standards Board (ASB) member. There will be a need to fill one position with a volunteer from the health practice area with service beginning Jan. 1, 2024. Submission of names of members who would like to communicate their interest in serving will be due May 31. Details on criteria for ASB positions and how to submit names will be shared soon. There will be no call for Actuarial Board for Counseling and Discipline (ABCD) positions this year.
Trustees’ Reports Released; Webinars Set for Social Security, Medicare
The annual Social Security and Medicare trustees’ reports, released late last week, show that the Medicare Hospital Insurance Trust Fund will have sufficient funds to cover its obligations until 2031—three years later than projected in last year’s report—and that the combined retirement and disability programs of Social Security have sufficient resources to fully cover benefits until 2034, one year earlier than projected last year. Read the Academy alert.
The Academy will hold upcoming webinars offering actuarial perspective on the reports:
Medicare, May 16—“Medicare’s Financing Challenges and Options to Address Them” will explore the report in detail and address the program’s solvency and sustainability. Paul Spitalnic, chief actuary at the Centers for Medicare & Medicaid Services, will be the keynote presenter, and Academy Senior Health Fellow Cori Uccello will moderate. Register today.
Pension Volunteers Visit Federal Agencies
PPC Volunteers at the Department of Labor
Academy Pension Practice Council (PPC) volunteers visited government agencies including the Government Accountability Office, the Congressional Budget Office, the U.S. Department of Labor, and the Congressional Research Service. They discussed agency priorities surrounding retirement, pensions, and Social Security, and recent and upcoming Academy work on retirement issues, including the newly released Social Security Challenge.
Life Webinar Looks at Assets
Tuesday’s life webinar, “Assets: Regulatory Updates in Life Insurance,” focused on asset risks and how regulators are responding to them through new regulations, including statutory accounting, reporting, designations, and capital requirements. Slides and audio are available free as a member benefit.
Actuary Voices Features NAWA’s Amber Rohde
The latest Actuary Voices features Amber Rohde, co-founder and president of the Network of Actuarial Women and Allies (NAWA), who talks about NAWA’s origins and its efforts aimed at connecting and empowering women to be successful in the actuarial profession. Listen to Actuary Voices wherever you get your favorite podcasts.
Registration Open for Life and Health Qualifications Seminar
Registration is open for the 2023 Life and Health Qualifications Seminar, to be held Nov. 6–9 at the Hyatt Regency Crystal City in Arlington, Va. The annual LHQ Seminar delivers three days of training and instruction—plus an optional exam on the fourth day—to gain necessary qualifications to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Register today.
Applications Due April 17 for Abacus Actuaries Mentorship Program
Abacus Actuaries’ 2023 Mentorship Program is underway, following a successful pilot program last year. Academy Pension Vice President Sherry Chan co-founded Abacus Actuaries to assist Asian actuaries in their professional work, presenting about it at the Academy’s 2021 Annual Meeting. The mentorship program will last six months, beginning in June. Those interested are encouraged to fill out the sign-up form by April 17.
Register for The Actuarial Foundation’s Virtual Gala
The latest Contingencies web exclusive, “Putting It to Work,” takes a deep dive into the travails of a group of dedicated actuarial students at the University of Connecticut, who are helping vulnerable small businesses with risk management services—gaining meaningful experience while helping support the communities in which they live.
The March Actuarial Update covers the rollout of the Social Security Challenge, Academy presentations at the NAIC Spring National Meeting, and the “Professionalism Counts” column offers details on the recently released ASB and ABCD annual reports.
Public Employment Opportunity
The Social Security Administration is seeking a deputy chief actuary for short-range estimates. The incumbent is responsible for planning, directing, and coordinating the development of the short-range cost estimates for all Social Security programs, both under current provisions and proposed changes in law or regulations. For more information and to apply, see the posting at USA Jobs.
Academy Senior Health Fellow Cori Uccello was quoted in a CNN story about the Medicare Trustees Report on the day it was released, noting it’s not “a time to become complacent” about addressing the program’s financial challenges.
Writing on the new Social Security Trustees Report, a columnist for the Los Angeles Times illustrated a possible reform approach to projected trust fund insolvency, citing data from the Academy’s new Social Security Challenge. The illustration was further cited by GOBankingRates.com, and reprinted by AOL News and Yahoo! Finance.
An Arizona Republic column urged readers to try the Social Security Challenge as “an easy crash course on a complicated topic.” The Street’s Retirement Daily column featured discussion of the Challenge.
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