Academy Immediate Past President Shawna Ackerman gave a virtual presentation Tuesday as a participant in the diversity and inclusion panel at the 2020 Actuarial Research Virtual Conference hosted by the University of Nebraska. She described the Academy’s role as the U.S. national actuarial profession and noted the Academy’s ongoing support of several years of the International Association of Black Actuaries; the Academy’s interest in the NAIC’s new initiative focusing on race and insurance; and the Academy-sponsored children’s book The Magic School Bus Takes a Risk: A Book about Probability, free copies of which were given (with teacher aids) to all grade 3-6 students in public schools in Washington, D.C.
“Discussion in the Academy about diversity and inclusion is ongoing at the leadership level and in our practice councils,” Ackerman said, adding the Academy is also looking at health equity issues. “Health equity and public health concerns are an important area for the Academy to engage in the public debate,” she said, and the Academy hopes to soon offer a webinar on health equity and public health, with work continuing on such issues under the auspices of the Academy’s Health Practice Council.
Capitol Forum Webinar Looks at Social Security’s Future Options; COVID-19 Implications
A panel of experts looked at the financial challenges of the Social Security program, including uncertainties introduced by the COVID-19 pandemic, in the Academy’s Capitol Forum webinar, “Social Security Reform Options.” Presented a day before today’s 85th anniversary of the landmark program being signed into law by President Franklin D. Roosevelt, the webinar offered insight on potential ramifications of the ongoing coronavirus pandemic’s impact on the economy and Social Security’s actuarial outlook.
Presenters were Social Security Administration (SSA) Chief Actuary Stephen Goss; Rachel Greszler, economics research fellow, Heritage Foundation; Bill Hoagland, senior vice president, Bipartisan Policy Center; and Nancy Altman, president, Social Security Works. Academy Senior Pension Fellow Linda K. Stone moderated. Goss noted that preliminary SSA estimates of pandemic-related economic downturns showed the program’s projected shortfall could move from the currently projected mid-2035 to a year early, or mid-2034—although no potential “second wave” calculations have yet been made—while Hoagland said extended COVID-19 impacts could move the shortfall date back to as soon as 2030. Slides and audio are available to logged-in Academy members.
Latest ‘Actuary Voices’ Podcast
Features Life VP Laura Hanson
The Academy’s latest “Actuary Voices” podcast is a conversation with Laura Hanson, vice president, life. Hanson—who took the VP position last November and will hold the post through November 2021—talked about her experience with unconscious bias, how art influenced her career, and how the profession can continue to grow with new actuaries.
Webinars Next Week—Professionalism for All Practice Areas, Pension Practice Note on ASOP No. 51
The Academy will host two webinars next Thursday, Aug. 20.
Rescheduled—Professionalism: “In Times of Uncertainty, Professionalism is Certain”—Academy past presidents Shawna Ackerman, Bob Beuerlein, Tom Terry, and Tom Wildsmith, and President-Elect nominee Maryellen Coggins will discuss the Code of Professional Conduct and the certainty of our standards to guide practice in these uncertain times. Academy President D. Joeff Williams will moderate. CE and JBEA credit will be available. This rescheduled webinar will run from 11 a.m. to 12:30 p.m. EDT. Register today.
Pension: “Practice Note on ASOP No. 51: Risk Assessment in Practice”—Following on the recent pension practice note, ASOP No. 51: Risk Assessment in Practice, this webinar will reference some discussions from the pension practice note, sharing perspectives from corporate, public, and multiemployer plans. Presenters will be Paul Angelo, a member of the Public Plans Committee; Tammy Dixon; and Julie Ferguson. Pension Committee member Grace Lattyak will moderate. This webinar will be held from 1 p.m. to 2:30 p.m. EDT. Register today.
Recently Released
The Summer Life Perspectives showcases the Academy’s Virtual PBR Boot Camp, set for Sept. 14–17; highlights the life practice-area sessions that have been announced for the Academy’s Annual Meeting and Public Policy Forum in November; gives details on Academy life presentations at the NAIC Summer Virtual National Meeting; and reports recent life-related legislative and regulatory activity.
One Month Away—Register for the Virtual PBR Boot Camp
The Academy’s Virtual PBR Boot Camp will provide useful and practical information for those at all levels of familiarity with PBR methodologies and reserve requirements. With an agenda developed for your busy schedule and designed to accommodate participants from across time zones, the program will provide you with the knowledge you need to understand PBR requirements and to effectively operate within the now fully implemented PBR. Prefer to focus on a particular aspect of PBR? We’ve made registration flexible so you can attend the day or days that have content most relevant to you. The PBR Boot Camp will be held Sept. 14-17—visit our website to see the agenda and to register for this event.
Early Registration Deadline Next Friday for Virtual CLRS
The early registration deadline for the Virtual Casualty Loss Reserve Seminar (CLRS) is next Friday, Aug. 21. The virtual event will have opportunities for education, networking, and meeting with exhibitors. Co-sponsored by the Academy and the Casualty Actuarial Society, the Virtual CLRS will be held Sept. 15–17. Register today.
Public Policy Activities
A report from the Federal Interagency Task Force on Long-Term Care Insurance cited the Academy’s comments regarding regulation of long-term care insurance. The Academy was also invited to meet with the task force during its deliberations.
The International Monetary Fund (IMF) issued the Financial Sector Assessment Program (FSAP) for the United States on July 17; it was made public on Aug. 11. Back in October, the Academy met with IMF representatives as part of the FSAP review, discussing issues pertaining to long-term care, climate risk, principle-based reserves (PBR), and capital adequacy assessment.
Alerts
The IRS released a bulletin Monday noting that because of the coronavirus pandemic, the Joint Board for the Enrollment of Actuaries (JBEA) is temporarily waiving the physical presence requirement for enrolled actuaries receiving continuing professional education (CPE) credit. Read the Academy alert.
The IRS released Notice 2020-61 on Aug. 6 that provides guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations regarding provisions under Section 3608 of H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Read the Academy alert.
A subscriber-only Life Annuity Specialist story quoted Andy Ferris, member of the Data Science and Analytics Committee, on the implications for life insurers of a new tool designed to determine whether someone is a smoker based on a recording of that person’s voice. A separate Life Annuity Specialist story quoted Noel Abkemeier, co-chairperson of the Lifetime Income Risk Joint Committee, on factors contributing to increased interest in variable-design products.
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