In accordance with D.C. Mayor Muriel Bowser’s order this week, all Academy staff are working remotely and regularly checking phone and email messages. The most efficient way to reach staff is via email; for a complete list of staff email addresses, click here.
Academy Updates COVID-19 Resource Page With FAQs
The novel coronavirus has caused a worldwide pandemic, with COVID-19 outbreaks across the globe. The United States is still coming to terms with how this pandemic will ultimately impact the health care system, the economy, and individuals. The Health Practice Council has developed answers to several frequently asked questions (FAQs) to share insights on COVID-19’s potential effects on health care spending and the health insurance system.
“The pandemic and policy responses to it are evolving rapidly, bringing uncertainty to how total national health spending will be affected and how costs of care for 2020 will compare to what insurers anticipated when they set premium rates for the year,” said Academy Senior Health Fellow Cori Uccello. “That uncertainty also applies to 2021 health spending projections, even as insurers are currently developing 2021 premiums.”
This FAQ document is just the latest resource added to the Academy’s comprehensive COVID-19 Resources webpage; click for federal rules and regulations, legislative actions, treatment cost estimates, data trackers and projections, academic articles, and more.
Health Leaders, Advisor Magazine, and Health Plan Weekly (subscriber-only) reported on the FAQs and quoted Uccello. Politico Pro (subscriber-only) cited the Academy’s analysis in its reporting on coronavirus-related legislation being considered in Congress.
First Pension Webinar Covers Multiemployer-Plan Issues
The three-part pension webinar series being hosted by the Academy, “Retirement Plan Coverage in America: Today’s Realities and Tomorrow’s Prospects,” kicked off this week. The series, which is geared toward both experienced practitioners as well as those wanting to learn more about the retirement system, will explore the current state of, as well as differences between, multiemployer, public, and corporate retirement plan systems, and how those differences impact plan participants.
The first webinar, “Focus on Multiemployer Plans,” was held on Tuesday and featured Christian Benjaminson, chairperson of the Multiemployer Plans Committee; Joe Hicks, the committee’s vice chairperson; and committee member Susan Boyle. The speakers discussed who is covered by those plans, how the plans are regulated, current issues impacting the plans and their participants, and current reform proposals on the table. Academy Senior Pension Fellow Linda K. Stone moderated.
The second webinar, “Focus on Public Pension Plans,” is set for April 23; registration will open soon. The third installment, “Focus on Private-Sector Plans, State Programs, and Opportunities to Expand Coverage,” will be held on a date to be determined.
COI, CE Acknowledgments—Last Call
The Academy this week sent a final notice to volunteers and interested parties who have not submitted annual conflict of interest and continuing education acknowledgements, noting they will no longer be able to be volunteers for their committees or work groups if the acknowledgements are not received by April 1.
The acknowledgments are a vital element in the Academy’s culture of objectivity, and they remind volunteers of their responsibility to participate in Academy work in a manner that maintains its high standards in providing unbiased and independent actuarial input.
The Federal Emergency Management Agency (FEMA) is seeking an actuary to be based in Washington, D.C. The ideal candidate will be experienced in insurance, providing pricing, reserving, modeling, and underwriting insurance or reinsurance coverages. The posting opened on March 19 and runs through April 7. Click here to apply via USA Jobs.
The U.S. House of Representatives today passed on a voice vote a $2 trillion emergency relief bill in response to the economic downturn caused by the COVID-19 (coronavirus) pandemic. The legislation, H.R. 748 or the CARES Act, contains appropriations measures to address the financial repercussions that the pandemic is having on millions of Americans and businesses through expanded unemployment insurance, direct payments to individuals and families, loan programs for businesses, increased funding for hospitals, in addition to other spending measures. Additionally, the bill contains rules regarding retirement contributions, tax deferments and tax credits for individuals and businesses. The Senate passed H.R. 748 Wednesday on a unanimous vote prior to sending it to the House; the bill now goes to the president for his signature.
Public Policy Activity
The Multiemployer Plans Committee submitted a letter to the Internal Revenue Service requesting leniency on the March 30 deadline for multiemployer pension plan certifications.
The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants regarding draft revisions to the Audit and Accounting Guide: Life and Health Insurance Entities.
Upcoming Events
“Focus on Public Pension Plans”—April 23, pension webinar (registration opening soon)
“The New Modeling ASOP”—April 30, professionalism webinar (registration opening soon)
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