AmericanAcademyOfActuaries

Michael Toothman, the Academy's former vice president for casualty issues, was quoted in article on risks at theme parks.

The Academy's Life Financial Soundness/Risk Management Chairperson Donna Claire provided a positive reaction to the National Association of Insurance Commissioners Life and Health Actuarial Task Force's decision to adopt a revised Standard Valuation Law model for principle-based reserving.

The Academy's Property and Casualty Extreme Events Committee Co-chairperson Shawna Ackerman discussed the hurricane insurance market heading into the 2009 hurricane season. Ackerman said that she was unaware of any mass non-renewals or existing policy changes that are in the works for 2009.

The Academy's President-elect Bruce Schobel remarked on the need to address Social Security's financial challenges sooner rather than later and discussed the Academy's proposal to include a later retirement age as part of any reform package.

The Academy was cited as source on options for addressing Social Security's financial challenges and each option's affect on the long-term funding shortfall.

The Academy's Senior Pension Fellow Frank Todisco was the featured guest during podcast on Social Security and retirement planning.

The Academy's President-elect Bruce Schobel explained what would happen if Social Security and Medicare ran out of cash on hand. He said the systems do not have the authority to pay partial benefits so checks would have to be delayed until they had the money. Schobel also explored the possibilities for Social Security reform.

The Academy's President-elect Bruce Schobel discussed the Academy's position statement advocating that policymakers address Social Security's actuarial imbalance by increasing the retirement age.

The Academy's President-elect Bruce Schobel explained what the most recent Social Security and Medicare trustees' reports mean for future retirees.

An analysis of the 2009 Social Security and Medicare trustees' reports included commentary from the Academy's Senior Health Fellow Cori Uccello on addressing Medicare's financial challenges. The Academy's position statement on Social Security, which advocates increasing the retirement age, was also referenced.

The Academy's Senior Health Fellow Cori Uccello discussed the financial challenges facing the nation's retirement programs with FOX Business anchor Stuart Varney shortly before the release of the 2009 Medicare and Social Security trustees' reports. Uccello said that the Academy advocates increasing the retirement age for Social Security.

The Academy's Senior Pension Fellow Frank Todisco explained pension benefit limits for plans taken over by the Pension Benefit Guaranty Corp. and what that could mean for retirees.

A new insurance blog focused on the Academy Life Practice Council's quarterly webcast on principle-based approach updates from the National Association of Insurance Commissioners spring meeting.

The Academy’s Senior Pension Fellow Frank Todisco appeared on CNBC’s “Power Lunch” to explain options to improve pension funding levels. Frank Todisco said that the plans have the flexibility to gauge the markets and match contribution increases with improved economic conditions.

The Academy’s Senior Pension Fellow Frank Todisco appeared on CNBC’s “Closing Bell” to explain options to improve pension funding levels. Frank Todisco said that the plans have the flexibility to gauge the markets and match contribution increases with improved economic conditions.

The Academy’s Senior Pension Fellow Frank Todisco appeared on “CNBC Reports” to explain the current condition of state and local pension plans. He said that most of these pension plans’ obligations are due over decades into the future and that the ultimate cost will depend on how well the economy recovers.

The Academy's Senior Pension Fellow Frank Todisco was quoted in a report on what could happen to automaker pension plans and the Pension Benefit Guaranty Corp. if any of the biggest U.S. auto manufacturers file for bankruptcy.

The Academy's Public Plans Subcommittee Chairperson Ken Kent discussed the pros and cons of public pension plan consolidation.

The National Association of Insurance Commissioners (NAIC) Life Risk-Based Capital Working Group announced during the NAIC's spring meeting that it would expose for comment a proposal by the Academy's C3 Life and Annuity Capital Work Group. The proposal outlines a single C3 framework that covers interest rate risk and market risk for life insurance.

The Academy's Senior Pension Fellow Frank Todisco discussed the recently released Federal Reserve Flow of Funds report. He said that all three retirement systems—both corporate and public defined benefit pension plans as well as private define contribution plans—took hits in 2008 as a result of the economic downturn and are in deficit relative to the amount of promised benefits or beneficiaries' retirement needs.

The Academy's Senior Pension Fellow Frank Todisco said IRS Notice 2009-22 delivered welcomed news to plan sponsors, who will be allowed to change valuation methods in 2009 without applying for approval. Plan sponsors will be permitted to change valuation methods to take advantage of new asset smoothing rules in the Worker, Retiree and Employer Recovery Act of 2008.

The Academy's Risk Management and Financial Reporting Vice President James Rech, in written testimony submitted to a congressional subcommittee, said that the Academy supports the establishment of a systemic risk regulator.

The Academy's Senior Pension Fellow Frank Todisco said that "relatively few people lose benefits in a plan termination" because the benefits are protected by the Pension Benefit Guaranty Corp.

The Academy's Pension Committee Chairperson Jim Verlautz was quoted in a cover story on top executive's retirement plans. Some companies have used lower interest rate assumptions to compensate executives, who will face a higher tax bill, with larger lump sums. Verlautz joined critics who say the tax claim is overstated and that executives will have large tax bills regardless. He said executive who take a lump sum will face a bigger tax expense but that it does not justify cutting the interest rate assumptions from six percent to three percent.

Andrew Biggs, the former deputy commission of the Social Security Administration, discussed a recent Academy statement on Medicare and Social Security. Biggs said that "overall the Academy's support is very helpful in giving momentum to reform."

Academy member Tonya Manning explained to comedian D.L. Hughley what an actuary does during CNN's "D.L. Hughley Breaks The News." Hughley sought to poke a little fun at actuaries, but Manning turned out to be a joke teller herself.

Academy Senior Pension Fellow Frank Todisco explained how the recent economic downturn may impact the Pension Benefit Guaranty Corp.

Academy member James Miles discussed why actuaries are in great demand. He said that assessing risk is as important as ever in today's financial climate.