AmericanAcademyOfActuaries

The Academy was cited in an op-ed by Rep. Charles Boustany Jr. for expressing concerns with the Community Living Assistance Services and Supports (CLASS) Act.

Academy Senior Pension Fellow Frank Todisco was quoted from his testimony, along with Academy Life Products Committee member Noel Abkemeier, to the U.S. departments of Labor and Treasury regarding lifetime income options in retirement plans. The actuaries said that they support a requirement for employers to offer some form of a guaranteed lifetime income option in tax-qualified individual retirement account plans.

Academy Health Practice Council member David Shea discussed how several health care reform provisions that are scheduled to become effective on Sept. 23 would affect the health insurance market.

Noel Abkemeier, a member of the Academy's Life Products Committee, was quoted from his testimony on behalf of the Academy to the U.S. departments of Labor and Treasury regarding lifetime income options in retirement plans. Abkemeier said that safe harbors should be expanded to facilitate plan sponsors in providing a board range of options.

A preview of Academy Public Interest Committee Chairperson Tom Terry's op-ed in support of addressing Social Security's actuarial imbalance by increasing the retirement age. A reader poll on the issue is also included.

A preliminary report from the Academy to insurance regulators regarding deferred tax assets was discussed during a recent National Association of Insurance Commissioners' conference call.

The Academy's position statement advocating that policymakers address Social Security's actuarial imbalance by increasing the retirement age was mentioned and linked.

Academy volunteer Donna Novak discussed health insurance capital and surplus. She said that there is a misconception that regulatory minimums for surplus are meant to be operational targets.

The Academy's Medical Loss Ratio Regulation Work Group's May 14 letter to the U.S. Department of Health and Human Services regarding new medical loss ratio requirements was cited.

The Academy's Social Security Game was mentioned and Academy Senior Pension Fellow Frank Todisco discussed a proposal to fix Social Security by eliminating benefits for non-working spouses, who currently receive half the amount their mates receive.

An Academy letter to the U.S. Senate Committee on Health, Education, Labor and Pensions regarding actuarial issues with the Community Living Assistance Services and Supports (CLASS) Act was cited in op-ed by Rep. Charles W. Boustany Jr. The actuaries wrote that there is a “significant potential for increased adverse selection, necessitating further changes, which may make the program unsustainable.”

Karen Bender, a volunteer on the Academy’s Committee on Federal Health Issues, discussed the purpose of health insurance capital and surplus. Bender said that surplus and capital are used to ensure health insurer solvency.

The Academy's Social Security Game was cited and linked as part of a feature on Social Security, which included a poll on how readers would fix the program.

The Academy's Senior Pension Fellow Frank Todisco discussed the 2010 Social Security trustees’ report. Todisco said that although the recession caused a shortfall in revenue, Social Security’s insolvency date is still estimated to be 2037 because of an indirect impact of a new tax in the health care reform law that could trim health insurance benefits and boost taxable wages, thus increasing Social Security revenue.

Tom Wildsmith, an Academy board member and long-time Health Practice Council volunteer, offered an initial actuarial perspective on the 2010 Medicare trustees’ report. Wildsmith said that although Medicare’s hospital insurance (HI) trust fund’s date of exhaustion has been put off for a few years, an underlying financial imbalance still remains.

Academy Senior Pension Fellow Frank Todisco was a featured guest to discuss the retirement age for pension plans. Todisco said that as people are living longer, pension plans become more and more expensive to maintain.

The Academy's Medical Loss Ratio Regulation Work Group's May 14 letter to the U.S. Department of Health and Human Services regarding new medical loss ratio requirements was cited.

Academy Senior Pension Fellow Frank Todisco and Academy board member Ron Gebhardtsbauer discussed increasing the retirement age for Social Security. Todisco said a worker can still earn about the same level of retirement security with an increased retirement age if the future retiree decides to work one extra year for every year the retirement age is increased.

Academy Life Products Committee member Linda Lankowski discussed risk classification and gender-based pricing for life insurance. Lankowski said that differences in life expectancy among males and females exist across all demographics and in every country around the globe.

The Academy was mentioned for warning about possible adverse selection issues with the Community Living Assistance Services and Supports (CLASS) Act.

Academy Public Interest Committee Chairperson Tom Terry discussed increasing the retirement age for Social Security. Terry said that the age needs to increased to address Social Security's long-term imbalance.

The Academy's Senior Pension Fellow Frank Todisco was a panelist during an Urban Institute briefing that explored increasing the retirement age for Social Security. Audio also available.

Academy Senior Pension Fellow Frank Todisco made several observations following the release of the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.

Written testimony submitted by the Academy to the U.S. Senate Special Committee on Aging for a June 16 hearing regarding lifetime income options was cited. The Academy stressed the importance of educating the public about longevity risk.

The Academy's Life Products Committee Chairperson Cande Olsen was quoted from her testimony to the National Association of Insurance Commissioners during a May 20 public hearing regarding stranger originated/owned annuities (STOLA). An Academy analysis from the appendix of her testimony was also published.

Academy Life Products Committee member Linda Lankowski discussed risk classification and gender-based pricing for life insurance. She said that pricing should be equitable so that no group unfairly subsidizes another group and that the Academy supports actuarially sound pricing.

Academy Senior Pension Fellow Frank Todisco discussed the Academy's response to a request for information from the departments of Labor and the Treasury regarding lifetime income options.

The Academy's critical issues in health reform paper on the Community Living Assistance Services and Supports (CLASS) Act was cited. The Academy wrote that actuarially sound premiums for the new long-term care program could range from $125 to $160 per month.