Academy members pass two amendments to bylaws

On Tuesday, Sept. 16, 2008, voting by members of the Academy on proposed changes to two bylaws was completed. Here are the results of the balloting:

• A total of 3,028 ballots were cast electronically by members of the Academy.
• 96 ballots were returned by mail by members of the Academy.
• Total number of ballots cast: 3,124

Change No. 1: Article 1 – Membership

Article I was changed by deleting the experience requirement for Academy membership, eliminating the redundancy created by the three-year experience requirement for making a Statement of Actuarial Opinion that is contained in the revised Qualification Standards.

Results:

• Accept the bylaw amendment received a total of 2,466 votes (78.94 percent of the total).
• Reject the bylaw amendment received a total of 658 votes (21.06 percent of the total).

Change No. 2: Article VII – Finances and Contracts

Article II was changed by deleting the specified formula for calculating dues waivers. The amendment grants the Board more discretion in determining when dues waivers are appropriate and allows the Board to establish waivers by Board vote.

Results:

• Accept the bylaw amendment received a total of 2,596 votes (83.10 percent of the total).
• Reject the bylaw amendment received a total of 528 votes (16.90 percent of the total).

In addition, Articles II, III, IX, X, XI, and XV were amended by Board vote in May, 2008.

The complete amended bylaws are available at http://www.actuary.org/yearbook/2008/bylaws.pdf

Thanks to the members who voted. An added thanks to those who supported the Board's recommendation to adopt these changes.

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