This Week: Oct. 30-Nov. 3, 2017

Read the latest news from the Academy.

Recent Academy Activity, Oct. 30–Nov. 3, 2017

Academy Dues Renewal
Citing “The Meaning of Your Membership”—a report highlighting the Academy’s mission-critical work in public policy and professionalism this year—Academy President Bob Beuerlein announced this week that it is time to renew your membership for 2018. The Academy Board decided on a small increase for 2018, bringing the full regular dues rate to $635. This will ensure that the Academy’s financial position remains strong as we continue to provide the voice of objective, nonpartisan actuarial analysis to policymakers in the United States.

Academy Announces Position Statement on Lifetime Income
The Academy announced a position statement this week in support of policy and educational initiatives to increase retirement income options within employer-sponsored defined contribution (DC) plans.

“Retiring DC plan participants currently have few tools to efficiently manage their account balances for a long and secure retirement,” said Academy President-Elect and Chairperson of the Academy’s Public Interest Committee Steve Alpert. “Adding lifetime income options to these plans—supported by appropriate laws, regulations, and educational initiatives—will enhance the financial well-being and security of the next generation of retirees. Establishing tools within DC plans that could help plan participants address financial risks like the possibility of outliving their means serves a clear public interest.”

Annual Meeting Update—Alberto Mora to Speak at Professionalism Plenary Session
Alberto Mora, senior fellow at the Harvard Kennedy School of Government’s Carr Center for Human Rights Policy and a past winner of the JFK Presidential Library’s Profile in Courage Award, will deliver opening remarks during the professionalism plenary session at the Academy’s Annual Meeting and Public Policy Forum, Nov. 14–15 in Washington, D.C.

The “Professionalism Under Pressure” plenary will be held on Tuesday afternoon, Nov. 14, as part of the annual two-day event. The Academy believes in good faith that your attendance at this professionalism session will give you the opportunity to earn up to 1.8 hours of organized professionalism continuing education credit, and that Enrolled Actuaries attending this session may earn up to 1.8 “core ethics” CPD credits under the JBEA rules.

The Annual Meeting is just around the corner. Register today and plan to join us in Washington this month.

Professionalism Outreach

  • Academy President Bob Beuerlein delivered a presentation on “Professionalism in Practice” to the Actuaries Club of Philadelphia on Wednesday. The presentation examined how the U.S. professionalism structure housed within the Academy responds to the needs of the public and the profession, and reviewed the resources available to members to help them fulfill their professionalism responsibilities. Beuerlein also reviewed the Academy’s public policy activities for the past year for the attendees. Academy Senior Pension Fellow Ted Goldman presented a breakout session on the Academy’s Retirement for the AGES initiative the same day.

  • Committee on Qualifications Chairperson Keith Passwater delivered a professionalism presentation Wednesday to an audience of more than 150 at the Iowa Actuaries Club meeting in Des Moines.

Recently Released

  • In the November/December issue of Contingencies, the cover story, “Wild Blue Yonder,” explores how insuring against liability associated with drone use is developing. Other features in this issue include “The Balancing Act,” a meditation on how work, family, and hobbies all fit together; and “The Death of Moral Hazard?” which imagines how an interconnected insurance ecosystem could address this pernicious problem. Plus an “International Corner” piece on the health care systems and outcomes of North America; “bad conduct” and Precept 1 of the Code of Professional Conduct; and our annual Actuarial Software Now supplement, which features articles on the promise of blockchain and the threat of ransomware.

  • The October Actuarial Update covers outgoing Academy President Bob Beuerlein’s overview of the Academy Board’s recent decisions and actions regarding para-actuaries, a position statement on lifetime income, and the Joint Discipline Council. Also in this issue, a preview of the upcoming Annual Meeting and Public Policy Forum; the Selection Committee announces appointments to the Actuarial Standards Board and Actuarial Board for Counseling and Discipline; and the “Professionalism Counts” column covers “reliance and the ASOPS.”

Upcoming Events

Alerts

  • A tax reform bill was introduced in the U.S. House of Representatives on Thursday by Committee on Ways and Means Chairman Kevin Brady (R-Texas). The Tax Cuts and Jobs Act would significantly revise the U.S. Internal Revenue Code. The legislation is scheduled to be marked up by the House Ways and Means Committee next week.

  • The International Actuarial Association and International Association of Insurance Supervisors (IAIS) announced a five-year agreement “to enhance the actuarial skills of supervisory authorities.” The agreement was signed in Kuala Lumpur, Malaysia, during the IAIS 2017 Annual Conference.

  • The Centers for Medicare & Medicaid Services released the proposed Notice of Benefit and Payment Parameters for 2019, and the draft 2019 actuarial value calculator and methodology.

  • Subscribe to Member Alerts: Subscribers to the Academy’s alerts are notified by email when a new alert is posted in their area(s) of interest. The alerts are available in five areas of focus: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them free of charge as a member service after signing in to the member section of the website.

Public Policy Activities

  • The Life Products Committee submitted a comment letter to the Actuarial Standards Board regarding a proposed actuarial standard of practice on pricing of life insurance and annuity products.

In the News

2017 Annual Meeting and Public Policy Forum