Actuaries: Living Longer + Lack of Lifetime Income = Risky Business

• The Academy’s Lifetime Income Risk Joint Task Force released a new discussion paper, “Risky Business: Living Longer Without Income for Life,” which addresses the lifetime income challenges facing retirees and examines potential solutions that could be achieved through changes in education, plan design, and public policy. The discussion paper is part of the Academy’s Lifetime Income Initiative, which will continue with a series of papers on more specific lifetime income issues. The Academy is also presenting a Capitol Hill briefing on lifetime income issues next week. Read the news release.

Academy in the News

• The Academy’s new public policy discussion paper, “Risky Business: Living Longer Without Income for Life,” was the subject of stories in Life & Health Advisor and numerous other media outlets.
• 167,000—the reported number of page “hits” received by a Bankrate.com blog citing Senior Pension Fellow Donald Fuerst’s May 23 congressional testimony before the Social Security Subcommittee of the House Ways and Means Committee.
• Senior Pension Fellow Donald Fuerst’s congressional testimony supporting raising the full retirement age for Social Security was referenced in the Wall Street Cheat Sheet article, “Social Security’s the Greatest Fixed Income You’ll Ever Get,” discussing legendary Vanguard founder John Bogle’s proposed fixes for the program.
• Senior Health Fellow Cori Uccello’s congressional testimony on ACA-related premium changes was noted in a McClatchy News Service story, “Obamacare’s big question: What’s it going to cost me?”
• A Health Affairs health policy brief on “Restructuring Medicare” lists as a source the Academy’s work on integrated benefit design.

Recent Events

• More than 5,700 actuaries attended Monday’s webinar, Setting the Ground Rules: Revised ASOP No. 1 and Other Key Information for Actuaries, to learn more about the new information contained in the revised ASOP No. 1, Introductory Actuarial Standard of Practice. Effective June 1, 2013, ASOP No. 1 is a revision of the previous Introduction to the Actuarial Standards of Practice and includes new content as well as clarification of prior language. Academy members can log in to download the audio recording and presentation slides for free.

New Public Policy Activities

• The Medicare Steering Committee submitted written testimony to the U.S. House Ways and Means Subcommittee on Health for a hearing on the 2013 Medicare Trustees Report.

Opportunities to Learn

• Do you meet specific qualifications to issue actuarial opinions for life or health NAIC annual statements? The Nov. 11–14 Life and Health Qualifications Seminar will help you expedite the basic education you will need to obtain health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is the primary source of instruction to become qualified. Seats are limited so register today!

Two Open Senior Actuary positions at GAO

• The U.S. Government Accountability Office (GAO) is looking for credentialed actuaries from any practice area to fill two open Senior Actuary positions. The deadline for application is July 17, 2013. Click here to learn more and how you can apply.

Seeking Exceptional Academy Members

• We want to know who you think deserves recognition! The Jarvis Farley Service Award is presented annually to an Academy member whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. The Robert J. Myers Public Service Award recognizes an actuary for a single noteworthy public service achievement or a career devoted to public service. And, the Award for Outstanding Volunteerism honors Academy volunteers who have made a single, noteworthy contribution above and beyond what is expected. The nominations for each of these awards are due July 8.

Request for Comments on the U.S. Qualification Standards

• Five years have passed since the U.S. Qualification Standards (QS) were last revised. To determine if there is a need to start the process of considering revisions to the QS, the Academy’s Committee on Qualifications, with the approval of the Academy’s Board of Directors, is undertaking a review. The committee asks all actuaries and the public to provide comments by July 31. Learn more about what areas are of particular interest and how to submit comments.

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