Spotlight on Sustainable Entitlements and the Federal Budget

• Academy leaders from across all practice areas gathered in Washington this week at the Academy’s Summer Summit to focus on the mandatory spending programs (entitlements) of the federal government. Special speakers set the tone, starting with former U.S. Senator Kent Conrad who praised the actuaries for their objectivity, especially in their public policy work with decision-makers. The Academy leadership members on hand also received the latest federal budget update from a representative of the Congressional Budget Office. And later in the day, Congressman Jim Cooper provided a provocative assessment of the political environment on Capitol Hill with respect to these important federal programs. Make sure to read the August Actuarial Update for more coverage on this event.

Academy in the News

• Academy Senior Pension Fellow Donald Fuerst was quoted in the Detroit Free Press personal finance columnist Susan Tompor’s July 14 column, “Don't blame pensioners for Detroit's fiscal crisis.”
• Bankrate.com’s July 15 retirement blog, “Make it easy to live well longer” reviewed some of the options for improving retirees’ financial security presented by the Lifetime Income Risk Joint Task Force in its discussion paper, “Risky Business: Living Longer Without Income For Life.” Task force co-chairperson Noel Abkemeier was quoted in an Insurance News Net story based on the paper’s discussion of gender-neutral rating of annuities.

New Public Policy Activities

• Academy Senior Life Fellow Nancy Bennett presented comments on annuities regulation to state representatives and senators at the National Conference of Insurance Legislators Summer Meeting in Philadelphia. Bennett’s presentation focused on responses by regulators, consumers, and insurers to forces challenging the life insurance industry. Bennett also provided an overview of the Academy’s Lifetime Income Initiative.

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.

Opportunities to Learn

• Nov. 11-14, Life and Health Qualifications Seminar: Obtain the basic education you will need to acquire health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is a primary source of instruction to become qualified. Seats are limited!

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