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Recent Academy Activity, Aug. 5–9, 2013

Academy Election Update: Be on the Lookout for Your Ballot via Email

  • Check your inbox on Monday, August 12 for an email from Intelliscan, the Academy’s election vendor. This email will come from elections@intelliscaninc.net, and will serve as a test to ensure that members receive their online ballot later this month. Please be sure to add this email address to your safe senders list and also check your spam folder if you don’t see it in your inbox. Visit the Academy Board Election Center to learn more about this year’s candidates!

Academy in the News

  • The Academy Pension Practice Council’s call for pension plans to have a strategy in place to attain or maintain a funded status of 100 percent or greater over a reasonable period of time was cited in a Bloomberg article, “Public Pensions Up 12% Get Most in 2 Years as Stocks Soar.”
  • Academy Senior Health Fellow Cori Uccello was quoted in a Reuters story that ran in The Denver Post, The Morning Call (Allentown, Pa.), Yahoo!, and other media outlets analyzing the complexities behind health insurance costs for consumers often misunderstood or overlooked in debates surrounding the Affordable Care Act.
  • The Academy Pension Committee’s public comments to the Employee Benefits Security Administration on proposed regulations for pension benefit statement requirements were highlighted by BenefitsLink.
  • Oversight of health insurance premiums should be based on actuarial principles, the Academy told LifeHealthPro for an article exploring how public health exchange menus are shaping up as regulators in more states finalize rates and plan sponsors make final decisions about whether to participate.
  • An article about the causes of Detroit’s pension problems in the Press & Guide, Dearborn, Mich., cited life expectancy increases pointed out by Academy Senior Pension Fellow Donald Fuerst in May 23 congressional testimony before the U.S. House Ways and Means Committee’s Subcommittee on Social Security.

New Public Policy Activities

  • The Pension Committee submitted its views to the Department of Labor on the agency’s proposal to add lifetime income information to pension benefit statements. The committee commended the DOL for requiring lifetime income disclosures on pension benefit statements and offered comments on specific topics, including assumed rates of return, drawdown illustrations, and projected retirement ages.
  • The Large Group Medical Business Practice Note Work Group released an update of the 1995 practice note on large group medical business. The practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” provides information for valuation actuaries on their responsibilities relating to the determination of reserve levels and other actuarial assets and liabilities for large group medical insurance coverage.

Opportunities to Learn and Earn CE

  • Aug. 22, Financial Reporting Implications under the ACA Webinar: Reforms introduced by the ACA may create uncertainty for health insurance issuers. What does this uncertainty mean for your future financial statements, especially given increased ACA requirements for actuarial estimates in financial reporting? Register for this informative webinar to learn about the financial reporting implications of several key provisions of the ACA: premium stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities.
  • Sept. 24–25, Life PBR—The New Valuation World Seminar: Take part in this collaborative seminar combining instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. PBR experts will discuss the latest developments, including the new PBR Actuarial Standard of Practice and PBR practice note—both expected to be completed this year.
  • 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!
  • Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Whether you’re an actuary who signs P/C loss reserve opinions or someone who assists in preparing them, this seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!

Note: Some links in this email go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.