Academy News

On July 22, Academy President Cecil Bykerk sent a letter to the editor of The New York Times pointing out that a story regarding Detroit’s pension shortfall mischaracterized actuaries as “running” pension plans and urging the Times to report on “the causes and the fiscally sound and sustainable solutions” for troubled public pension plans. The Times subsequently issued the following correction: “An article on Saturday about a dispute among actuaries over how to calculate the present value of future pensions misstated the role of actuaries in pension plans. The actuary keeps track of plan members’ data, calculates how much money must be contributed every year and advises the board on key assumptions like future investment returns; the actuary does not ‘run’ the plan.” (July 25, 2013)

Life PBR—The New Valuation World (Sept. 24–25): Register now for this interactive seminar that will combine instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. Principle-based reserve 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. (July 24, 2013)

Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (July 19, 2013)

Senior Life Fellow Nancy Bennett presented on annuities regulation at the National Conference of Insurance Legislators Summer Meeting. (July 13, 2013)

Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (July 12, 2013)

Casualty VP Mike Angelina presented an actuarial perspective on the future of the National Flood Insurance Program following the 2012 passage of the Biggert-Waters Flood Insurance Reform Act to state legislators at the National Conference of Insurance Legislators Summer Meeting. (July 11, 2013)

Read about the Academy’s response to the Medicare Trustees Report, a new white paper from the Health Practice Financial Reporting Committee, new HHS final rules, and Academy experts in the news. (July 10, 2013)

Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (July 05, 2013)

The Academy’s Nominating Committee has selected four excellent candidates for the upcoming regular director election by members, which will be held online from Aug. 26 through Sept. 16. The candidates are: Thomas Campbell, Albert Beer, Audrey Halvorson, and Annie Voldman. Click here to read Academy President Cecil Bykerk’s announcement, or visit the Academy Board Election Center for the latest updates. (July 03, 2013)

Read about the Academy’s Capitol Hill briefing on lifetime income risk, professionalism web events, testimony before the PBGC, and more! (July 03, 2013)

Read about the insurance career of modernist composer Charles Ives, the perilous state of the National Flood Insurance Program, how predictive models failed to foresee the mortgage meltdown, and much more. (July 01, 2013)

Read about Enrolled Actuaries Meeting sessions; the lifetime income risk discussion paper; testimony before the PBGC on a rule reducing reporting requirements; and more stories about the Academy’s pension activities. (June 28, 2013)

Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (June 28, 2013)

The Academy hosted a briefing on the need for retirees to secure a lifetime income. The briefing, "Risky Business: Living Longer Without Income for Life," coincides with the June 19 release of the Lifetime Income Risk Joint Task Force’s discussion paper. The Academy briefed policy makers on how improved life expectancy affects planning for retirement; the challenges to ensuring lifetime income; and potential solutions to the risk of outliving one's income, including emphasizing financial literacy and education, refocusing retirement plan design, and developing policies that support lifetime income needs. (June 27, 2013)

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 19, 2013. Click here to learn more and how you can apply. (June 24, 2013)