Attestation of Actuarial Equivalence for RDS Program: A Timely Review of Requirements, Issues, and Qualifications

Wednesday, March 24, 2010
1:00 p.m. – 2:00 p.m. (EST)

The Medicare Prescription Drug, Improvement and Modernization Act (MMA) of 2003 created a new voluntary prescription drug benefit (Part D) that became effective on Jan. 1, 2006. To encourage employers and unions to maintain retiree health care plans, MMA provided a tax-exempt retiree drug subsidy for qualified retiree health plans. To be eligible for the subsidy, plan sponsors have to apply for the subsidy each year, including an attestation by a qualified actuary that the plan is actuarially equivalent to the Part D benefit. MMA requires that the qualified actuary be a member of the American Academy of Actuaries.

The Academy’s Health Practice Council, Council on Professionalism, and Pension Practice Council, on March 1 circulated a broad communication encouraging those actuaries who provide these attestations to review the relevant qualification standards to ensure they have the appropriate basic education and expertise to do this work. This webcast, sponsored by the Academy's Council on Professionalism and Health Practice Council, and co-sponsored by the ASPPA, CAS, CCA, and SOA, is intended to provide basic information regarding applicable qualification standards to be considered by actuaries, and address the more common issues related to providing RDS attestations.

This webinar will discuss:

• The minimum qualification requirements set forth in Precept 2 of the Code of Professional Conduct and in the U.S. qualification standards to issue statements of actuarial opinion, including the RDS Program Attestation.
• Guidance on the actuarial equivalence requirements for actuaries who provide services to plan sponsors that receive the retiree drug subsidy.

Speakers

The speakers include:

• Karen Smith, MAAA, FSA, FCA, EA, MSPA
  Chairperson, Committee on Qualifications
• Dale Yamamoto, MAAA, FSA, FCA, EA
  Chairperson, Joint Committee on Retiree Health
• Moderator: Sheila Kalkunte
  Assistant General Counsel

Webcast participants may submit questions during the webcast and the panelists will respond to as many of these questions as possible during the time allotted.

CE credit

The American Academy of Actuaries believes in good faith that your attendance at this live webcast, "Attestation of Actuarial Equivalence for RDS Program: A Timely Review of Requirements, Issues, and Qualifications," constitutes an "organized activity" under the current U.S. Qualification Standards [1].

Webcast resources

• View the archived version [2] of the webcast online (download the WebEx player [3] if you do not already have it on your computer. You will need it to view the webcast.).
• Download the speakers' slides in low resolution printable handout format [4] (PDF format).
• Download the speakers' slides in full format [5] (PDF format).
• View the Health Practice Council Practice Note, March 2006: Attestation of Actuarial Equivalence for Plan Sponsors Accepting a Retiree Drug Subsidy under the Medicare Drug Program [6].

Prompt registration is strongly recommended and will close on March 23, 2010, at 5 p.m. (EST). Register now for the March 24, 2010, webinar.

Questions?

• For technical questions about registration, please contact Webex customer support at 1-866-229-3239 or by e-mail at support@webex.com [7].
• For other types of assistance, please contact Phillip Hafler at the Academy (hafler@actuary.org; 202-223-8196).