This Week, December 16, 2011

Announcements

• Membership dues payment is due Jan. 1, 2012. 2012 membership dues remain at the same level as 2011. If you haven’t paid your 2012 dues, click here [1] to conveniently pay online before Jan. 1. Now is also a good time to ensure your member profile is up to date, make any necessary changes, and sign up for Academy alerts—timely online bulletins about legislative and regulatory developments that keep members informed. Log in [1] now to pay your dues, print your invoice, or to update your profile.
• The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website [2]. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries oversight group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators. All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website [3]. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators. Support questions should be directed to: ESGhelp@SOA.org [4].

Media Coverage

• Payroll tax cut: It’s not just for the middle class [5]
  MSNBC.com, Dec. 9, 2011
  Academy Senior Pension Fellow Don Fuerst discussed efforts to extend a temporary cut to Social Security payroll taxes. He said the payroll tax cut is being used as a tool to manage today’s economic conditions, but that Social Security’s long-term challenges are not being addressed.

News Releases

• Paul Fleischacker Appointed Chairperson of the Actuarial Board for Counseling and Discipline [6] (Dec. 15, 2011)
• Robert Meilander Appointed Chairperson of the Actuarial Standards Board [7] (Dec. 15, 2011)

Website: New Postings

• The Academy’s Tax Work Group submitted a discussion paper [8] to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
• The Committee on Property and Liability Financial Reporting has released its 2011 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. Click here [9] to download the practice note now.

Recent Events

• The Academy’s Council on Professionalism hosted its fourth webinar of 2011 on Dec. 15 with more than 1640 actuaries attending at approximately 470 registered sites. Council members Curtis Huntington and Godfrey Perrott discussed the International Actuarial Association and how its activities potentially affect U.S. actuaries. The presenters also discussed why actuaries should keep up with current international events and stay informed of proposed changes. If you missed it, click here [10] to download the recorded audio presentation or here [11] for the slides.
• What Every Actuary Should Know about Medicare—If you weren’t among the 1,500-plus members from all practice areas who participated in this Dec. 9 Health Practice Council webinar, be sure to download the recorded audio presentation [12] or the slides [13] for an actuarial overview of Medicare’s current structure and financial condition as well as an examination of options and prospects for reform in light on ongoing efforts to reduce the deficit. For additional resources on Medicare, visit the Academy’s new 2012 Election Toolkit: Delivering Objective Information on Public Policy Issues [14].

Publication Note

• This Week will publish its last issue of 2011 next Friday, Dec. 23. This Week will resume publication after the New Year on Friday, Jan. 6.

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