The Pension Committee submitted comments to the Actuarial Standards Board responding to its proposed revisions to ASOP No. 25, Credibility Procedures. The comments focused on the exposure draft’s expanded scope of ASOP 25 and raises concerns regarding the standard’s application to pension practice.( )
The Social Security Committee released an issue guide for the general public, policymakers, and the media to use as they evaluate Social Security reform proposals. This guide poses questions that should be asked when policymakers put forth specific proposals to change the Social Security system.( )
The Social Security Committee updated its 2004 issue brief on means testing for Social Security. Means testing is one option to reform the Social Security program that would reduce or eliminate benefits for wealthy and/or high-income participants and beneficiaries as a means of reducing costs.( )
The Social Security Committee held a webinar, Social Security: Actuarial Status and Assumptions, on Nov. 27 that attracted over 300 attendees. The webinar focused on the assumptions used to evaluate Social Security’s financial condition and provided an overview of the actuarial status of the program based on the 2012 Social Security Trustees Report. The audio of the presentation is available here.( )
Gain an actuarial perspective on the 2012 Social Security Trustees Report and the assumptions used in determining Social Security projections. Social Security Administration Chief Actuary Steve Goss will be available to provide additional comments and answer questions. Learn more!( )
The Public Plans Subcommittee sent comments to the California Actuarial Advisors Panel (CAAP) regarding its Discussion Draft, Version 9c, Model Actuarial Funding Policies and Practices (MAFPP) for Public Pension and OPEB Plans.( )
The Pension Practice Council sent comments to Moody’s in response to its proposed adjustments to public pension data reported by US state and local governments. Moody’s requested comments after the publication of its report, Adjustments to US State and Local Government Reported Pension Data.( )
The Pension Accounting Committee provided comments to the Financial Accounting Standards Board (FASB) regarding its proposed Accounting Standards Update: Financial Instruments (Topic 825) – Disclosures about Liquidity Risk and Interest Rate Risk.( )
The Pension Practice Council sent comments to the Pension Committee of the Actuarial Standards Board regarding its discussion draft, Assessment and Disclosure of Risk Associated with Pension Obligations, Plan Costs, and Plan Contributions.( )
The chairpersons of the Pension Committee, along with Senior Pension Fellow Don Fuerst, sent a letter to Treasury officials regarding the implementation of MAP-21 pension provisions. The letter expresses support for the urgent need to publish the 25-year average segment rates required under MAP-21. Attached to the letter is an outline of topics discussed by several Pension Committee members at a meeting with Treasury on July 23.( )
The Pension Practice Council sent a letter to Senator Orrin Hatch commenting on a January report entitled “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America.” The letter references the Pension Practice Council’s newly published issue brief that debunks the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound.( )
The Pension Practice Council has published an issue brief on the 80 percent funded ratio myth. The issue brief debunks that myth and clarifies how actuaries view funding levels for pension plans and how the funded ratio relates to the “soundness” or the “health” of a pension plan or system.( )
The Pension Committee submitted comments to the SOA on a new set of mortality tables and projection scales for the valuation of uninsured pension plans.( )
Academy Senior Pension Fellow Don Fuerst testified before the ERISA Advisory Council June 12 on issues related to retirement security and the risk of long-term disability.( )
The Pension Committee submitted a comment letter to the Actuarial Standards Board responding to an exposure draft of ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations. The letter addressed several provisions of the exposure draft, including scope, selection of reasonable assumptions, investment return assumptions, and measurement-specific conditions. The Joint Committee on Retiree Health also submitted a letter, focusing on the interaction of the ASOP to retiree group benefits practice.
The Social Security Committee updated its annual issue brief offering an actuarial perspective on the 2012 Social Security Trustees Report and outlined policy options for addressing the program's long-term financial challenges.
The Social Security Committee updated an issue brief examining the assumptions used to evaluate Social Security's financial condition. The brief analyzes demographic and economic assumptions used by the federal government and outside experts.
The Pension Committee submitted a comment letter to the Actuarial Standards Board responding to an exposure draft and suggesting modifications to proposed revisions of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The Pension Finance Task Force also submitted a letter to the ASB responding to the exposure draft, as did the Joint Committee on Retiree Health whose letter focused on the interaction with retiree group benefits practice.
The Social Security Committee published a new issue brief examining the significance of the Social Security trust funds from three perspectives: the Social Security system, a unified federal budget, and the whole economy.