Moderated by committee chairperson Dave Heppen, the speakers were committee members Derek Jones, Katrina Redelsheimer, and Doug Ryan. They covered the effects of unprecedented changes in the workforce, expansion of presumptive benefits for first responders and health care workers, consideration of the 2020 experience in the rate-filing process, and financial reporting issues and answered many audience questions.
Presenters Rodrigo Careaga, Rich Isherwood, and Marc Oberholtzer covered the industry feedback and deliberations by the IASB in reaching the final language, and discussed aspects of the standard that were not amended, the potential implications of the changes across practice areas, and highlighted implementation issues that insurers will need to consider.
Next Week—‘In Times of Uncertainty, Professionalism Is Certain’ Webinar
Join the Academy next Wednesday, July 29, for the professionalism webinar, “In Times of Uncertainty, Professionalism is Certain.” Presenters—Academy past presidents Shawna Ackerman, Bob Beuerlein, Tom Terry, and Tom Wildsmith, and President-Elect nominee Maryellen Coggins—will discuss the Code of Professional Conduct and the certainty of our standards to guide practice. Academy President D. Joeff Williams will moderate. Both CE and Joint Board for the Enrollment of Actuaries (JBEA) continuing professional education credit will be available. The webinar will run from noon to 1:30 p.m. EDT. Register today.
Public Employment Opportunity
The New York State Teachers’ Retirement System is seeking a Manager of Actuary. This position supervises the Actuarial Department staff and coordinates all the work prepared by the department. The Manager manages deadlines with respect to the work, assigns staff to complete projects, and completes some work personally. Additionally, this position interfaces with other departments to provide advice and input with respect to benefit legislation and implementation and provides support and guidance to the Actuary as needed.
A reminder that responses to the Academy’s annual volunteer survey are due next Friday, July 31. The survey helps identify potential volunteers to actively assist many Academy committees in their work. There are some new opportunities on this survey. Members should have received the survey via email last Friday, July 17; you can access the survey in the members section of our website for logged-in Academy members.
CE Opportunities Abound in August: Learn the Latest on Social Security and ASOP No. 51
Two webinars in August will explore top pension issues and provide opportunities for you to earn valuable continuing education credit. Learn about Social Security and reform options during our Aug. 13 Capitol Forum webinar and, in the Aug. 20 webinar, gain insights into ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions. Register today.
ASOP No. 27 underwent two exposure periods and received a combined 26 comment letters considered in making changes that are reflected in the revised ASOP. ASOP No. 35 underwent two exposure periods and received a combined 22 comment letters considered in making changes that are reflected in the revised ASOP. Both ASOPs are effective for actuarial reports issued on or after Aug. 1, 2021, and when the measurement date in the actuarial report is on or after Aug. 1, 2021.
ASOP No. 6 Practice Note Work Group Releases Exposure Draft
The ASOP No. 6 Practice Note Work Group released an exposure draft of a public policy practice note, ASOP No. 6 - Development of Age-Specific Retiree Health Cost Assumptions for Pooled Health Plans, Including Applications to Non-Pooled Health Plans, which is intended to provide information for actuaries valuing retiree health benefit plans. Comments on the exposure draft are due to the Academy by Sept. 30, and can be sent to firstname.lastname@example.org.
Early Registration Ends This Month for 2020 LHQ Seminar
Early registration runs through next Friday for the Academy’s 2020 Life and Health Qualifications Seminar. This seminar delivers the highest-quality and most efficient way to obtain any needed basic education or relevant continuing education credit necessary to qualify to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Register by July 31 and save.
LPC Seeks Feedback on VM-20 Practice Note
The Life Practice Council (LPC) is seeking feedback for an addendum to the VM-20 Practice Note. The LPC is seeking to get input on items such as: What additional questions should be answered? What other topics would be helpful? Are there questions in the current practice note where the answers should be expanded? Feedback is welcome at email@example.com.
Public Policy Activity
The Life Underwriting and Risk Classification Work Groupsent a follow-up letter to the NAIC Accelerated Underwriting (A) Working Group on ASOPs that were referenced in their June 18 presentation.
The Pension Committee, Multiemployer Plans Committee, and Public Plans Committeesubmitted comments to the ASB regarding the second exposure draft of ASOP No. 4, Measuring Pension Obligations and Determining Pension Costs or Contributions.
The Variable Annuity Reserves and Capital Work Groupreleased the VM-21 Checklist. This checklist provides a comprehensive guide to VM-21, which specifies requirements for principle-based reserves for variable annuity contracts.