Social Security Committee Releases Issue Brief on 2020 Trustees Report
The Social Security Committee released an issue brief, An Actuarial Perspective on the 2020 Social Security Trustees Report, following the release of the annual trustees report in April. The report—which does not reflect any impacts from the COVID-19 pandemic—shows that the combined Old-Age, Survivors, and Disability Insurance program of Social Security will only have sufficient resources to fully cover benefits until 2035, consistent with last year’s trustees report.
“The 2020 trustees report shows that, even before accounting for any effects of the COVID-19 pandemic—which is expected to result in lower tax income to Social Security—Social Security faces serious financial challenges based on an objective actuarial analysis of how demographic and economic trends are projected to play out under the current program design,” said Linda K. Stone, the Academy’s senior pension fellow. “Congress will have a wider range of options, with the potential for a more gradual approach to benefits or revenue changes, the sooner that it addresses Social Security's long-term solvency issues.”
Next Week—Final Webinar in Academy’s Three-Part Retirement Plan Series
The Academy believes in good faith that attendees will have the opportunity to earn up to 1.8 continuing education (CE) credits and 1.8 non-core, non-ethics continuing professional education (CPE) credits under Joint Board for the Enrollment of Actuaries rules. The webinar will be held next Wednesday, May 27, from noon to 1:30 p.m. EDT. Register today.
Reminder: Nominations Open for Academy’s Distinguished Service and Volunteerism Awards
Now is an excellent time to support the recognition of an Academy member who has made a difference through public service, or a member who has demonstrated an enduring contribution to the U.S. actuarial profession, by nominating him or her for one of the Academy’s prestigious service and volunteerism awards:
The Jarvis Farley Service Award is an award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession throughout his or her volunteer service. Nominate a member here.
In addition to these two singular awards, the Academy also recognizes members annually who have made a difference through their volunteer work:
The Outstanding Volunteerism Awards honor Academy volunteers who have made noteworthy contributions during this past year. The Academy recognizes the exceptional efforts of volunteers across all practice areas for their work in public policy and professionalism. Nominate a member here.
The Annuity Reserves Work Groupprovided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity principle-based reserving (PBR).
The U.S. House of Representatives passed an additional $3 trillion stimulus package as part of the federal government’s continued response to the growing impacts caused by the COVID-19 (coronavirus) pandemic. The legislation, H.R. 6800—or the HEROES Act—contains several additional measures to address the economic repercussions that the coronavirus continues to have on millions of Americans and businesses. Read the Academy alert.