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Old 03-03-2011, 12:51 PM
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WWSituation WWSituation is offline
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Join Date: Sep 2001
Location: philadelphia, pa
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A question I still have unanswered is - what happens to someone when they attest that they have not met the standard?
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Quote:
Originally Posted by Duffer View Post
We, the actuarial profession, did several things badly.

1. Pandering - we marketed ourselves as finding clever ways to give the public pension sponsors something for nothing
2. Ignored consequences - we found clever ways to allow politicians to ignore the true costs of benefit increases, like negative amortization of losses
3. Low standards of measurement - GASB had the most simple-minded of standards, and is now only going half-way to raise the standard.
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