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Chat with the Candidates & Exam Committee First Ballot Candidates are posted - Post questions to candidates here!

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  #31  
Old 07-11-2019, 12:49 PM
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Mary Pat Campbell
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Recording will be available on SOA site soon, and there will be a second webcast in a couple weeks for those who couldn't go today.
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  #32  
Old 07-11-2019, 01:00 PM
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No change in member experience, and no real limitations experienced in our current structure. I remain unconvinced.
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  #33  
Old 07-11-2019, 10:22 PM
JWRobinson JWRobinson is offline
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Default Not So Sure About This

The US actuarial profession is self-regulated. This has its benefits, but it also means that its leaders are accountable to no-one (other than the law). I consider this lack of accountability as a structural weakness.

There are two facts of history that Fellows (who will vote) should consider:
1. Within the last ten years, two SOA presidents initiated actions which caused "volcanic eruptions" in our relationships with other actuarial organizations.
2. In both cases, the actions were supported by the Board. Another way to look at this is that had the Board done more to prevent the actions, they might not have have occurred.

The presidents involved believed that they were acting in the best interest of either the SOA or the profession as a whole. However, there is little doubt in my mind that the effects are still being felt and contributed to the failed merger with the CAS.

It is human nature, not a matter of ill-will, that when we human beings are not accountable to someone, we WILL act unaccountably at some time. I believe this applies even more to persons who wield power.

Providing an SOA president with a 501(c)(6), with no meaningful accountably, demands careful consideration by us Fellows. I see two troubling possibilities:

1. He/she can act unaccountably with the 501(c)(6); or
2. He/she can act unaccountably without it.

There is a real risk here that ten years from now, an ambitious SOA president will seek to tread on the turf of the Academy. We can't count on today's promises and FAQs to prevent it, and we can't count on the Board in place at that time to vote No.

In Jamaica we have a saying: "Prevent is betta dan cure". Based on these considerations, I am inclined to prevent another source of potential disruption from being allowed to take effect.

I am not satisfied that there is anything that the SOA wishes to pursue that is prohibited under our current status. Nothing I heard today changes that. If someone heard otherwise, please share.

Once done, this step cannot be undone. Fellows, the future is in our hands. Choose wisely.

Thank you.

John Robinson
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  #34  
Old 07-12-2019, 09:09 AM
Jmanthethief Jmanthethief is offline
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Quote:
Originally Posted by JWRobinson View Post
T
There are two facts of history that Fellows (who will vote) should consider:
1. Within the last ten years, two SOA presidents initiated actions which caused "volcanic eruptions" in our relationships with other actuarial organizations.
Would you mind actually explaining what actions you're talking about here? (coming from a younger actuary).
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  #35  
Old 07-12-2019, 09:28 AM
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Quote:
Originally Posted by Jmanthethief View Post
Would you mind actually explaining what actions you're talking about here? (coming from a younger actuary).
There is one specific instance I can think of where it really was just one person pushing it, where it was a surprise to the SOA Board (not to mention the rest of the actuarial world) and the Board went along with it: the attempted hostile takeover of the CAS

There were a few other ancillary actions that occurred later, such as the "bright idea" to spam the CAS membership... though I don't know if that's the fault of one person, or just stupid ideas infecting an entire group.

Lawsuits, etc.

I made a slideshow on some of the battle of the actuarial societies a few years ago:
https://docs.google.com/presentation...it?usp=sharing

If you can't get to google drive, try this one:
https://www.linkedin.com/pulse/battl...-pat-campbell/

Now, I put that together back in 2015 [and the links to SOA stuff may no longer work, as they've "refreshed" their site at least once since then. They like doing that]. Many things have changed since then, and I believe one of the things that has changed is decision-making processes of the SOA Board (I don't know that for a fact, though.)

Another thing that has changed is that the SOA & CAS have made nice to a certain extent, but I'm not sure that bad blood re:the Academy is gone (that's a whole different issue). It took a lot of work to try to undo the damage from one person's idea, popped on the actuarial community in 2011.
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Last edited by campbell; 07-12-2019 at 09:32 AM..
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  #36  
Old 07-15-2019, 05:11 PM
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Thanks for the attachment & Q&A summary!
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  #37  
Old 07-16-2019, 04:46 PM
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Another webcast:
https://www.soa.org/prof-dev/webcast...-structure-ii/

Live with SOA Leadership: Proposed Changes to SOA Legal Structure (Webcast 2)
July 25 | 12:00–1:30PM ET

Quote:
Join SOA volunteer and staff leadership as they provide another live presentation about the proposed changes to the SOA legal structure and answer members' questions.
The SOA Board of Directors proposes a change to the legal structure and tax-exempt status of the organization. It involves creating a new not-for-profit entity tax-exempt under Section 501(c)(6) of the Internal Revenue Code, which will adopt the Society of Actuaries name. The current not-for-profit entity, tax exempt under Section SOA 501(c)(3), will become a controlled affiliate of the SOA and will be renamed the Society of Actuaries Research Institute. As the SOA dedicates increased efforts to promoting the value of the actuarial profession and of SOA credentials, operating as a 501(c)(6) organization will be more appropriate. Maintaining the 501(c)(3) entity will be equally important, given our historic mission of advancing actuarial knowledge through education and research. Amendments to the SOA Bylaws will be necessary to adjust the current 501(c)(3) entity in conjunction with the simultaneous creation of the new 501(c)(6) entity, and a vote of the fellows (FSAs) will be required to approve the amendments.

You don't have to wait for the webinar! If you would like to submit questions or comments about the proposal, please email them to membercomms@soa.org.

If you missed the first of these webinars on July 11, you can view a recording here.

For more information and an FAQ, visit SOA Elections.
Presenters
Andy Rallis, FSA, MAAA
President-Elect, SOA

Richard Veys
General Counsel, SOA
Moderator
Patrick Gould
Managing Director, Marketing & Communications, SOA
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  #38  
Old 07-18-2019, 05:52 PM
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via email

Quote:
Notice of Proposed Amendments
Please take notice that the Fellows will be asked to approve amendments to the Articles of Incorporation and Bylaws of the SOA. The proposed changes will be submitted to the Fellows for a vote during the annual election period from August 19—September 6, 2019.

The resolutions on which the Fellows will be asked to vote can be found here. The Board of Directors has approved the proposed changes and recommends approval by the Fellows.

Approval of the proposed resolutions would result in a change to the legal structure and tax-exempt status of the SOA, as follows:
A new not-for-profit entity, tax-exempt under Section 501(c)(6) of the Internal Revenue Code, will be created and will adopt the Society of Actuaries name. It will adopt and operate under bylaws identical to those under which the SOA operates today, which can be found here. As in the past, the Society of Actuaries Board of Directors will be elected by the eligible voting members under those bylaws.
The existing SOA not-for-profit entity, which is tax-exempt under Section 501(c)(3) of the Internal Revenue Code, will continue to exist with a restated purpose and a new name... the Society of Actuaries Research Institute. The amended Articles of Incorporation for the 501(c)(3) entity can be found here.
The Society of Actuaries Research Institute will then operate as a controlled affiliate of the new Society of Actuaries entity, having the same Officers and Directors. The amended bylaws for this 501(c)(3) entity can be found here.
More information about the proposed changes can be found at SOA.org/elections. Email questions to membercomms@soa.org.

All Fellows are encouraged to vote on the proposed resolutions during the election period, and the Board of Directors recommends a vote FOR the proposed changes.
links:
https://www.soa.org/globalassets/ass...ff-2020-01.pdf

https://www.soa.org/globalassets/ass...-amendment.pdf

https://www.soa.org/globalassets/ass...ff-2020-01.pdf
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  #39  
Old 07-18-2019, 06:46 PM
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"We have to pass [it] so that you can find out what is in it...."
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  #40  
Old 07-22-2019, 12:13 PM
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Default Proposed Change in Bylaws

I understand that a vote by 1800 Fellows approving the changes to the bylaws could result in their adoption. Is this correct? If so, would it mean that the approval by approximately 6% of Society members (1,800/30,000) could result in future actions by the Society that the other 94% must either accept or resign their membership and surrender their credentials?
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