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  #31  
Old 11-10-2014, 04:16 PM
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I have drafted a comment letter that I plan on sending to the ASB on Saturday, Nov. 15. I would appreciate constructive feedback from AOers. Please PM me with your email address if you would like to review the draft letter. Thanks!
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  #32  
Old 11-10-2014, 05:00 PM
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Quote:
Originally Posted by Jeremy Gold View Post
Link to SOA letter: http://www.actuarialstandardsboard.o...Comment_18.pdf

On its face the quotes from the SOA comment letter to the ASB are appalling. ...

I noted above that perhaps the SOA had misspoken, not written exactly what they meant in their letter to the ASB. That is still a possibility and if it is also a fact, then the SOA should immediately correct and clarify its position in regard to protecting end users.


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Originally Posted by Jeremy Gold View Post
While I was composing the previous post, a friend sent me the following:

http://www.actuarialstandardsboard.org/aboutasb.asp


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Originally Posted by bdschobel View Post
It's a bit of a nit-pick ... -- and this flaw was identified before the letter went out.

Bruce
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  #33  
Old 11-12-2014, 10:22 AM
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http://dealbook.nytimes.com/2014/11/...T.nav=top-news
Quote:
Originally Posted by NYTimes
"We are concerned that we see many public-sector plans using practices that have not been used by private-sector plans, or that have been abandoned by private-sector plans around the world,” Mr. Cramer said. He said the Actuarial Standards Board should issue an entirely new standard for public pensions, but if it did not, then it should at least require actuaries to disclose that their standards “are not designed to provide specific regulatory oversight to the practice of plan funding.”
Much more stuff in a very strong article.
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  #34  
Old 11-13-2014, 03:25 PM
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A cluster of new comments was added today:

http://www.actuarialstandardsboard.o...g_Comments.asp
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  #35  
Old 11-13-2014, 03:45 PM
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Oh nice, I see comments from people administering public plans. Perfect.
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  #36  
Old 11-13-2014, 03:55 PM
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Reminder, MPC never uses red ink.
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  #37  
Old 11-13-2014, 05:24 PM
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Yes, sorry.
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  #38  
Old 11-13-2014, 05:24 PM
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Well, not sorry, but you know. Language and stuff.
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  #39  
Old 11-14-2014, 07:56 AM
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Oh nice, I see comments from people administering public plans. Perfect.
I laughed. The sad thing is they got their actuary to sign with them on a letter that is basically "Please don't make us have standards, we like our scam that rips off the future taxpayer just how it is."
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  #40  
Old 11-14-2014, 10:02 AM
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Originally Posted by MountainHawk View Post
I laughed. The sad thing is they got their actuary to sign with them on a letter that is basically "Please don't make us have standards, we like our scam that rips off the future taxpayer just how it is."
What's really sad is the pension members of ASB and many of the members of the ASB Pension Committee agree. I'm not going to bother to write comments. No one is listening (except, of course, the New York Times, the Wall Street Journal, the smug rip off artists you allude to, along with their rent capturing allies in the investment banking and money management businesses).
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