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  #11  
Old 02-22-2017, 03:52 PM
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To me it sounded like the village manager released his own complaint.
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  #12  
Old 02-22-2017, 05:34 PM
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The subject actuary declined to provide the Village with actuarial valuations while the complaint was outstanding.
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  #13  
Old 02-22-2017, 07:39 PM
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The subject actuary declined to provide the Village with actuarial valuations while the complaint was outstanding.
I'm amazed that you have an AO account.

This thread just got JUICY!
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  #14  
Old 02-22-2017, 08:12 PM
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Hardly juicy...I was just a lay person interested in learning about mortality tables and actuarial practice.
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  #15  
Old 02-22-2017, 08:29 PM
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Wow - he's been here a long time - he even has a 5 year pin!
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  #16  
Old 02-23-2017, 12:32 AM
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In a phone interview, Mr. Sharpe said that he had been instructed to use the 1971 mortality table by the Illinois Insurance Department. Even though it was old, he said, he considered it more realistic because it projected death rates out to age 110. The table from 2000 uses a different population sample and projects death rates out to age 120.

If La Grange projected life spans the way Mr. Palermo wanted, he added, it would “be collecting taxes to pay for pensions to people assumed to live to age 120,” a needless expense.
If I was trying to bamboozle lay people, this is how I would do it.
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  #17  
Old 02-23-2017, 03:24 AM
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I'm amazed that you have an AO account.

This thread just got JUICY!


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  #18  
Old 02-23-2017, 07:17 AM
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I am not a pension actuary, but I do wonder what the impaired mortality component would be for fire and police folks.
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  #19  
Old 02-23-2017, 08:32 AM
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Originally Posted by Enough Exams Already View Post
Disclaimer: I haven't read your filings, nor am I a pension actuary. I don't know anything about you, your case, or the politics of public pension actuarial consulting anywhere, let alone in Illinois.

But I have to ask: While I understand the desire to get the word out about your case, are you sure you want to try it here, in the court of public AO opinion?

Given that anything said here is easily discoverable by counsel, are you sure this is something you want to argue here?


I think both parties in an active lawsuit should be cautious about what they choose to air in a public forum.
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  #20  
Old 02-23-2017, 08:37 AM
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In a phone interview, Mr. Sharpe said that he had been instructed to use the 1971 mortality table by the Illinois Insurance Department. Even though it was old, he said, he considered it more realistic because it projected death rates out to age 110. The table from 2000 uses a different population sample and projects death rates out to age 120.

If La Grange projected life spans the way Mr. Palermo wanted, he added, it would “be collecting taxes to pay for pensions to people assumed to live to age 120,” a needless expense.
If I was trying to bamboozle lay people, this is how I would do it.
Ditto. This smacks of either ignorance or bamboozling. Either way, as an actuary, it's professional misconduct.

No qualified actuary would use this line of reasoning. We all know that just because a mortality table goes to age 120, that doesn't mean everyone lives to 120.
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