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  #1  
Old 08-17-2015, 10:57 AM
Jeremy Gold Jeremy Gold is offline
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Default Concerned Actuaries

Many actuaries are concerned that the very systems with the most actuarial involvement (federal social insurance, state and local pensions and health plans) are letting down future generations of taxpayers and beneficiaries and, in turn, today's young actuaries.

Many more actuaries, young and old, should be concerned.

The Concerned Actuaries Group has written and posted an opinion editorial addressed to all actuaries with the hope that more of you will become Concerned as well.

I think you'll find some names you recognize attached to the op-ed.

I expect many of you will agree with the CAG views and will consider joining with us.

Here is the op-ed: http://www.concernedactuaries.com/cag/
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Old 08-17-2015, 11:28 AM
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Mary Pat Campbell
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What are y'all planning on doing?
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Old 08-17-2015, 01:04 PM
Jeremy Gold Jeremy Gold is offline
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Originally Posted by campbell View Post
What are y'all planning on doing?
I am encouraging other Concerned Actuaries to respond to you. Let's see what they say.
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Old 08-17-2015, 01:42 PM
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No concerned actuaries with an FCAS? Interesting. Where is the P&C crew?

-Riley
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Old 08-17-2015, 01:59 PM
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Originally Posted by Jeremy Gold View Post
I am encouraging other Concerned Actuaries to respond to you. Let's see what they say.
I look forward to it.
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Old 08-17-2015, 02:20 PM
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Corporate net nanny blocked the link in the OP. What do Concerned Actuaries do? Sit around and feel concerned?
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Old 08-17-2015, 02:30 PM
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Quote:
Originally Posted by Ron Weasley View Post
Corporate net nanny blocked the link in the OP. What do Concerned Actuaries do? Sit around and feel concerned?
I assume it must be what they're using for webhosting.

Quote:
CAG CONCERNS JULY 27,2015

Six years ago, 18 prominent senior actuaries petitioned the Society of Actuaries to form the Social Insurance and Public Finance (SIPF) section within the SOA. They did so in the belief that the actuarial profession had an obligation to address, in a timely fashion, the significant fiscal and demographic challenges social insurance and other public finance programs face in America. SIPF prioritizes the public interest, but it has neither the resources nor reach to influence our professional bodies, and so the clock keeps ticking, the issues keep growing, and the assault on the financial security of America’s future generations continues.

Over the years, the authors of this opinion editorial tried to work on these issues within the framework of actuarial and other organizations including the American Academy of Actuaries, the Society of Actuaries and the SIPF section. Our interest in doing so was professional, not political. We were not, and are not, seeking to change Social Security and Medicare to help Wall Street, nor are we searching for victims to leverage or attract votes. We were, and are, trying to raise actuarial awareness, interest, and engagement in doing what is right for the profession and the public, particularly the younger members of both groups.

We turn now to you – the individual members of our profession – via the broader pathways of social media because our efforts to work with and through the traditional actuarial institutional framework have not produced meaningful action or results. We ask that you please read the next 506 words and let us know what you think.



From our vantage point, it is clear that the social insurance and other publicly financed systems are not being managed with the same discipline actuaries are required to use with private insurance and pension programs. Some argue that social insurance and other publicly financed programs are different and should be operated under different principles. No matter how these arguments are framed, they do not, in our opinion, change the need to assure to the highest level the security of benefits that are promised, not just to today’s seniors, but also to future generations of seniors. Without actuarial reasoning and rigor in this process, we enable politicians and other interested parties to continue to create their own “facts” in support of their agendas. These ersatz facts are certainly not what is meant in the actuarial motto to “substitute facts for impressions.”

Our fundamental concern is that at this critical moment, on issues that touch the very heart of our nation’s social and fiscal contract with its citizens, our professional actuarial organizations have, in the words of many stakeholders, been “missing in action.” They seem paralyzed by an inability to distinguish between bias, which of course we should always avoid, and objective analysis and controversy, which, while uncomfortable at times, requires at least a responsible assessment of whether or not engagement is necessary.

Put plainly, we do not believe that the nature and focus of the profession’s current institutional engagement adequately addresses our profession’s responsibility to protect social insurance and other public promises by managing with discipline, assuring fairness and intergenerational equity. We also fear that by failing to play a leading role in the discussion, our profession is diminishing or potentially eliminating the credibility that will be accorded future actuarial generations. For these reasons, we are persuaded that younger actuaries are being let down professionally and that their interests and those of their non-actuary peers are not being protected.

We believe the younger members of the profession would be more active in this effort if they understood how the failure to address these issues creates substantial risks to the profession and to the public, particularly future generations. There is at least one association of millennials, The Can Kicks Back (TCKB), that was formed to do what our actuarial bodies ought to be doing. That is, it was organized to try to protect the younger generation’s interest in these long-term public programs. Perhaps younger actuaries should establish a comparable organization within the profession.

We believe that time is running short to alert and educate the public, and those who ostensibly serve them, to the tsunami of actuarial debt that is coming. We believe that independent actuaries working together could become a catalyst to a solution that might mitigate this burden on future generations. What do you think?

Thank you for reading this opinion editorial. We ask for your comments, pro and con. If you share our concerns and want to get involved, please use the form at the right to contact us at concernedactuaries@gmail.com.
Quote:
Robert Shapiro, FSA
President, The Shapiro Network, Inc.; Former Board of Governors Member, Society of Actuaries; Trustee of the American College; Emeritus Trustee, Actuarial Foundation

Larry Baber, FSA
Retired, Former principal, Milliman ; Former President, Conference of Consulting Actuaries

Bart Clennon, FSA
Retired former principal, Milliman

Bob Collett, FSA
Retired, President and CEO, Milliman

Gary Corbett, FSA former President of the Society of Actuaries; former Chair of the Actuarial Standards Board

Tricia Guinn, FSA CERA, MAAA; retired Global Leader Towers Watson Risk and Financial Services Segment; former Trustee, Actuarial Foundation; Board Member, International Insurance Society

Jeremy Gold, FSA
CERA, MAAA; Independent Actuary; former head, Morgan Stanley Pensions; Former Society of Actuaries Vice President and Board Member; Former Vice Chair of the Pension Practice Council of the American Academy of Actuaries

Fred Kilbourne, FSA
FCA, FCAS, FCIA, MAAA, MSPA; Charter Member of the American Academy of Actuaries and the National Academy of Social Insurance;Past President of the Casualty Actuarial Society and the Conference of Consulting Actuaries; Chairman of the Critical Review of the US Actuarial Profession

Mark Litow, FSA
Retired, Former principal, Milliman; Member, Board of Governors of the Society of Actuaries; EVP, Council for Affordable Health Insurance

Jay Novik, FSA
Founder and Principal, Black Diamond Capital Partners; Chairman and Director, Black Diamond Capital Partners; former Vice Chairman and Director of various Swiss Re enterprises

Haeworth Robertson, FSA
former Chief Actuary of the Social Security Administration; recipient of the Robert L. Meyers Public Service Award

Rod Rohda, FSA
Retired Executive, Fidelity Investments

Fred Sievert FSA
MAAA; Retired President of New York Life; Past Chair of The Actuarial Foundation; Past Chair of LICONY; Past Chair of the American College; Former Trustee of LIMRA, LIFE; Member of the ACLI Actuarial Committee.

Stan Tulin, FSA
Retired Vice Chairman and CFO, AXA Financial, Inc.; Former Trustee, Actuarial Foundation Board; Former Board Member, American Council of Life Insurers; Emeritus Trustee, Actuarial Foundation

NOTE: The actuaries who have signed this document are signing as individuals and do not represent that their views reflect the opinions of any of their current or past employers.
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Old 08-17-2015, 02:31 PM
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Yeah, they're using GoDaddy, which is probably why the Net Nanny blocked it.
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Old 08-17-2015, 02:57 PM
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Originally Posted by whoanonstop View Post
No concerned actuaries with an FCAS? Interesting. Where is the P&C crew?

-Riley
Fred Kilbourne Fxxx where xxx=all
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Old 08-17-2015, 03:37 PM
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Ron Weasley Ron Weasley is offline
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Jeremy Gold, thanks for the thread. I was unaware of this effort.

Campbell, thanks for the quote.

Although it's still unclear to me what a Concerned Actuary does specifically, it does appear that the group is populated with professionals who should have the skills to facilitate becoming "a catalyst to a solution that might mitigate this burden on future generations."
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