Impact of Aging and Evolving Workforce on Retirement Programs

07/10/2019 - 11:30 AM – 12:45 PM CT
Credits: EA Non-Core 1.50, CPD 1.50

The U. S. workforce is aging and evolving due to a number of reasons. Some of these include increased life expectancies, inadequate savings, changing family compositions and the emerging mismatch between available and needed employee skills. The presenters examine how well (or poorly) typical employer sponsored retirement programs are positioned to cope with these changing conditions and discuss what kinds of program changes might be desirable.

Speakers:

1. Lawrence J. Sher - October Three LLC
2. Barbara J. Hogg - Aon
3. Jack VanDerhei - Employee Benefit Research Institute
4. Greg Ward - Financial Finesse
 

2019 Webinar Series

Registration for the entire 2019 CCA Webinar Series is open for individual events and series subscriptions. Click here to view the expanded offerings and options for 2019. For detailed information about registration options, please review the Webinar Policy and Fees Document (PDF).

Have an upcoming client meeting in the health sector and are just starting out or need a refresher course? Where do you go?

Look no further than CCA’s new E-Learning module: Demographic Contributions to Medical Expense Cost and Trends. Developed by CCA with the assistance of Mercer Partner Rich Bailey, this module guides you through how demographic data such as age, gender, and location contribute to the potential cost of employee medical expense.  

This interactive module is available at no cost. 

Visit the E-Learning Section under Education to learn more!

With this month’s message I’d like to bring to light the influence the Conference of Consulting Actuaries has had on the growth of the actuarial profession.  Despite being the fourth largest actuarial association in the US, the CCA throughout its history has been at the forefront of establishing actuarial standards and guides for professional conduct.  There is a lot to be proud of as a member of the CCA, which we experience on a regular basis through our high-quality educational offerings and networking opportunities, but here are a few items to add to the list that you might not have known.

Did you know… the CCA is almost 70 years old!

In 1949 six consulting actuaries met for lunch in Chicago to discuss the need for an organization to set standards and exchange information among consulting actuaries.  A year later in 1950, the Conference of Actuaries in Public Practice (CAPP) was founded.  In 1991, the membership voted to change its name to the now familiar Conference of Consulting Actuaries, or CCA for short.

Did you know…the CCA was instrumental in the formation of the American Academy of Actuaries.

In 1965, the presidents of CAPP (now the CCA), CAS, FAA (the now defunct Fraternal Actuarial Association), and SOA came together and agreed to create a new entity for the purpose of promoting actuarial interest on Capitol Hill and to establish federally recognized licensing requirements for actuaries.  While the latter effort failed, the creation of the new actuarial organization was also designated by the five organizations to house the standard setting and disciplinary functions for all organizations, using much of the standards and guides to professional conduct already established by CAPP.  The Actuarial Standards Board (ASB) and Actuarial Board for Counseling and Discipline (ABCD) serve all five existing actuarial organizations, and their members, in the United States.

Did you know…we continue to grow in membership each year.

For the past 15 years the CCA has grown at an average annual rate of 1.6%, and that includes growth across all practice areas (Pension, Health, Life, and Casualty).  That’s pretty amazing when you consider that defined benefit pension plans continue to decline in corporations across the US.  Contrary to what you might guess, we are not dominated by the larger actuarial consulting firms.  Members from small- and medium-sized consulting firms make up 46% of our membership (large consulting firms represent 35% of our membership).  The CCA also includes members representing government entities, insurance companies, large corporations (other than insurance companies or consulting firms), and academia.

Did you know…the CCA is focused on four strategic goals to assure that we remain relevant to you and continue to provide value for your membership.

These goals include:

1.       Establish CCA as a Thought Leader for the Actuarial Profession

2.       Demonstrate CCA as the Authoritative Resource for the Consulting Actuary

3.       Position CCA as the Recognized Source of Education and Knowledge for the Consulting Actuary

4.       Expand the Influence of the CCA by Responsible Sustainable Growth

Do you have questions about the CCA? If so, don't hesitate to reach out to me.

Edward M. Pudlowski, FCA

President

Released at the Enrolled Actuaries Meeting starting in 1998, the "Blue Book" is a compendium of questions from actuaries and answers from the Pension Benefit Guaranty Corp. (PBGC). The 2019 Blue Book is now available, with access to the complete set of Blue Books available through the PBGC website.

The Blue Book Index is a complementary catalog of these materials, sorted by topic, to the full set of Blue Books. Click here to access the 2019 Blue Book Index through the CCA website.

CCA members may now access their complimentary digital membership to The Wall Street Journal. From breaking news to politics, business and more—get a global perspective with unlimited digital access to the Journal.

To activate your subscription, login to the CCA website and visit the Wall Street Journal Subscription page under Member Resources.

For more information and FAQs, please visit here.

Become a strategic sponsor of the CCA and immerse yourself in the world of the top purchasers and influencers in the marketplace for public and private pension instruments, employee benefits, and healthcare services.

Engage with industry leaders one-on-one - with the kind of undivided attention that only comes with interpersonal exchanges by becoming a CCA Sponsor.

Click here to learn about the various Sponsorship Opportunities available, including the Annual Meeting, Enrolled Actuaries Meeting, and Webinars.

To secure your sponsorship or discuss sponsorship options, please contact Marie Shaw at 847-719-6500 or by email at mshaw@ccactuaries.org.

CCA Members,

On Thursday, September 21, the CCA issued the following letter to the Board of Directors of the American Academy of Actuaries in response to their recent decision to exclude representation by the Conference of Consulting Actuaries and ACOPA from the Selection Committee for members of the Actuarial Board of Counseling and Discipline (ABCD) and the Actuarial Standards Board (ASB). Our Board is exploring other options and we will keep you informed of actions we take or any response we receive from the Academy. We welcome your comments at conference@ccactuaries.org. You may also contact CCA President John Lowell at jlowell@octoberthree.com or 770-235-8566. To view more of the communications by and between the Academy and the CCA, please visit https://www.ccactuaries.org/home/composition-of-the-selection-committee.

Board Members of the American Academy of Actuaries

The leadership of the CCA is both dismayed and disappointed by the Academy's unilateral action to exclude representation by the Conference of Consulting Actuaries and ACOPA from the Selection Committee for members of the Actuarial Board of Counseling and Discipline (ABCD) and the Actuarial Standards Board (ASB). We would have preferred an opportunity to discuss the Academy's concerns before taking any action so that we could more fully express our position on matters and to address many of the mischaracterization of the CCA by the Academy in the communication to your members issued Friday, September 7, 2018.

[Click Here for the Complete Message]

There are a variety of ways for CCA members to participate. For more information, view our Get Involved With the CCA interactive graphic, where the responsibilities and time commitments for each opportunity are outlined.

Once you match your talents and interests, please complete the Member Engagement form.

Experienced CCA volunteers are encouraged to volunteer for the Board of Directors. To help you determine whether this is a match for your talents, consider the duties involved. Contact the CCA office at conference@ccactuaries.org for details.

Updated: May 15, 2019

Twice a year the Intersector Group meets with representatives of the U.S. Department of Treasury (Treasury Department), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) to dialogue with them on regulatory and other issues affecting pension practice. Click here to view notes from meetings with the IRS, Treasury, and PBGC on regulatory issues affecting pension practice.