The Actuarial Standards Board (ASB) heard from more than a dozen actuarial and pension experts representing diverse views during its July 9 public hearing on public pension plan issues at the Ronald Reagan Building and International Trade Center in Washington. The ASB will take some time to reflect on the written and oral submissions as it continues its deliberations on these issues. Speakers’ comments and written comments are available here. Updates will be included in future issues of Actuarial Update, Enrolled Actuaries Report, and in ASB Boxscore.
Daniel Moore, Texas State Pension Review Board
Paul Angelo, CCA Public Plans Community
Bill Hallmark, Chairperson, Public Plans Subcommittee, American Academy of Actuaries
Bailey Childers, Executive Director of the National Public Pension Coalition
Dan Doonan, Senior Pension Specialist at the National Education Association and a board member of the National Public Pension Coalition
David Driscoll, Buck Consultants
David Kausch, Gabriel Roeder Smith & Company
Kim Nicholl, Segal Consulting
Robert C. North, Jr., Consulting Actuary
Thomas Lowman, Bolton Partners, Inc.
Gordon Latter, Chairperson, Joint Academy/SOA Pension Finance Task Force, American Academy of Actuaries
Robert Stein, Chairperson, SOA Blue Ribbon Panel on Public Pensions, Society of Actuaries
Bradley Belt, Member, SOA Blue Ribbon Panel on Public Pensions, Society of Actuaries
The Actuarial Standards Board (ASB) will hold a public hearing on the need for new or revised actuarial standards of practice (ASOP) applicable to actuarial work regarding public pension plans on July 9 at the Ronald Reagan Building and International Trade Center in Washington. The ASB is accepting both written comments and requests to be considered to present oral testimony at the hearing. Read more here.
The ASB recently adopted ASOP No. 49, Medicaid Managed Care Capitation Rate Development and Certification. The ASOP was developed to establish guidance for actuaries preparing, reviewing, or giving advice on capitation rates for Medicaid programs, including those certified in accordance with 42 CFR 438.6(c). Since the federal regulations took effect, actuaries have used various methods to prepare the capitation rates. ASOP No. 49 incorporates the appropriate aspects of these methods to establish guidance and considerations in the rate development process. ASOP No. 49, which will be effective for opinions and certifications issued on or after August 1, 2015, can be viewed under the tab “Current Standards (ASOPs).”
The ASB recently approved an exposure draft titled Determining Minimum Value and Actuarial Value under the Affordable Care Act. The actuarial standard of practice will apply to actuaries performing professional services with respect to calculating actuarial values and testing minimum value requirements in accordance with the Affordable Care Act and related regulations, specifically for purposes of (1) categorizing individual and small group health insurance plans into metal levels; (2) testing whether large employer-sponsored health insurance plans meet the federal minimum value requirements; or (3) making any required certifications. The comment deadline for the exposure draft is May 1, 2015 and can be viewed under the "Current Exposure Drafts" tab.
The Actuarial Standards Board (ASB) establishes and improves standards of actuarial practice. These Actuarial Standards of Practice (ASOPs) identify what the actuary should consider, document, and disclose when performing an actuarial assignment. The ASB’s goal is to set standards for appropriate practice for the United States.