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SOA Member Announcement - October 2014 Board of Directors Meeting(Targeted News Service Via Acquire Media NewsEdge) SCHAUMBBURG, Ill., Oct. 27 -- The Society of Actuaries issued the following news release: The Society of Actuaries Board of Directors met October 25 - 26, 2014 to discuss and make decisions on a number of important issues. Member Engagement: The Board received a report from the Member Engagement Task Force with updates on the task force process and a proposed strategic direction of the final report and recommendations for delivery to the Board in December 2014. The Board provided input on the strategic themes including additional methods to engage members, opportunities to customize member experience and different kinds of member experience. 2015 Strategic Initiative Portfolio: The Board approved the 2015 Strategic Initiative Portfolio from the Issues Advisory Council (IAC). Five initiatives will carry-over, including Learning Strategy; Relationships with Other Organizations; Opportunities for Actuaries; General Insurance, and International Growth and Development. One new initiative, Helping Members Respond to Changes in the Regulatory Environment, was approved. This initiative will be particularly focused on exploring ways the SOA's educational programs can assist members in this important challenge. The Board also directed Errol Cramer, the incoming President, to appoint a task force to study ways to increase diversity in the actuarial profession. SOA Response to ASB: The Board reviewed and approved a letter to be sent to the Actuarial Standards Board in response to their request to the profession and the public for comments on public pension plan-related standards (Request for Comments - ASOPs and Public Pension Plan Funding and Accounting). Once the letter is sent to the ASB, it will be posted on SOA.org. Pension Mortality Experience Study Tables: The Board authorized the Retirement Plans Experience Committee (RPEC) to release final versions of the RP-2014 Mortality Tables and the Mortality Improvement Scale MP-2014 (https://www.soa.org/Research/Experience-Study/Pension/research-mort-table-mort-imp-scale.aspx) and to issue public expressions of professional opinion that RP-2014 and MP-2014 are appropriate for use by actuaries for measuring current and anticipated mortality experience for private pension plans in the United States. The Board also received a report reviewing the research activity, outreach and communications strategy pertaining to the Pension Mortality Experience Study Tables. China Strategy: The Board approved the proposed new strategy for SOA activity in China, including the creation of a China Committee as a subcommittee of the International Committee. Initial activities will focus on enhanced professional development opportunities, strengthening relationships with universities and actuarial employers, developing new practice research, and building relationships with the China Association of Actuaries. "SOA candidate and membership growth in the Asia-Pacific region, in particular China, continues to increase," said SOA President Mark Freedman. "The China Strategy serves as a springboard in creating a larger regional community supporting all of our Asia Pacific members." 2015 Budget: The Board approved the 2015 budget with no increase in member dues. Learning Strategy: The Board provided input to the Learning Strategy Task Force as they continue to develop a strategy to guide future directions for the SOA's education activities. This initiative is intended to take account of the many changes occurring in adult education and bring those developments to SOA members and candidates. The Board's discussion at this meeting focused on providing initial input. A final learning strategy is expected next June. "Shared hopes of the Learning Strategy Task Force (LSTF) include maintaining the high value of the SOA credentials, enhancing the role of the SOA as educator of risk professionals and contributor to risk management knowledge on a global scale," said President Freedman. "The task force is also focused on improvements in teaching, learning and assessment as well as bringing the same level of focus to professional development and engaging the best and brightest in support, partnership and resources to support the operation of this initiative." Acknowledgements: Freedman also welcomed the incoming members (https://www.soa.org/Leadership/Elections/2014-bod-election-results-8jy5tw.aspx) of the SOA Board and acknowledged the members whose terms are ending: Vice Presidents C. Ian Genno, Jennifer Gillespie and Valerie Paganelli and Board Members Joan Barrett, Sue Blanck and Larry Bruning. "I am deeply grateful to all of them for their service to the SOA and its members," Freedman said. He also acknowledged the work of Past President Brad Smith (https://www.soa.org/About/Membership/2014-deceased-smith/), who passed away unexpectedly on Oct. 12. "Brad was a friend and a mentor, and his legacy to the SOA and the profession will be long-lasting and incredibly impactful." If you have any questions or comments about the recent Board meeting, please send a note to [email protected]. [Category: Accounting] CC AutoTriage10PkS-141028-30TacordaCheng-4914776 30TacordaCheng (c) 2014 Targeted News Service |