Deceased Members–2009

In Memory of Preston C. Bassett

SOA Past President Preston C. Bassett, FSA, MAAA, AIA, FCA, EA, passed away on Aug. 9, 2009. According to his daughter, Bassett suffered a stroke a week prior to his death. He was 91.

Bassett was known for helping to shape federal pension policy for several presidential administrations and served as chief actuary of Towers, Perrin, Foster & Crosby. He joined Towers Perrin in 1950, was a member of the Labor Department's Pension Committee and the Department's ERISA Advisory Council. Following his retirement in 1980, Bassett was a consultant to then-President Carter's Commission on Pension Policy.

He was an active leader in the SOA, serving as president from 1984–1985. He also was a member of the Board of Governors and served on the following committees: Executive Committee; Committee on Planning (chairperson); Council of Presidents; Committee on Elections (vice chairperson and chairperson); Study Pension Accounting; Group Mortality and Morbidity (annuities); Group Mortality and Morbidity (self–administered plans); and Pensions.

Bassett was also active in the SOA Spring and Annual Meetings having served as moderator, panelist and workshop co–chairperson for a number of years.

In addition, he held offices in other organizations including: president of the American Academy of Actuaries and the Conference of Consulting Actuaries; chairman of the International Association of Consulting Actuaries; and a member of the Board of Governors of the International Actuarial Association.

Other professional activities include: actuarial member of the Task Forces on Accounting and Reporting by Defined Benefit Pension Plans and Employers Accounting for Pensions and Other Post Retirement Benefits for the Financial Accounting Standards Board; member of the Employee Benefits Committees and the Social Security Committees of the National Association of Manufacturers and formerly for the U.S. Chamber of Commerce; actuarial representative on the Advisory Council on Employee Welfare and Pension Benefit Plans for the U.S. Department of Labor; and member of the Pension Research Council of the Wharton School, University of Pennsylvania.