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Society of Actuaries Approves 2008 Budget, Release of the Continuing Professional Development
(CPD) Requirement Exposure Draft
- For Immediate Release: November 06, 2007
- Lisamarie K. Lukas
- Director of Communications
- 847.706.3566
At its October 13–14 meeting, the Society of Actuaries' Board of Directors approved the 2008 Budget.
This budget holds dues constant and maintains strategic investment in the actuarial brand.
"The Board's decision to hold dues constant for 2008 reflects the SOA's careful management of revenues
and costs as we move forward to fulfill our mission," said newly inducted President Bruce Schobel.
The Board also approved the November release of the SOA Continuing Professional Development (CPD)
Requirement Exposure Draft and SOA CPD Requirement Frequently Asked Questions to members for comments
on the requirement's provisions. "The actuarial Code of Professional Conduct has always required that
members continuously educate themselves on the skills, laws and standards governing the profession.
A CPD requirement will apply to all SOA members equally," Schobel states. "The decision to release an
exposure draft will give members the opportunity to comment on the CPD requirements. Many SOA members
will easily meet the CPD requirement by continuing to do the things they have done each year to maintain
their professional skills," Schobel adds.
The Board also committed to updating the SOA's current strategic plan and will appoint a strategic planning
steering committee for a 1–year term. Immediate Past President Edward L. Robbins will chair the strategic
planning steering committee. The Board has authorized the steering committee to develop a final plan that will
be approved at the October 2008 Board meeting. "The overall outcome is to develop a strategic plan that will
serve as a living document integral to the SOA's mission and vision with broad awareness and support among
various constituencies, including members, volunteers and staff," said Ed Robbins. The Board thanked Vice
Presidents Tom Corcoran, Jay Jaffe, Ethan Kra, Mike Lombardi, Mike McLaughlin, Craig Raymond and Kathy Wong
for providing valuable insights on moving ahead with updating the current plan.
In its final motion for the meeting, the Board approved the final operational policies, concluding
the update of the SOA's Policy Manual.
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