GAAP LDTI regulatory changes are upon us, and everybody is thinking about the impacts. Now is the perfect time for a refresher on U.S. reserving principles for deferred annuity products.
Fixed and variable deferred annuities were introduced in the 1950s to take advantage of rising long-term interest rates in combination with deferral of income tax on earnings. The basic contract design has experienced many benefit enhancements and is still popular today. The valuation of the product has evolved to deal with enhancements as they have emerged.
This seminar opens with a review of the basic product design as a building block for reserving concepts before exploring the latest product designs and statutory, tax, and GAAP accounting regulations. The 2019 program will cover statutory and tax financial reporting, including VM-22 and the 2017 tax reform changes, and GAAP reporting, including a comparison of current GAAP methods and calculations to GAAP LDTI.
Course materials, consisting of a set of presentation slides and spreadsheet files, will be distributed via email the week before the class. All topics, including GAAP LDTI, will be illustrated with comprehensive worksheet examples that will be made available to all participants. Class participants are encouraged to bring laptops or tablets to dive into the spreadsheet examples along with the presenters.
At the end of this seminar, participants will understand key statutory, tax, and GAAP reserving principles, how current GAAP methods and calculations compare to GAAP LDTI, and reserve calculations that are presented in sample spreadsheets. While this course will cover how to calculate GAAP LDTI for deferred annuity products and the impact of the new calculations, it will not focus on implementation challenges.
Registration is open to all. PolySystems has specifically designed this seminar to demonstrate how to apply the fundamental principles of reserving to the practical, on-the-job demands of statutory, tax, and GAAP financial reporting. The concentrated syllabus and classroom style atmosphere of this seminar provides an environment in which new students and senior management working as actuaries and other professionals will expand their knowledge and learn from actuaries with broad and deep experience in valuation processes.
Level of Difficulty
The seminar is designed for participants with all levels of experience.
John Adduci, FSA, MAAA, is a Vice President in PolySystems Chicago office and has more than 20 years of experience in the insurance industry. John works on PolySystems production team, where he helps clients with project implementation and provides actuarial consulting services. John’s responsibilities include the installation of financial reporting software, on-site training, and client support. John has spoken at the SOA Annual Meeting, Valuation Actuary Symposium, Equity Based Insurance Guarantees Conference, Southeast Actuaries Annual Conference, and SOA Reserves Week Seminars.
Younjung (Youny) Choi, FSA, MAAA, is a Manager of Advanced Modeling in PolySystems New Jersey office and has 15 years of experience in the insurance industry. Youny works on PolySystems Advanced Modeling team supporting clients with software implementations on equity-indexed annuity blocks for ALM projections, planning, and capital projections. Youny also has experience with valuation and annuity product development and pricing. Youny has previously spoken at the SOA Life and Annuity Symposium.
Tim Gaynor, FSA, MAAA, is a Vice President in PolySystems Chicago office and has over 25 years of experience in the insurance industry. Tim works in PolySystems software development area, and his experience includes designing and developing deferred annuity software. Tim has been an instructor at the Reserves Seminars for over 10 years and has previously spoken at the SOA Valuation Actuary Symposium.
John A. Adduci, FSA, MAAA
Younjung Choi, FSA, MAAA
Director, Pricing, Retirement Solution Division
Pacific Life Insurance Co
Timothy P Gaynor FSA,MAAA
Register before 05/09/19
|SOA Member||$ 725|
|All Others||$ 1,025|
Methods of Registration
- Paying by Credit Card
Online registration is available through May 29.
- Pay by Check—Please contact SOA Customer Service if you wish to pay via check.
- In Person on Site
If you are unable to register online by May 29, you may register at the SOA registration desk located at the Embassy Suites Chicago Downtown beginning June 4 at 9:30 a.m.
If registering within five business days of the program, please call the Society of Actuaries’ Customer Service Center at +1-888-697-3900 to confirm space availability.
Full payment is required at the time of registration.
Order confirmations are emailed upon completion of registration. If you do not receive a confirmation, please go to this page and log in to confirm your order was placed. To request another copy of the confirmation order or to update the registration, please contact Customer Service at firstname.lastname@example.org.
SOA incurs significant expenses prior to an event. To minimize losses, SOA maintains the following refund and cancelation policy:
- Prior to Monday, May 20, you may cancel your registration with a full refund provided, less a $100 administrative fee.
- After Monday, May 20, there will be no refunds provided. You may transfer your registration to another meeting or seminar within one calendar year of the original meeting or seminar registered for. However, you will be responsible for any differences in rates and/or fees.
- An alternate attendee within the same organization may be substituted at any time prior to the conference start with no penalty. However, if the original attendee is a member and the substitute attendee is not the difference in rate, between member/nonmember, must be paid in full at time of substitution.
- The Society of Actuaries reserves the right to cancel any event if conditions warrant. In the event of such cancellation, registration fees will be refunded in full. The Society of Actuaries is not responsible for any airfare or hotel cancellation fees that an attendee may incur due to event cancellation.
To cancel an order, log in to My SOA, choose the item you wish to cancel from your order summary and click the cancellation button. Complete the form to submit your refund request.
Embassy Suites Chicago Downtown
600 North State Street
Chicago, IL 60654
Phone : +1-312-943-3800
Toll-Free Central Reservations Number : 1-800-445-8667
Group room rate (taxes not included):
King Suite $259
Double Suite $279
Cutoff date for group room rate: Tuesday May 14, 2019
Reservations can be made online by following the link below of my calling +1-800-445-8667.
Make your reservations by May 14, reservations made after this deadline are subject to space and rate availability. Please make sure you mention that you are attending the Society of Actuaries Reserves Week. A major credit card is required in order to make a reservation. Reservations may be cancelled without penalty up to 24 hours prior to the date of arrival.
Online Reservations: Embassy Suites Online Hotel Reservation
During check-in all guests will be asked to verify their departure date. At that time, you may change your departure date without penalty. Any guest who departs before the confirmed departure date may be charged an early departure fee.
Why Stay at the Embassy Suites Chicago?
We realize there are many hotel options available and by staying at the Embassy Suites Chicago we offer you the chance to save through the SOA group rate. Staying at the Embassy Suites Chicago also provides the best opportunity to network with your peers and maximizes the quality of your meeting experience.
Confirmation of your hotel reservation is provided by the hotel. If you have not received a confirmation number prior to your departure for Chicago, please call the hotel to make sure your reservation is in order. Remember to mention your affiliation with the Society of Actuaries in all hotel communications to ensure the correct handling of your reservation.
Hotel Check-In and Checkout
Check-in time is 4:00 p.m. and checkout time is noon. Those arriving early may check their bags with the bell desk in the hotel lobby.
Set in the heart of downtown Chicago, this hotel is surrendered by shopping and entertainment venues.
Taxi fare from O’Hare International Airport is approximately $50.
AmTrav Corporate Travel is the Society of Actuaries’ official travel agency. AmTrav is focused on providing cost savings and enhanced travel services. Call AmTrav at +1-866-284-5774 or visit them online at www.amtrav.com.
If you have any concerns or questions, please contact the SOA Customer Service Center Monday through Friday, 8:00 a.m. to 5:00 p.m. CST. Please call +1 888-697-3900 or email.
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About the Sponsors
The Society of Actuaries (SOA) is the largest global professional actuarial organization. With unmatched research and education, and more than 28,000 of the highest skilled actuarial professionals, we prepare the individuals trusted to drive better business decisions and promote financial security in an ever-changing world.
PolySystems develops and maintains actuarial software solutions for life, health, and annuity insurance products that are used in over 100 companies for financial reporting and modeling requirements, including valuations, projections, experience studies, source of earnings, and most recently, the new FASB regulations pertaining to GAAP LDTI. Our team of experienced actuarial consultants routinely helps PolySystems clients with critical implementation projects including data management and model design, validation, and testing.
PolySystems has been cosponsoring this Reserves Seminar with the SOA for over a decade and is an industry leader in U.S. reserving methods and techniques. PolySystems has 100 actuaries and IT professionals working in Chicago, New Jersey, and South Carolina to meet actuarial software needs at both the product and enterprise level.