Proposed Bylaws Changes
The Society of Actuaries (SOA) Board of Directors proposes a change to the legal structure and tax-exempt status of the organization. It involves creating a new not-for-profit entity tax-exempt under Section 501(c)(6) of the Internal Revenue Code, which will adopt the Society of Actuaries name. The current not-for-profit entity, tax exempt under Section 501(c)(3), will become a controlled affiliate of the SOA and will be renamed the Society of Actuaries Research Institute. As the SOA dedicates increased efforts to promoting the value of the actuarial profession and of SOA credentials, operating as a 501(c)(6) organization will be more appropriate. Maintaining the 501(c)(3) entity will be equally important, given our historic mission of advancing actuarial knowledge through education and research. Amendments to the SOA Bylaws will be necessary to adjust the current 501(c)(3) entity in conjunction with the simultaneous creation of the new 501(c)(6) entity, and a vote of the fellows (FSAs) will be required to approve the amendments.
There were 3,772 votes from Fellows (or 92.3 percent) to approve the bylaws amendments. The SOA will move forward with changes to the organization’s legal structure and tax-exempt status.
Learn more about the proposed changes.
- Letter from SOA President James Glickman on the change
- Fellowship Vote — Resolutions
- Bylaws for New 501(c)(6) Entity — SOA
- Amended Articles of Incorporation
- New Bylaws for 501(c)(3) Entity — SOA Research Institute
Frequently Asked Questions (Excerpts)
Why is the SOA making these changes to its legal structure?
The new not-for-profit corporation exempt under 501(c)(6) will continue to pursue the same mission as the current SOA 501(c)(3). The 501(c)(6) exemption status more closely aligns with how the SOA operates today and is commonly used by professional membership associations. The SOA will maintain its current management and staff.
The purpose of a 501(c)(6) as an association of persons with common professional interests better aligns with the SOA’s mission to advance actuaries as leaders in measuring and managing risk. The types of organizations relying on 501(c)(3) tax exemption include educational, scientific and research organizations, and the SOA will keep an affiliated entity with this particular exempt status for its research activities.
Do these changes to the legal structure impact my membership?
No. The legal structure change has no impact on membership services nor governance. SOA members will keep their membership status under the new 501 (c)(6) entity. There will be no changes to the SOA’s operations. We will continue to provide the same service and support to our members and candidates.