Fellowship Vote – Resolutions
The Society of Actuaries (SOA) proposes to modify its legal structure in order that certain aspects of its mission would be carried out by a newly-created, not-for-profit entity tax-exempt under 501(c)(6) of the Internal Revenue Code. The plan of restructure includes:
A new 501(c)(6) entity
- The purposes of the newly-created 501(c)(6) entity will include: to advance the knowledge and application of actuarial science; to establish and maintain standards of qualification for membership; to promote and maintain high standards of competence and conduct for members; and to promote awareness of actuarial science and the actuarial profession.
- After a transition period expected to end December 31, 2019, the newly-created entity will adopt the name Society of Actuaries and will adopt bylaws identical to those of the existing SOA.
A renamed, repurposed 501(c)(3) entity
- The existing SOA entity, tax-exempt under 501(c)(3) of the Internal Revenue Code, would continue to carry out the research, scholarly and similar activities of the SOA’s mission. It’s stated purposes will include: to advance the knowledge and application of actuarial science through charitable, educational and research activities.
- After a transition period expected to end December 31, 2019, the existing 501(c)(3) entity will be renamed the Society of Actuaries Research Institute; will operate as a controlled affiliate of the newly-created entity; and will have as its Board and officers those individuals serving in the same positions in the newly-created entity, as elected from time to time by the membership.
IT IS THEREFORE RESOLVED
With a planned effective date of January 1, 2020:
- The existing Articles of Incorporation of the 501(c)(3) entity shall be amended, restating its purpose as described above and changing its name to the Society of Actuaries Research Institute; and
- The existing Bylaws of the 501(c)(3) entity are repealed and new Bylaws for the Society of Actuaries Research Institute, are adopted.