Description: As the topic of affordable long-term care (LTC) insurance comes into focus in political conversations, we often find ourselves thinking, “What is going to happen to the private LTC insurance industry going forward?” The need for LTC in the United States is not going away, especially as the population continues to age. With this in mind, this article explores three possible future paths for LTC insurance funding and the associated implications for the private LTC industry.

Description: As the topic of affordable long-term care (LTC) insurance comes into focus in political conversations, we often find ourselves thinking, “What is going to happen to the private LTC insurance industry going forward?” The need for LTC in the United States is not going away, especially as the population continues to age. With this in mind, this article explores three possible future paths for LTC insurance funding and the associated implications for the private LTC industry.

Description: Illustration testing can be complicated as the number of in-force illustrations continue to grow. AG 49 and AG 49-A complicate management of policies that have indexed based interest credits. This workshop will encourage discussion of practices and problems faced by companies complying with the Illustration Model Regulations, ASOP 24 and/or AG 49/AG 49-A.

Description: There is no silver bullet to improving retirement income outcomes for retirees. However, a combination of changes can be of significant value in addressing this overlooked issue. Although QLACs on the surface have potential value, they are not nearly as efficient as they could be. So far, employer plans have provided limited options for retirement income solutions. IRAs may not cost effectively serve the best interest of retirees. Employer plans should be encouraged to become retirement income providers and alternative approaches should be considered. The current prohibition on allowing plans to modify benefit payouts based on mortality experience should be reconsidered to allow for innovative plan income designs. Improvements to the deaccumulation stage of the retiree nest egg are challenging yet necessary.

Description: There are practical and conceptual aspects underlying (re)insurability. Practically, something or someone is insurable if an insurer is willing provide insurance coverage at a price the applicant is willing to pay. In contrast, a conceptual view of (re)insurabiity incorporates a range of more complex factors usually considered in the insurance process. This article discusses these two approaches.

Description: I present my thoughts on the importance for the section to collaborate with other sections and what the section is doing to collaborate.

Description: I present my thoughts for the upcoming year. We are currently doing our planning and I am sharing with the readers the different topics we plan to cover during the year through session during SOA's meetings, webcasts, and our newsletter Taxing Time. We will also be on the watch for what in happening in the industry.

Description: This webcast provides an overview of the key provisions of the recently enacted SECURE 2.0 Act of 2022, which significantly changed the rules that apply to qualified retirement plans and IRAs. The presenters will examine a history of the legislation and focus on some of the key provisions of the Act. In particular, we will discuss provisions that give individuals more flexibility on how they will contribute to their retirement accounts and provisions that provide new ways for individuals to save. Explore certain significant structural changes to the rules such as the automatic enrollment for new plans and the elimination of lifetime RMDs for designated Roth accounts. The panel will also focus on the provisions that provide greater access to retirement funds through new distribution exceptions and how this might affect a company’s reporting obligations. Come learn about some of the relief provisions included in SECURE 2.0, including an expanded EPCRS program to cover errors relating to IRAs. In addition to a discussion about the key provisions, the panel will review steps companies should be taking to implement the SECURE 2.0 provisions, including timelines for amending documents and systems. Identify certain issues for which guidance or technical corrections is likely needed, such as clarification on the required beginning date age.

Description: Collective Defined Contribution Plans offer an option in plan design that lies somewhere between defined benefit and defined contribution plans. This is achieved by fixing the contributions to the plan, but allowing benefits to fluctuate based on experience. This article provides a basic summary of how they can be structured. There are limitations to their use in the US, but are gaining in popularity elsewhere around the globe.

Description: This is an article providing a summary of the SOA Research Institute's participation in an NAIC meeting that took place in December 2022. This article will also be disseminated via the SOA News Weekly, linking to the article posted on soa.org.