Description: The traditional defined-benefit (DB) plan is a type of plan structured to provide the greatest degree of retirement income security, designed to pay out a guaranteed retirement income for the life of the retiree (and, when applicable, a beneficiary). However, over the last several decades, the number of private-sector employees covered under these traditional plans has decreased dramatically and been replaced by defined contribution (DC) plans. In contrast, public-sector retirement plans, which are exempt from ERISA, have seen a much smaller decline in DB plans. There are many differences in the private and public sector that likely contributed to this phenomenon, but ERISA and the many amendments to it has been a major factor.

Description: Distribution channels matter because they impact how products reach the clients, client experience with the company, and are a key driver in total company performance. Think about this, the pricing actuaries could design innovative products that meet client needs, but without distribution channels communicating the right messages to the clients and addressing their questions, the products probably would not sell.

Description: The SOA, in collaboration with CSU-Fullerton, hosted the first event combining local high school students and community college and university students for a day of learning and networking.

Description: A brief review of the 2024 SOA Health Meeting in Baltimore

Description: Feature articles discussing the risks created by climate change.

Description: A look at the near future and far future of various elements of Actuarial Models as defined through ASOP 51. What is driving the complexity for inputs, calculations, and outputs. Howe will actuaries handle these challenge?

Description: S&P Global released its initial version of proposed changes regarding its Insurer Risk-Based Capital Adequacy methodology and assumptions on Dec. 6th, 2021. Unlike prior guidance notes or criteria releases, the proposed changes comprehensively updated the current S&P rating criteria released in 2010. These updates would directly impact many insurers. S&P Global anticipates that 10 percent of existing ratings in the insurance sector would be impacted and the change would lead to more positive rating implications than negative impact. This article focuses on the proposed changes on the S&P risk-based capital (RBC) vs. the current model, then simulate impacts to a representative U.S. life insurer through an illustrative case study.

Description: This article explores the challenges of writing exams during the COVID-19 pandemic and lessons learned.

Description: In this fourth issue of International News of 2022.