JIM IS THE ACTUARY for a traditional multiemployer pension plan. The employees in the pension plan also participate in a trustee-directed defined contribution plan. For the defined contribution plan the Board of Trustees wanted to maximize the benefits provided to its members and asked Jim what changes could be made to the defined contribution plan that would protect them when … Read More
You Sign It, You Own It
IT ISN’T UNUSUAL for actuaries or other professionals to rely on the views or work of others in forming their own opinions. Doctors often confer with specialists in treating patients. Lawyers use co-workers to perform legal research and assist with briefs. Actuaries ask colleagues or other professionals to provide input on their work. One of the most common instances of … Read More
CE Checklist for Enrolled Actuaries
BY NOW, ALL ENROLLED ACTUARIES have submitted Form 5434A to the Joint Board for the Enrollment of Actuaries (JBEA) to renew their enrollments. As part of that renewal, you must certify that you have met the JBEA’s continuing education (CE) requirements. Is that enough? Probably not. EAs who belong to the Academy, the American Society of Pension Professionals and Actuaries … Read More
Owning Precept 13
WHAT IS IT ABOUT the requirements of Precept 13 that makes many actuaries uncomfortable? One of 14 precepts in the Code of Professional Conduct, Precept 13 requires an actuary to take action if he or she has knowledge of a potential violation of the code by another credentialed actuary. Much like the Transportation Security Administration ads, this is the “if … Read More
A Show of Hands
A PERSON CLOSE TO OUR PROFESSION recently told me that when a roomful of actuaries was asked if they could quote Precept 1 of the Code of Professional Conduct, not a single hand was raised. Now, I am guessing that anyone who reads Contingencies on a regular basis knows that Precept 1 says, “An Actuary shall act honestly, with integrity … Read More
When Harry Met Sally
HARRY WAS PLEASED when he got an offer to join a consulting practice in Small Town, USA. On his first day, he arrived with five large boxes full of actuarial books and reference materials in the trunk of his car. Since the boxes were heavy, Harry decided he would carry one box into the office every morning during his first … Read More
New Kid on the Block
IN MY PROFESSIONAL LIFE, I’ve had the good fortune to be guided by intelligent and compassionate mentors. They all had one trait in common that I truly admired: their commitment to give back to the profession. Last year, I was asked if I would serve on the Actuarial Board for Counseling and Discipline (ABCD). I wasn’t sure what that assignment … Read More
Phone a Friend
THE POPULAR TV GAME SHOW “Who Wants to Be a Millionaire?” initially hosted by Regis Philbin, awards cash prizes for correctly answering a series of multiple-choice questions of increasing (or, in some cases, random) difficulty. In the show’s original format, any contestant who made it to the “Hot Seat” had to correctly answer 15 consecutive questions. Contestants were given a … Read More
How to Evade the Code
YOU MIGHT BE SHOCKED TO DISCOVER how easy it is to evade the Code of Professional Conduct. All an actuary has to do is produce quality work that satisfies the Code, the actuarial standards of practice (ASOPs), and the Qualification Standards. Of course, most would describe that as complying with the Code, not evading it. But a small number of … Read More
There’s an App for That
WE ALL HAVE HAD MOMENTS in which we wished we knew how to do something or make something work. In the not-too-distant past, we possibly would have gone to a bookstore or hardware store for how-to instructions. Now we get on our computers or whip out the smart phone to look up an appropriate application. The actuarial world has changed … Read More