ACOPA Responds to American Academy of Actuaries' Unilateral Actions

In response to unilateral actions taken by the American Academy of Actuaries, the ASPPA College of Pension Actuaries (ACOPA), part of the American Retirement Association (ARA) has taken steps in defense of its members, and the actuarial profession at large.

In September 2018, the American Academy of Actuaries (Academy) – without warning or due process – unilaterally voted to remove the ASPPA College of Pension Actuaries (ACOPA) and the Conference of Consulting Actuaries (CCA) from the Selection Committee for the Actuarial Standards Board (ASB) and the Actuarial Board for Counseling and Discipline (ABCD). This move undermined the long-standing practice of the organization, whose Selection Committee had traditionally consisted of the President and President-Elect of each U.S. actuarial organization, providing a broad and valuable perspective for these critical processes.

Despite repeated attempts, the Academy has refused to engage on this matter, leaving many in the actuarial community, and those who rely on those services, unattended. To address this gap, ACOPA has established a disciplinary committee that will develop procedures to resolve referrals from the ABCD that will incorporate advisories to assist ACOPA members in meeting the applicable Standards of Practice, and expects draft advisories to be available to ACOPA members by the end of the year.

“ACOPA and ARA really have no choice but to provide our members with the tools they need. I do not think the Academy has been reasonable in how they chose to take these actions against ACOPA and the CCA.” said Brian Graff, CEO of the American Retirement Association.

To assist with this process, ACOPA has engaged the services of Lauren Bloom, J.D., the former General Counsel at the Academy, where she played a key role in the development and enforcement of the U.S. actuarial profession’s code of conduct and standards of qualification and practice. She has also consulted with the International Actuarial Association. 

John Markley, President of ACOPA adds, “Ultimately, the ACOPA organization must be responsible to its members. Leadership should serve its members, not the other way around. The work of ACOPA will in the end serve its members best by reflecting and incorporating the unique nature of the work product of ACOPA members. We’re pleased to have access to Lauren’s experience and expertise in these matters, and look forward to continuing to support our members in their efforts to provide the very best in actuarial services.”