This may be my last ACOPA Monthly article as President. I would like to summarize the year, describe the success of the Actuarial Symposium in Chicago on August 9-10, and set the stage for the future.
I have been the first President to have a full year with Marty Pippins as Executive Director of ACOPA. I cannot imagine life without Marty! Bill Karbon and, for a smaller part of his year as President, Kurt Piper had to survive without an Executive Director. Kudos to both! I will describe some of the accomplishments that Marty played an active role in later in this article.
Any description of this past year has to include our relationship with the other actuarial organizations. In September 2018, the Board of Directors of the American Academy of Actuaries voted to remove ACOPA (and the Conference of Consulting Actuaries, or CCA) from our role on the Academy’s Selection Committee. The Selection Committee appoints members of the Actuarial Board of Counseling and Discipline (ABCD) and the Actuarial Standards Board (ASB). Certainly, even before we consider the impact of this change, that full membership of the Academy should have voted on such an action. Nonetheless, ACOPA members are left without the ability to determine the representatives to determine the standards and discipline for our actuarial work.
ACOPA developed a Committee to determine our response, led by Bill Karbon. Lynn Young and Rick Block are now leading the Disciplinary Committee to develop advisories to the Actuarial Standards of Practice that apply to ACOPA actuaries. ACOPA has also engaged Lauren Bloom, former General Counsel for the Academy, to assist in this process. These steps take time, but the end result should be that ACOPA actuaries have specific guidance and discipline that apply to the unique practices of ACOPA actuaries.
ACOPA’s relationship with other actuarial organizations prospered during this time. ACOPA has developed a great relationship with CCA and I look forward to scheduled bimonthly calls with CCA President Ed Pudlowski. ACOPA continues to be active in the North American Actuarial Council (NAAC) and the International Actuarial Association (IAA), working to solidify our role as a recognized U.S. actuarial organization.
The highlight of the year for ACOPA may have been the Actuarial Symposium in Chicago. The positive imprint of Marty Pippins could be seen in so many ways. Thanks to Marty’s past role at the IRS, we had speakers from the IRS at this year’s Symposium. Marty and incoming President Lauren Okum also met with the PBGC early in the year and solidified a relationship that resulted in speakers from the PBGC as well. And for the first time in Symposium history, we had paid exhibitors. The 2019 Actuarial Symposium had 145 paying participants – after budgeting for 120! Clearly, ACOPA is serving the needs of a growing number of actuaries!
The one goal that we have not met during the last year is increasing ACOPA’s membership. With a growing membership, our budget will look better and we will have more candidates for volunteer opportunities such as the Academy Pension Committee and the Pension Practice Council.
Today, I was on the Plan Consultant magazine monthly conference call. Generally, there is an actuarial article in each quarterly edition of the magazine. Anyone interested in writing an article regarding lump sum vs. annuity in a pension plan? Or a topic of your own choosing? The writer gets lots of visibility in the magazine, 10 copies of the edition with their article, and a pdf of their article to send to clients and prospects. If only all actuaries knew of the opportunities that are available through ACOPA!
The next three ACOPA Presidents bring skills to the job that I just do not have. Lauren Okum, Justin Bonestroo and Virginia Wentz are all experienced actuaries who have been active volunteers within the actuarial profession. Lauren’s organizational skills far outdistance my similar skills; Justin has joint exposure to ASPPA; and Virginia will always consider alternatives carefully before acting.
I look forward to seeing many of you at ASPPA Annual and to the continued support of ACOPA actuaries for the next three ACOPA Presidents.
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