The actuarial profession is disappointing. It is very clear that certain (unnamed members) of the profession assisted Congress in coming up with this convoluted "Hobson's Choice" methodolgy for effectively eliminating credit balances. These same individuals proudly display their expertise at the EA meeting by providing the "key to the Rosetta Stone" for us plebians. The standard operating procedure appears to be create a mess so that you can clean it up and be a hero.
The bottom-line is that PPA2006 is protecting pension actuaries in the short-term by requiring us to charge more for a work product that is no better and providing more communications that are only of value to plaintiffs' attornies. In the long-run, the world will not require 2,000 pension actuaries and the EA meeting will be able to be held at Starbucks.
The actuarial profession is disappointing. It is very clear that certain (unnamed members) of the profession assisted Congress in coming up with this convoluted "Hobson's Choice" methodolgy for effectively eliminating credit balances. These same individuals proudly display their expertise at the EA meeting by providing the "key to the Rosetta Stone" for us plebians. The standard operating procedure appears to be create a mess so that you can clean it up and be a hero. The bottom-line is that PPA2006 is protecting pension actuaries in the short-term by requiring us to charge more for a work product that is no better and providing more communications that are only of value to plaintiffs' attornies. In the long-run, the world will not require 2,000 pension actuaries and the EA meeting will be able to be held at Starbucks.