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The American Academy of Actuaries and the Society of Actuaries on Aug. 1 abruptly disbanded its longtime joint Pension Finance Task Force, objecting to a task force paper challenging the standard actuarial practice of valuing public pension plan liabilities.
"This paper (is) being censored by the AAA" and SOA, said Edward Bartholomew, who was a member of the former task force, in an interview. "They didn't want it to get out."
Others who were members of the task force also said in interviews the two actuarial groups are trying to suppress publication of the paper.
A joint memorandum dated Aug. 1 announced the disbanding of the task force to its members.
The memo was jointly written by Thomas F. Wildsmith IV, president of the Washington-based academy and president and senior manager of public policy at Aetna Inc., Washington, and Craig W. Reynolds, president of the Schaumburg, Ill.-based society and principal and consulting actuary at Milliman Inc., Seattle.
As reasons for disbanding the task force, the two presidents cited a "nebulous" governance structure of the task force and noted it was always "intended to be a temporary group." The task force was formed in 2002. In addition, the memo noted "it has become clear projects that the PFTF would like to complete ... are becoming increasingly difficult to complete under the joint governance model."
One product of the...