With absolutely no influence from Steven Malanga’s hit piece last week in the Wall Street Journal the Society of Actuaries (SOA) has flip-flopped on a prior position and now the world will get to read “Financial Economics Principles Applied to Public Pension Plans” as soon as next week.
From the “SOA President’s Letter on Public Pension Plan Financing” that seems to have popped up on the SOA website just now:
Working under the auspices of both our organization and the American Academy of Actuaries, we were unable to reach an agreement with the authors on a version acceptable to all parties through our standard editing process. Nevertheless, on Thursday, Aug. 25, before the publication of the Wall Street Journal opinion piece, we informed the authors of the paper of our plans to publish the paper representing their views in the SOA’s Pension Forum publication. The publication is anticipated by the end of October and will be accompanied by discussant debate from a range of perspectives. In the interim, the SOA has agreed to the authors’ request to allow them more time to edit the paper. We expect to post an updated draft on the SOA website the week of Sept. 5.