SOA Blinks

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.

4 responses to this post.

  1. Posted by now retired Pat on August 30, 2016 at 12:12 pm

    Wow, I am disappointed the SOA would try to snuff the report and the task force that created it. Sounds like the shit really is going to hit the fan soon.

    Reply

  2. Posted by anon on August 30, 2016 at 1:36 pm

    I’m assuming sarcasm on the “with absolutely no influence,” as the letter even references the article?

    Reply

    • Posted by now retired Pat on August 31, 2016 at 1:33 pm

      Tough Love 31 August, 2016, 05:09
      “reasonable” SHOULD BE interpreted as a pension that together with wages and other benefits (while working and after retired ….. such as retiree healthcare subsidies) that results in “Total Compensation” EQUAL TO … but not greater than…. that of Private Sector workers in jobs with reasonably comparable risks and which require reasonably comparable education, experience, skills, and knowledge.
      The Taxpayers have been the financial “suckers” in this equation for FAR too long.
      Reply this comment

      Reply

      • Posted by S Moderation Douglas on August 31, 2016 at 2:42 pm

        It’s already there, on average. Fuggedabout that 23% advantage. That was an outlier study based on data four to eight years old. Eight very volatile years that include salary and benefit concessions in every state.

        Public sector compensation is roughly equal to equivalent private sector workers.

        Reply

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