Big Numbers

It is critical to recognize the magnitude of the numbers involved in American health care and understand how that magnitude affects both the nation’s physical and financial health.

Learn More

Big Benefits

A look at how the management of health care delivery and finances affects the costs, availability and quality of health care.
Full Details Coming the week of May 21st

Who Pays

An analysis of who charges what, who pays for what and why that makes a difference.
Full Details Coming the week of May 28th

About Concerned Actuaries Group

We Believe America’s social insurance programs are not financially sustainable
  • Our Mission: Provide full, accurate, and easily understood analyses of the financial realities affecting the funding and security of our nation's public finance and social insurance programs. These programs include federal, state and local retirement, healthcare and other publically funded social entitlements dependent on long range planning and advance funding..
  • What We Hope to Achieve: Ensure that the nation's public finance and social insurance programs are designed and managed with the actuarial discipline and transparency such programs deserve and should require.
  • What We Do: Seek illumination and understanding of and agreement about, the facts affecting the nation's public finance and social insurance programs and their stakeholders.

    Share information with nation's public finance and social insurance programs’ stakeholders including beneficiaries, current and future taxpayers and policy makers.

    Advocate for rigorous standards, disciplined program costing, management metrics, and transparency.
If you are between the ages of 25 and 45, there’s a stream of public debt bleeding from our generation (i.e., baby boomers) to yours (i.e., Gen Xers and Millennials).

Let’s get the politically correct disclaimer out of the way at the front end. There are some reasonably-managed, reasonably-funded public pension funds.

Unfortunately, it has become clear in recent years that an unacceptable number of public pension funds are not well-managed and well-funded. That’s the conclusion from some of the nation’s most respected actuaries and other public pension plan professionals, who concluded that, “…the financial condition of public pension trusts has weakened during the last fifteen years, while its exposure to future financial and other exposure risks has increased, perhaps materially.” (Society of Actuaries Blue Ribbon Panel on Public Pension Plan Funding: Summary of Recommendations)

The experts say that their troubling conclusion is supported by evidence of, “…self-reported funding ratios, the history of sponsors’ payment of recommended contributions, greater levels of investment risk taking, and funding analyses that may not have adequately captured the changing economic outlook…”

Our Directors


Bob Shapiro is President and a Director of the Concerned Actuaries Group Inc. (CAG).

Bob has been a consultant to life insurance companies and other related organizations for more than 50 years, specializing in strategic management and transaction implementation. He is a Fellow of the Society of Actuaries and a Chartered Life Underwriter. He has been a board member and trustee of a number of organizations and currently is both a trustee of the American College as well as an emeritus trustee of the Actuarial Foundation. Professionally, Bob has served 9 years on the Board of Governors of the Society of Actuaries. Bob was also one of the founders and first Chairman of the Social Insurance and Public Finance (SIPF) Section of the Society of Actuaries (SOA).


Retired, former Principal, Milliman; Member, Board of Governors of the Society of Actuaries; EVP, Council for Affordable Health Insurance


Bob Collett is a former Principal, Director, President, and CEO of Milliman and served as Chairman of Milliman Global prior to his retirement. He holds degrees from Rice University and Duke University. Bob is also a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.



CERA, MAAA; Independent Actuary; former head, Morgan Stanley Pensions; former Society of Actuaries Vice President and Board Member; former Vice Chair of the Pension Practice Council of the American Academy of Actuaries


Former President of the Society of Actuaries; former Chair of the Actuarial Standards Board


FCA, FCAS, FCIA, MAAA, MSPA Charter Member of the American Academy of Actuaries and the National Academy of Social Insurance; past President of the Casualty Actuarial Society and the Conference of Consulting Actuaries; Chairman of the Critical Review of the U.S. Actuarial Profession


Principal of Black Diamond Capital Partners; former Vice Chairman of Swiss Re America


Retired Executive, Fidelity Investments


Retired former Principal, Milliman


Bob Sartorius is a member of the executive committee of the Concerned Actuaries Group Inc. (CAG).

Bob is a consulting actuary with over 40 years of experience in employee benefits consulting. His primary area of expertise is in the retirement plan arena where, during the course of his career, he served as the enrolled actuary for over 100 defined benefit pension plans while working with dozens of plan sponsors. He also provided advice and consulting regarding his clients’ defined contribution, retiree medical and supplemental executive retirement plans. His clients have included corporate and not-for profit retirement plan sponsors, multiemployer pension plan trust funds, and some governmental employers. Bob is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, a Fellow of the Conference of Consulting Actuaries and an Enrolled Actuary.


Retired former Principal, Milliman; former President, Conference of Consulting Actuaries