Social Security

Nine Social Security Myths You Shouldn’t Believe
Social Security is a vital program for tens of millions of seniors, dependents, and workers with disabilities, and it has been a hot topic of conversation in the 2016 election campaign as well as discussions in and outside of Washington. Read More

Medicare

The Cadillac Tax… How Public Programs Like Medicare Become Underfunded and Expensive for Taxpayers
The Cadillac Tax is in the news again because politicians who supported it as a part of the funding for Obamacare have just recently delayed it, underscoring, once again, how the projected and actual costs for our national social insurance programs are managed and mismanaged in Washington, D.C. Read More

Public Pension Plans

Public Pension Crisis: Role of the Actuarial Profession
Although the public is only beginning to sense that the public pension funding crisis is real and potentially spread widely across the nation, actuaries, pension and not pension, should be very aware that the worst is yet to come. Read More

Social Security

Social Security is a vital program for tens of millions of seniors, dependents, and workers with disabilities, and it has been a hot topic of conversation in the 2016 election campaign as well as discussions in and outside of Washington. Unfortunately, the program is currently on a financially unsustainable path toward insolvency.
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Medicare

The annual gap in revenues and expenditures on Medicare today is close to $300 billion per year. The average annual increase in expenditures from 1970 to 2014 has been 10.5 percent per year while and the average increase in revenues has been 9.5 percent per year. The Trustees, under best estimate projections in the most recently issued report through December 2015, show an insolvency date of 2028 for the Part A Trust Fund or only slightly more than a 10-year window, and now simply state that revenues will not be adequate to cover costs.
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Public Pension Plans

Although the public is only beginning to sense that the public pension funding crisis is real and potentially spread widely across the nation, actuaries, pension and not pension, should be very aware that the worst is yet to come. But pension actuarial methods and assumptions continue to kick the can down the road while life, health and property casualty actuaries appear unconcerned.
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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.

America's Retirement Security Challenge: An Opportunity to Lead

Working Americans routinely cite concern about their retirement futures as their single greatest worry. The good news is that our new president can meet this challenge on a bipartisan basis and help spur stronger economic growth in the process. Learn More
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 Advisors

ROBERT SHAPIRO, FSA

President, The Shapiro Network, Inc.; former Board of Governors: Member Society of Actuaries, Trustee of the American College; Emeritus Trustee, Actuarial Foundation

GARY CORBETT, FSA

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

FRED KILBOURNE, FSA

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



JEREMY GOLD, FSA

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


MARK LITOW, FSA

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


BOB L. COLLETT, FSA

Retired, President and CEO, Milliman



JAY NOVIK, FSA

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

ROD ROHDA, FSA

Retired Executive, Fidelity Investments

 


BART CLENNON, FSA

Retired former Principal, Millman

 


 

 

LARRY BABER

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

 

 

 

 

 

Frequent Questions

What does the CAG hope to accomplish with their current initiative?

A: The CAG is persuaded that the nation’s social insurance programs are facing serious challenges. We believe that the public deserves to be told about these challenges and that those who seek public office should be expected to talk about how they would address these challenges. We believe that the members of our profession - and the institutions that represent our profession - have an opportunity and a responsibility to enhance public awareness and public accountability during the 2016 presidential campaign. The CAG’s current initiative is dedicated to increasing actuarial engagement with these opportunities and the responsibilities..

Has this effort been endorsed by any of the organizations representing actuaries?

A:No. After repeated efforts to engage these organizations we have reluctantly concluded that the nature and focus of the profession’s current institutional engagement inadequately addresses our profession’s responsibility to protect social insurance and other public promises by managing with discipline, assuring fairness and intergenerational equity. We also fear that by failing to play a leading role in the discussion, our profession is diminishing or potentially eliminating the credibility that will be accorded future actuarial generations.

Would the CAG work with the organizations representing actuaries if those organizations decided they should become more engaged?

A:Of course!

What can I do if I want to help?

A:Please click on the "Opportunities for Engagement" link in the “Join Us” tab above.