1. AN INTRODUCTION TO THE Social Insurance and Public Finance Section (SIPF) Draft 8-24-10

2. -1- SIPF - Mission Transfer intellectual capital to the broader actuarial and related business community and the public via publications and other means. Sponsor fundamental research into evaluating and managing social insurance programs. Develop consistent, high quality education opportunities. Complement and contribute to other SOA sections and professional organizations. Work with established professional organizations, such as the American Academy of Actuaries, the National Academy of Social Insurance and others to share views and experience, and leverage resources.

3. -2- SIPF – Areas of Focus Social Security Medicare Medicaid Public pension plans PBGC Workers compensation Unemployment insurance Other national (including state & local) and international social insurance and public finance programs

4. -3- SIPF –Illustrative Issues Social Security and Medicare – the case for actuarial balancing. The Patient Protection and Affordable Care Act… The challenge of effective and efficient implementation. California pension plan – proposed $600 million fix for $55-65 billion problem. Public pension plan under-funding is a headline story in states like California, Illinois & New Jersey.

5. -4- SIPF - Genesis CRUSAP: Recommendation that the profession “encourage individual actuaries to gain sufficient knowledge to speak out on actuarial elements of major public issues.” “Diversity of opinion need not be discouraged, so long as the opining actuary complies with actuarial science and applicable actuarial standards.”

6. -5- SIPF – Genesis (continued) North American Actuarial Organizations: Signed an agreement to operate in the public interest; Agreed to work to identify and promote public interest in actuarial work; and Reaffirmed that the core of any profession is the concept of service to the public.

7. -6- SIPF – Genesis (continued) SIPF Organizers: Saw a need to form a new SOA Section to address the directives of CRUSAP and the North American Actuarial Organizations. Petitioned the SOA Board to form SIPF and quickly recruited 200 SIPF members to enable a quick SIPF launch in mid-2010.

8. -7- SIPF – First-Year Milestones Approved by SOA Board in March 2009. Fastest growth to full section status in SOA. Was the fastest growing section in SOA history (current membership exceeds 600). Published two stimulating newsletters. Held monthly conference calls and periodic face- to-face meetings. Encouraged frequent Council member participation with outside organizations. Encouraged continuing outreach to non-actuaries (e.g., economists, academics, corporate executives and politicians).

9. -8- SIPF – Getting the message out Webcasts (e.g., Public Pension Plan webcast in October) Sessions at annual and spring SOA meetings Presentations at actuarial clubs Newsletter - In the Public Interest Call for articles contest Website (http://www.soa.org/professional-interests/social-ins/default.aspx)http://www.soa.org/professional-interests/social-ins/default.aspx – Latest news – Upcoming events – Publications – Bibliography (planned addition) Liaisons to: – International organizations – Other actuarial organizations – Other sections – Non-actuarial groups (e.g., NASI, Peterson Foundation, Urban Institute)

10. -9- SIPF – Who we are Professionals – actuarial and non-actuarial – business and academia - national and international – with interest in examining and addressing relevant topics and trends related to social insurance and public finance in professional areas including: – Enterprise risk management, – Health, – Pension, – Property/casualty and – Life.

11. -10- SIPF – Current Section Leadership The 2009-2010 Council Bob Shapiro – Co-Chair Fred Kilbourne – Vice Co- Chair & Strategic Planning Jay Jaffe – Treasurer Jan Carstens – Secretary Mark Litow Ardian Gill Gordon Latter Rob Brown Warren Luckner Selig Ehrlich Friends of Council Board Partner – Valerie Paganelli Editor – Bill Cutlip Associate Editor – Doug Andrews Website Coordinator – Andy Rarus Staff Partner – Andrew Peterson Section Specialist – Jill Leprich Bart Clennon Jeremy Gold Many generous volunteers and friends

12. -11- SIPF – Open Volunteer Positions Include: Continuing education coordinator Volunteer coordinator Liaison coordinator.... If you’re not an SIPF member, please join. The annual membership fee is $25. Tell us how you would like to help!