Month: August 2021

ASB Approves Third Exposure Draft of ASOP No. 4

Mary Pat Campbell

Link: http://www.actuarialstandardsboard.org/email/2021/ActuarialStandardsBoard-aug-9-2021.html

Excerpt:

The Actuarial Standards Board of the American Academy of Actuaries recently approved a third exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The standard provides guidance to actuaries when performing actuarial services with respect to measuring obligations under a defined benefit pension plan and determining periodic costs or actuarially determined contributions for such plans. The standard addresses broader measurement issues, including cost allocation procedures and contribution allocation procedures. The standard also provides guidance for coordinating and integrating all of the elements of an actuarial valuation of a pension plan.

The comment deadline for the third exposure draft is Oct. 15, 2021. Information on how to submit comments can be found in the exposure draft.

Link to draft: http://www.actuarialstandardsboard.org/asops/measuring-pension-obligations-and-determining-pension-plan-costs-or-contributions-third-exposure-draft/

Publication Date: 9 August 2021

Publication Site: Actuarial Standards Board

America’s Delta data problem

Mary Pat Campbell

Link: https://www.axios.com/america-coronavirus-vaccines-delta-data-ababc99b-df6b-4ddb-b4b2-341733933a27.html

Excerpt:

The big picture: The Biden administration is ultimately trying to figure out how well-protected different demographics are against the virus, and for how long. From there, they can decide who should get booster shots.

But while the administration waits for more information, telling the public only that boosters aren’t necessary right now, drug companies and other countries are filling the data and communication void.

“Just think we live in a country which is incapable of telling us the percent vaccinated or unvaccinated who require hospitalization for covid. No less any more data about them. Or track breakthrough infections. Thanks @CDCgov,” tweeted Eric Topol, executive vice president of Scripps Research.

Author(s): Caitlin Owens

Publication Date: 9 August 2021

Publication Site: Axios

Fed Says Economy Has Progressed Toward Goals, Tees Up Bond Taper

Mary Pat Campbell

Link: https://www.wsj.com/articles/fed-says-economy-has-made-progress-toward-its-goals-teeing-up-bond-taper-11627495233

Excerpt:

The Fed cut its benchmark interest rate to near zero in March 2020 and has been purchasing at least $120 billion a month in Treasurys and mortgage bonds to provide extra stimulus to the economy. Officials since the end of last year said those purchases would continue until they see “substantial further progress” toward their goals of low unemployment and stable inflation.

Officials said in a statement Wednesday, at the conclusion of their two-day meeting, “the economy has made progress toward these goals” this year and indicated they would “assess progress in coming meetings.”

That is a clue the Fed could outline plans to start reducing, or tapering, the purchases, later this year. The central bank’s next meetings are scheduled for Sept. 21-22 and Nov. 2-3.

Fed Chairman Jerome Powell said at a virtual news conference Wednesday that the central bank was nowhere near considering plans to raise interest rates.

Author(s): Nick Timiraos

Publication Date: 28 July 2021

Publication Site: WSJ

5 States Where COVID-19 Hospitalizations Are Surging

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/07/29/5-states-where-covid-19-hospitalizations-are-surging/

Graphic:

Excerpt:

Some U.S. states look as if they might be heading into a severe new wave of COVID-19.

Federal government charts illustrating trends in new case counts and hospitalization rates in those states are starting to head straight up.

Hospitalization rates may be a better indicator of outbreak severity than new case counts, because ups and downs in the number of people diagnosed with COVID-19 might reflect changes in how easy and cheap it is for people to get tested, rather than infection rates.

Hospitals, in contrast, are likely to admit people with COVID-19 only when those people are seriously ill.

Author(s): Allison Bell

Publication Date: 29 July 2021

Publication Site: Think Advisor

New York Times quashed COVID origins inquiry

Mary Pat Campbell

Link: https://spectatorworld.com/topic/new-york-times-quashed-covid-origins-inquiry/

Excerpt:

Atop editor at the New York Times instructed Times staffers not to investigate the origins of COVID-19, two Times employees confirmed today.

‘In early 2020,’ a veteran Times employee tells me, ‘I suggested to a senior editor at the paper that we investigate the origins of COVID-19. I was told it was dangerous to run a piece about the origins of the coronavirus. There was resistance to running anything that could suggest that [COVID-19 was manmade or had leaked accidentally from a lab].’

….

In November 2019, it emerged that China Daily had failed to disclose to federal authorities millions of dollars in payments to US outlets including the Times and the Washington Post. In August 2020, the Times quietly scrubbed the China-funded advertorials from its website. Still, in October 2020, the Times ran an op-ed by Regina Ip, a member of Hong Kong’s Executive Council, justifying the repression of anti-government protests in the Hong Kong SAR.

Author(s): Dominic Green

Publication Date: 2 August 2021

Publication Site: The Spectator

DiNapoli: Chatham Police Chief Sentenced for Pension Double-Dipping

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/07/dinapoli-chatham-police-chief-sentenced-pension-double-dipping

Excerpt:

Former Village of Chatham Chief of Police Peter Volkmann was sentenced to pay $92,829 in restitution and perform 200 hours of community service today for defrauding the New York State pension system by concealing his unlawful post-retirement public income and for stealing from the village through sham requests for reimbursement. His fraud was discovered during a joint investigation by State Comptroller Thomas P. DiNapoli, Columbia County District Attorney Paul Czajka, and the New York State Police.

…..

Volkmann pleaded guilty in February to grand larceny in the fourth degree for circumventing New York state’s post-retirement income restrictions and cheating the New York State and Local Retirement System out of $74,222. Volkmann hid public-source income from 19 municipalities and school districts in excess of the statutory limit by funneling the earnings through a private business, PF Volkmann & Associates. He also pled to official misconduct, a misdemeanor, for stealing $18,607 from the Village of Chatham by falsifying mileage vouchers and other reimbursements to increase his income. 

Volkmann, 57, of Stuyvesant, served as a Chief of Police for the town of Stockport until 2016. He was also the Chief of Police for the Village of Chatham since the fall of 2013 and he served as unpaid Commissioner of the Hudson Police Department from January 2020, until this investigation became public.

Author(s): Thomas DiNapoli

Publication Date: 19 July 2021

Publication Site: NY State Comptroller

Ten Pearls of Wisdom for Navigating the Changes to the SOA’s Associate Level Exams

Mary Pat Campbell

Link: https://blog.actexmadriver.com/ten-pearls-of-wisdom

Excerpt:

Do not put your career on hold. Continue to take (and hopefully pass) exams during the transition period.

Remember why you started taking actuarial exams in the first place. It was probably because you wanted to become an actuary or open doors to a variety of rewarding careers that combine business and the mathematical sciences. Unless your goals have changed, you should continue to take exams during the transition period. The SOA’s transition rules are usually very generous, so unless you repeatedly fail an exam that is being discontinued, you should not worry that the time spent studying for exams will be wasted.

Publication Date: 28 July 2021

Publication Site: Actex

DiNapoli: Local Sales Taxes Jump 49.2 Percent in Second Quarter

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/07/dinapoli-local-sales-taxes-jump-49-point-2-percent-second-quarter

Graphic:

Excerpt:

Sales tax revenue for local governments in New York state rose by 49.2% in the second quarter (April to June 2021) compared to the same period last year, a dramatic increase from last year’s weak collections during the first wave of the COVID-19 pandemic, according to State Comptroller Thomas P. DiNapoli. Sales tax collections during this period grew by just over $1.6 billion and even surpassed collections reported during the second quarter of 2019, before the onset of the pandemic.

…..

The size of the increase largely reflects extremely weak collections in the April to June period of 2020. However, even compared to pre-pandemic collections for the same period in 2019, statewide collections in 2021 were up 8.7% or $396 million. Every region outside of New York City experienced two-year growth over 18%. The Mid-Hudson and North Country regions both reported increases of more than 29%.

Author(s): Thomas DiNapoli

Publication Date: 23 July 2021

Publication Site: NY State Comptroller

A new way to visualize the surge in Covid-19 cases in the U.S.

Mary Pat Campbell
A new way to visualize the surge in Covid-19 cases in the U.S.

Graphic:

Excerpt:

The number represented by the line could be thought of as the velocity of cases in the U.S. It tells us how fast case counts are increasing or decreasing and does a good job of showing us the magnitude of each wave of cases.

The chart, however, fails to show the rate of acceleration of cases. This is the rate at which the number of new cases is speeding up or slowing down.

As an analogy, a car’s velocity tells you how fast the car is going. Its acceleration tells you how quickly that car is speeding up.

Using Covid-19 case data compiled by the Center for Systems Science and Engineering at Johns Hopkins University and Our World in Data, combined with data from the Centers for Disease Control and Prevention, STAT was able to calculate the rate of weekly case acceleration, pictured below.

Author(s): Emory Parker

Publication Date: 26 July 2021

Publication Site: STAT News