Association of Consulting Actuaries

Association of Consulting Actuaries
Name	Association of Consulting Actuaries
Abbreviation	ACA
Founded	1965
Headquarters	New York City
Type	Professional association
Membership	Consulting actuaries, pension advisers, health actuaries

Association of Consulting Actuaries is a professional association representing consulting actuaries active in actuarial practice across retirement, health, casualty, and enterprise risk domains. It operates as a forum for practice development, professional standards, continuing education, and public advocacy, interacting with actuarial bodies, regulatory agencies, academic institutions, and global standards organizations. The association collaborates with peer organizations, corporations, law firms, and governmental entities to influence policy, promote best practices, and support members' professional development.

History

The organization traces roots to practitioner groups formed in the 20th century alongside institutional developments such as Social Security (United States), Employee Retirement Income Security Act of 1974, Internal Revenue Service, Securities and Exchange Commission, and actuarial reforms following decisions by the Supreme Court of the United States. Early membership included consultants who previously worked with firms like Mercer (company), Willis Towers Watson, Aon, Milliman, and Deloitte. Influences on its evolution include major events such as the 1973 oil crisis, the Great Recession, and regulatory responses exemplified by the Sarbanes–Oxley Act of 2002, Affordable Care Act, and pension funding cases adjudicated in federal courts. The association expanded programming during eras marked by actuarial debate involving bodies like the Society of Actuaries and the Casualty Actuarial Society and by standards promulgated by the American Academy of Actuaries.

Mission and Objectives

The association’s stated mission emphasizes service to consulting practitioners, promotion of actuarial science in areas affecting Internal Revenue Service filings, Department of Labor (United States) compliance, and fiduciary advice tied to litigation before tribunals such as the United States Court of Appeals for the Second Circuit and the United States District Court for the Southern District of New York. Objectives include advancing technical competence influenced by scholarship from institutions like Harvard University, University of Pennsylvania, Columbia University, and Stanford University, fostering standards comparable to international guidelines from the International Actuarial Association, and enhancing public understanding through engagement with entities such as the Federal Reserve System and the Department of Health and Human Services.

Membership and Governance

Membership comprises professionals from firms including Ernst & Young, KPMG, PricewaterhouseCoopers, Buck Consultants, and boutique practices advising on matters before agencies such as the Pension Benefit Guaranty Corporation and courts like the New York Supreme Court. Governance typically involves an elected board and committees reflecting precedents from organizations such as the American Bar Association, New York State Bar Association, and the American Medical Association governance models. Roles include chairs, treasurers, and committee leads who collaborate with standards groups such as the Actuarial Standards Board and accreditation bodies like the Casualty Actuarial Society and the Society of Actuaries.

Professional Activities and Services

The association provides consulting practitioners with peer review mechanisms, model engagement letters influenced by legal practice in venues like the United States Court of Appeals for the Ninth Circuit, and practice notes shaped by litigation in the United States Court of Appeals for the District of Columbia Circuit. Services include advisory panels on pension negotiations with plan sponsors such as General Electric, IBM, and AT&T and actuarial support for healthcare organizations including Kaiser Permanente and insurers like UnitedHealth Group and Aetna. The association also assists members in cross-border assignments involving regulators like the Financial Conduct Authority and institutions such as the World Bank and the International Monetary Fund.

Education, Certification, and Standards

Educational programming mirrors curricula found at actuarial programs at Massachusetts Institute of Technology, University of Michigan, and University of California, Berkeley and aligns with credentialing practices from the Society of Actuaries and Casualty Actuarial Society. The association offers continuing professional development modeled on conferences such as those hosted by the American Statistical Association and professional examinations reflecting competencies recognized by the Institute and Faculty of Actuaries. It promotes adherence to standards issued by the Actuarial Standards Board and collaborates with the American Academy of Actuaries on model actuarial practice and ethics guidance relevant to litigation and regulatory submissions in venues like the U.S. Department of Justice.

Advocacy and Public Policy

The association engages in advocacy on topics that affect consulting practice, filing rules administered by the Internal Revenue Service, pension funding policies debated in the United States Congress, and health policy matters influenced by the Centers for Medicare & Medicaid Services. It files comments and position papers in regulatory proceedings at agencies such as the Securities and Exchange Commission and provides expert testimony before congressional committees that include members from committees of the United States House of Representatives and the United States Senate Committee on Finance. Collaborative efforts include alliances with the International Actuarial Association and national organizations like the American Academy of Actuaries to shape domestic and international standards.

Publications and Events

The association publishes practice notes, white papers, and technical guides comparable to those produced by the Center for Retirement Research at Boston College, Urban Institute, and peer-reviewed outlets including Journal of Risk and Insurance and Health Affairs. It organizes annual conferences, specialty seminars, and webinars with speakers drawn from academia such as Yale University and industry leaders from Goldman Sachs and Morgan Stanley, and holds regional meetings in cities like Chicago, San Francisco, Boston, and Washington, D.C. to address developments in pension, health, casualty, and enterprise risk practice.

Category:Actuarial associations