CIA (e)Bulletin/(e)Bulletin de l'ICA

Canadian Institute of Actuaries/Institut canadien des actuaires

January 2014
Elliott Bauer
D.W. Simpson & Company
North American Search Group
Your Institute

By Jacques Lafrance, FCIA
CIA President

As we begin a new year, I’d like to talk to you about a subject that is garnering a great deal of interest in the political arena, in the media, and among virtually all the members of our profession, regardless of their field of practice: should we enhance the Canada Pension Plan (CPP) and its Québec counterpart, the Québec Pension Plan (QPP)?

Has the CIA staked out a position on this question and, if so, what is it? In the fall of 2009, the Institute appointed a task force to look at certain characteristics of government-facilitated plans to allow the Institute to contribute to discussions on expanding and modifying the CPP/QPP. Made up of renowned, seasoned actuaries, this task force published its report in March 2010. The report does not come out for or against expanding the CPP/QPP. In fact, I recall that one of the task force’s members told me that the group had quickly agreed not to adopt a common position on this question, given the members’ highly divergent viewpoints. That said, the report expresses preferences as to the manner in which a CPP/QPP expansion should be undertaken, in the event that this occurs. Although this report is almost four years old, its commentary on enhancements to the CPP/QPP remains relevant.

There is no shortage of organizations and individuals who have weighed in on the question. In general, the opinions expressed are categorical. The arguments for and against enhancing the CPP/QPP can be summed up as follows:

For

  • Due in particular to the decline in coverage of employer-sponsored plans, workers will not receive adequate retirement income and will therefore require improved coverage from government plans. When left to their own devices, workers do not save enough and often make poor investment decisions. Expanding the mandatory universal plan that is the CPP/QPP will provide them with additional income that they can count on.
  • The CPP/QPP infrastructure already exists, and this regime is effective. The contributions and benefits that would result from an expanded CPP/QPP would benefit from economies of scale.

Against

  • Workers’ retirement savings needs vary from one person to the next. Expanding a universal and uniform government-run plan is not the best solution. Studies tend to underestimate people’s retirement savings, since they generally fail to take account of such things as the value of their home.
  • The increase in contributions resulting from enhancements to the CPP/QPP would have an adverse impact on the country’s economy.
  • In many cases, an increase in the CPP/QPP pension would translate into a reduction in the pension provided by the employer plan, producing a negligible net effect.
  • Especially in Québec, there is some scepticism about how well the government plan is managed.

As a background to all of this are some very contrasting visions concerning the state’s role in our society.

There seems to be a broad consensus, however, about how to fund any potential enhancement of CPP/QPP benefits. Indeed, most stakeholders seem to agree on the need to fully fund such an enhancement. More specifically, additional contributions should be sufficient to finance the benefits resulting from the plan’s expansion, so as to minimize any cross-generational transfer.

In addition to supporting this principle of full funding, the Institute believes that it is preferable to carry out any CPP/QPP expansion uniformly across the country. For example, the possibility that Ontario could set up a separate program is not the ideal solution, to be sure. The Institute made similar comments in its submission to the Government of Québec concerning the D’Amours Committee’s recommendation to put in place the "longevity pension".

Some argue that setting up pooled registered pension plans (PRPP)—in Québec, voluntary retirement savings plans (VRSP)—will solve the problem of insufficient retirement savings. In its submissions, the Institute came out in favour of the legislative changes permitting these new instruments, because they will constitute an additional, effective tool for accumulating retirement capital. But the Institute also indicated that other changes are necessary, such as a more conducive environment to maintaining and adopting defined and target benefit pension plans.

The debate is far from over, and the Institute is in it for the long haul. I invite you to join the debate, regardless of your field of practice. The coming months may be a turning point in the future of retirement savings in Canada.

Jacques Lafrance, FCIA, is President of the Canadian Institute of Actuaries.
 
Spotlight

By Jason Vary, FCIA

This month the Actuarial Students National Association (ASNA) annual convention welcomed a record 550 students to Toronto and broke all previous sponsorship and employer participation records. The convention, which is 100 percent organized and executed by full-time university students from across Canada, is a stellar example of effective planning, collaboration, and cohesive teamwork. Hopefully one day these bright, motivated, and passionate future actuaries will be CIA volunteers.

On the opening day, January 3, convention activities included a career fair, a professional panel, and a CIA-hosted student lounge. Special thanks to Thomas Hinton, Jamie Jocsak, and CIA President-elect Jacques Tremblay, who gave their time to join me at the Institute’s booth and in the lounge to meet with students and offer career advice and information about the CIA. Additional thanks to Rob Stapleford, who represented the Institute in a professional panel discussion hosted by Munich Re. CIA Executive Director Michel Simard also attended, along with resident actuary Chris Fievoli; Joseph Gabriel, staff actuary, education; Kelly Fry, marketing specialist; and Alicia Rollo, director of membership, education, and professional development. They met and networked with the students and provided information about the CIA.

On January 4, the Institute hosted two career-oriented panel discussions. Our gratitude goes to Kelley McKeating and André Choquet, who participated in the French panel discussion moderated by Joseph Gabriel, and to Johanne Papillon, Jamie Jocsak, and Ralph Ovsec, who participated the English session moderated by Chris Fievoli.

Saturday’s activities culminated with a passionate keynote presentation by M. Tremblay. Following an overview of his priorities as incoming President for 2014–2015 and a look at the Institute’s strategic direction, an engaging video montage provided career advice from several CIA members, as well as entertaining anecdotes about their early career days and the trials and tribulations of passing actuarial exams. The CIA extends its sincere thanks to Jean-Claude Ménard, chief actuary, Office of the Superintendent of Financial Institutions; Alan Ryder, CEO, Aurigen Reinsurance; Faisal Siddiqi, principal and consulting actuary, Buck Consultants; Sharon Giffen, president, Foresters; and Rémi Villeneuve, chief actuary, Agriculture Canada, for their contribution to this special initiative.

To watch the full video, click here.

ASNA President Lambert Leduc had this to say about the keynote presentation: "Jacques Tremblay’s speech was truly inspiring and informative. He was able to clarify a lot of questions that actuarial students tend to ask themselves, especially concerning the University Accreditation Program. With a slight touch of humor, Jacques also shared with us some actuarial career advice from which students will definitely learn a lot!"

The CIA is a proud supporter of the convention and values its strategic partnership with ASNA, which spans the association’s 24-year history. In 2015, when the CIA celebrates its 50th anniversary, ASNA will celebrate its 25th, providing further opportunities for ASNA–CIA collaboration in our shared milestone year.

The CIA encourages all Canadian employers of actuaries to get involved and support the ASNA convention, which is funded primarily through sponsorship. In addition to providing value to students, the event is a unique opportunity to identify and recruit future talent.

The location of the 2015 ASNA convention will be announced in the spring of 2014. Watch for more information in the CIA announcements, or visit anea-asna.ca.

Jason Vary, FCIA, is Chair of the Eligibility and Education Council.

Numerous actuaries and Head Office staff made sure the CIA enjoyed a strong presence at the convention.

From left, Executive Director Michel Simard and President-elect Jacques Tremblay with ASNA president Lambert Leduc.

Besides the CIA, employers as well as other actuarial organizations, including the Casualty Actuarial Society and Society of Actuaries, were present.

Thomas Hinton, left, and Chris Fievoli, centre, were among the CIA representatives who talked to students from across Canada.

CIA President-elect Jacques Tremblay addressing the audience of students interested in actuarial careers. Picture courtesy of ASNA.

 
Eckler Ltd.
MOVERS AND SHAKERS
Craig Allen has been elected to a three-year term as eastern vice-president of the National Association of Forensic Economics (NAFE). NAFE was founded in 1986 and its members include about 600 economists, accountants, and actuaries, who primarily evaluate economic damages in litigation. NAFE publishes the peer-reviewed academic journal The Journal of Forensic Economics.

Conrad Ferguson and Mel Bartlett called for "a more adaptable retirement savings vehicle" in Benefits Canada magazine.

In the Globe and Mail, Paul Forestell of Mercer said pension plans would see their funded status improve by a further 3 per cent this year if forecasts proved accurate. Meanwhile, CIA President Jacques Lafrance, and Scott Clausen of Mercer, discussed defined benefit pension plan redesign in the Financial Post. Also at Mercer, Patrick Létourneau has become a partner in the retirement business, having previously worked as senior consultant with Towers Watson.

Stéphane Levert has become vice-president, group and new initiatives, at SCOR Global Life Canada.

In Benefits Canada, Ian Markham and Dylan Moser said target benefit plans should be moved faster in the political agenda.

The Segal Group has appointed Cameron McNeill as its business leader in Canada. Mr. McNeill joined Segal as senior vice-president and retirement practice leader in March 2013.

Jean-Guy Sauriol continued his Maple Lys Solo adventure, attempting to row across the Atlantic and raise money for good causes, including the Actuarial Foundation of Canada.

Mazen Shakeel has become vice-president of Sun Life Financial's international investment centre, where he leads a team of investment professionals who provide independent research and consulting services to the company's insurance, wealth, and pension businesses. Sun Life has also appointed Gord Ripley as director, client relationships, defined benefit solutions, and Valerio Valenti as managing director, asset liability management, liability-driven investing.

______________________________________

Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials or other information. This is an opportunity to tell thousands of fellow actuaries and financial professionals—whether they are ex-colleagues, former college friends, potential employers, future clients, etc.—about, for example:
  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.
Simply send an e-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English Editor at andrew.melvin@cia-ica.ca and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.

 
Institute News

When Scott McGaire first considered working in actuarial science, it was difficult to discover anything about the actuarial profession. But during his 30-plus years at major companies, he has seen actuaries become increasingly important and the profession go from strength to strength.

Mr. McGaire, a former chair of the Member Services Council and long-standing CIA volunteer, retired in April, although he continued working on contract for eight months to help with the transition. His career began with tentative inquiries at the University of British Columbia in the 1970s and led to him spending many years in various roles at Manulife, most recently as participating fund actuary.

He said: "No-one at high school had heard of actuaries, but I was always interested in math and when I saw a brochure about actuarial science I was intrigued. At university I started thinking about it and decided I would give it a shot. However, there weren’t that many actuaries on the west coast, and I had to ask a number of professors and others before I could obtain a mailing address to apply to write the exams.

"With a couple of exams under my belt I started writing to all the head offices and Dominion Life took a chance on me. It worked out really well. It was a smaller company, with about 550 to 600 employees, owned by Lincoln National. Even then we were performing monthly valuations, so we spent a lot on administration infrastructure. There was not a lot of product innovation.

"It was quite a different deal when Manulife picked up Dominion in 1985. There was more focus on sales and product innovation. The valuation process went at a more leisurely pace as they were a mutual company. Office space was relatively cheap in Kitchener-Waterloo, so they moved the Canadian Division to Waterloo. Only a few staff came from Toronto with the move, and so a lot of hiring went on.

"We were very busy, learning about the many different products at this bigger company and wondering how we would get it all done with everyone so new. Quickly the building wasn’t big enough, and people had to be moved around again. Now that I think about it, that is one thing that hasn’t changed. Restructuring, growth, and acquisitions continue to be the root causes of office moves everywhere.

"Underwriting has changed so much over the years, and that has had a profound impact on product development and valuation. When I started work, smoker/non-smoker rates were just being introduced—the next stage in preferred underwriting after the introduction of male/female mortality many years earlier. In the late 1980s, blood testing was introduced as a reaction to a rising wave of HIV infections, but it was quickly realized that this test was an efficient screen for many other conditions. It was probably this test, more than any other, which allowed the industry to introduce the varied levels of preferred underwriting that exist today.

"In the 1990s everybody was acquiring everybody else and the profession was changing along with the industry. Computers altered everything, and we saw the growth of various products tailored to actuaries that took away the nitty-gritty programming work and meant that actuaries could concentrate on developing better analysis, product design, and more robust valuation techniques."

Towards the end of the century, a wave of demutualization took place in the industry. "I was part of the project team for Manulife, preparing the contribution analysis of the Canadian participating funds. It was fascinating work, poring through the archives to reconstruct histories for the many participating blocks represented."

Meanwhile, the profession continues to take great leaps and strides, Mr. McGaire added. He is looking forward to travelling during his retirement but plans to stay involved in CIA volunteering and other activities. "When you look around the world, many countries do not have much in the way of an actuarial profession, and others have quite different rules and standards, so it is often difficult to compare results. Through the International Actuarial Association, actuaries around the world are trying to bring more conformity to actuarial practice. Although I am biased and I mostly like the Canadian approach, there are many other ideas out there and I’m interested in seeing how that plays out. There is a lot of work to do."

Volunteering had proved very important during his career and he urged other actuaries to follow in his footsteps. "The CIA has done a lot with a relatively small number of actuaries, but we could be an even stronger profession with more volunteers to spread the work around and take on new challenges. People who are coming into the profession should consider how they can help. The on-line tools make this so easy to do now.

"There is great satisfaction in doing something that does not just concern your own narrow job. You can also make a lot of contacts, and I’m planning to keep in touch and make more friends as I continue to be involved."
 

By Bob Sharkey, FCIA

The National Task Force on Financial Literacy, chaired by Don Stewart, documented the need for action to improve the financial literacy of Canadians. The latest Organisation for Economic Co-operation and Development assessment indicates that Canada has dropped to 13th ranking in math education (from sixth in 2006 and 10th in 2009). The broader implications are alarming, as are those for the future of the actuarial profession in Canada.

By supporting the Actuarial Foundation of Canada (AFC), actuaries can help make a difference to Canadian math education and financial literacy. For several years, the AFC has funded a broad range of programs across Canada that target youth math education for all ages, from pre-school to university.

In 2013 it funded, for the first time, a math teacher training program in British Columbia for aboriginal and at-risk youth through the Pacific Institute for the Mathematical Sciences (PIMS). In its report to the AFC on aboriginal outreach programs, PIMS noted that aboriginal youth are Canada’s fastest-growing demographic, accounting for 20 percent of labour force growth between now and 2026. Yet the First Nations high school completion rate is 36 percent, compared to the Canadian average of 72 percent. Of aboriginal people aged 15 and, over almost 44 percent did not hold any certificate, diploma, or degree in 2006, compared to 23 percent for the Canadian population. With CIA funding support, the AFC was able to help aboriginal and at-risk youth discover the joys of mathematics.

In 2013, the foundation supported the Dollars With Sense program for Grade 8 students in Nova Scotia, in partnership with Junior Achievement Nova Scotia. This was a new initiative on their part and AFC funding was critical to its launch.

Other AFC-funded youth math education programs include: a math numeracy program, LittleCounters, which targets pre-schoolers; the Science and Mathematics in Action (SMAC) Project, which promotes math and science for youth and the general population; the Canadian Mathematical Society, which provides math enrichment camps for grades 8–11; and Youth Science Canada, which provides six awards for projects that demonstrate effective use of mathematics, databases, and statistical analysis.

In conjunction with the Society of Actuaries Committee on Knowledge Extension Research, the AFC currently supports a research project, "The Impact of the Financial Crisis on the Financial Welfare of Canadian Seniors".

For more information on these and other youth math education programs and public policy research projects funded by the AFC, visit its website at afc-fac.ca.

The AFC also helps support high school and university students pursue math and actuarial education through the Hugh White scholarship program, which it administers, and the University of Manitoba James Anderson Bursary fund, which it helped establish.

The AFC’s most recent goal is to actively pursue a financial literacy strategy designed to meld the expertise of actuaries with the resources and scope of organizations promoting financial literacy in Canada. It successfully facilitated collaboration between a volunteer actuary, Marc-André Vinson, and the Financial Consumer Agency of Canada for an online tool consisting of integrated retirement, debt, and savings calculators.

There is a second prong in the foundation’s approach to the financial literacy arena. Over several years, Ellen Whelan and her husband have developed online modules referred to as Foundations of Finance that cover a wide range of financial literacy topics, aimed at high school students. Before they put the final touches on these modules, a partner is being sought who has the distribution capacity to make the modules available to a wide range of users. Currently, the AFC is developing a partnership with the Investor Education Fund.

In conclusion, the AFC is working hard on initiatives that hold considerable promise, especially in the field of youth math education and financial literacy, where there is a strong link to the actuarial profession. Together with the its ongoing programs, the foundation meets its philanthropic goals and promotes the positive image of the actuarial profession in youth education, financial literacy, and research.

Bob Sharkey, FCIA, is Chair of the Actuarial Foundation of Canada.
 

One of the CIA’s Strategic Goals is to ensure that the Institute’s members are viewed as key contributors in non-traditional fields such as healthcare and banking. With that in mind, the CIA is about to publish an advert in a leading political and government newsweekly that will promote actuaries’ expertise to the country’s politicians, government officials, and other key decision-makers.

The ad, shown below, will run next week in the Hill Times. It reinforces the idea that actuaries can contribute a great deal to discussions on health and the future of the Canadian healthcare system, and comes in the wake of recent initiatives such as the report on the funding of healthcare in New Brunswick.
 
 

 

Ian Edelist

1. Why did you become an actuary?

My brother took actuarial science courses in university, and with a similar aptitude for numbers and interest in applied mathematics, I followed in his footsteps. From there, my great employment experience propelled me forward to qualification.

2. When you tell people you’re an actuary, what do they think you do?

They either think I have the most difficult job, since they know I deal with complex numbers, or they have no idea. I’ve been called everything from an "actuaryist" to an "actuarial".

3. Who has inspired you the most during your career? Did you have a mentor in your early career?

I have been fortunate to work with many extremely bright, business-savvy people who all shaped the way I do things in different ways, including David Howe, David Grace, and Pat Flanagan. The person who I continue to learn the most from is Jill Wagman, Eckler’s managing principal.

4. What do you enjoy most about your job?

I love the consulting side of the job—in particular, explaining difficult concepts to people who don’t work with pensions day to day. I also really enjoy the ability to provide thought leadership and innovation internally and externally. Finally, it is really engaging running a practice and a business, for which I wasn’t formally trained but I am learning from my business partners.

5. What career would you follow if you weren’t an actuary?

Likely a teacher, or a famous guitar-wielding axeman.

6. What are your hobbies?

When I can, I like playing my electric guitar really loud—either by myself or as a band member. I also love travelling to new places.

7. What is your favourite music, book, and film?

If I were stuck on a (fully equipped) desert island, I would be listening to AC/DC’s Back in Black album, and reading a Michael Lewis book like The Big Short, after watching South Park – The Movie.

8. Where is your dream vacation destination?

Anywhere in Australia.

9. What do you do better than anyone you know?

Wiggle my ears.

10. If you could be anybody else, alive or dead, who would it be, and why?

Albert Einstein’s student. His students must have had great conversations with him as he was trying to unravel the mysteries of the universe.

Ian Edelist is a principal at Eckler.

 
THIS MONTH'S PUBLICATIONS

January's published documents:

214009
Communiqué: New Study Compares Healthcare System Costs among OECD Countries
214011T4
Report: Lapse Experience Study for 10-Year Term Insurance – Semi-Aggregated Database
ORG0114
Organization of the CIA Head Office (January 2014)
214011
Report: Lapse Experience Study for 10-Year Term Insurance
214011T1
Report: Lapse Experience Study for 10-Year Term Insurance – Tables Supplement 1
214011T2
Report: Lapse Experience Study for 10-Year Term Insurance – Tables Supplement 2
214011T3
Report: Lapse Experience Study for 10-Year Term Insurance – Tables Supplement 3
PECILASOE2014
PEC Presentation (FIN and ILA): Source of Earnings (June 2014)
ILALO2014
Practice Education Course – Learning Objectives: Individual Life Annuities (June 2014)
ILAISN2014
Practice Education Course – Introductory Study Note: Individual Life Annuities (June 2014)
ILAS2014
Practice Education Course – Course of Reading: Individual Life Annuities (June 2014)
FINLO2014
Practice Education Course – Learning Objectives: Finance and Investment (June 2014)
FINISN2014
Practice Education Course – Introductory Study Note: Finance and Investment (June 2014)
FINS2014
Practice Education Course – Course of Reading: Finance and Investment (June 2014)
PECACC2014
Practice Education Course – Accommodation and Transportation (June 2014)
PECREG2014
Practice Education Course – Registration Form
PECS2014
Practice Education Course – Tentative schedule
214010
Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective December 31, 2013, and Applicable to Valuations with Effective Dates Between December 31, 2013, and December 30, 2014
RETISN2014
Practice Education Course – Introductory Study Note: Retirement Benefits (June 2014)
RETLO2014
Practice Education Course – Learning Objectives: Retirement Benefits (June 2014)
GRPS2014
Practice Education Course – Course of Reading: Group Benefits (June 2014)
GRPISN2014
Practice Education Course – Introductory Study Note: Group Benefits (June 2014)
GRPLO2014
Practice Education Course – Learning Objectives: Group Benefits (June 2014)
GENISN2014
Practice Education Course – General Introductory Study Note (June 2014)
GENSLO2014
Practice Education Course – Learning Objectives: General (June 2014)
AM2013-44
Session 44: Global Protection Product Sales Trends
PECILAFI2014
PECILAFI2014
PEC Presentation (FIN and ILA): Future Income and Alternative Taxes (2014)
PROFWREG
Registration form - Professionalism Workshop
SG010114
Standards of Practice – General Standards (January 1, 2014)
SI010114
Standards of Practice – Insurance (January 1, 2014)
MSCA103
214007
Memo: Final Standards – Revocation of the Current Standards of Practice Entitled Recommendations – Dividend Determination and Illustration and Explanatory Notes in Amplification of Certain Dividend Recommendations, and Introduction of a New Subsection Relating to Participating Policy Dividend Determination in Part 2000 – Practice-Specific Standards for Insurance
214008
Educational Note: Dividend Determination for Participating Policies
SC010114
Standards of Practice (January 1, 2014)
214006
Final Standards – Revocation of the Current Standards of Practice Entitled Recommendations – Dividend Determination and Illustration and Explanatory Notes in Amplification of Certain Dividend Recommendations, and Introduction of a New Subsection Relating to Participating Policy Dividend Determination in Part 2000 – Practice-Specific Standards for Insurance
C1REPORT2012
Report on the CIA Survey of C-1 Provisions of Life and Health Insurance Organizations in Canada – Fiscal Year-End 2012
AM2013-15
Session 15: ASB Notice of Intent: Update to Standards Relating to Economic Reinvestment Assumptions
CTEECI
Committee on Continuing Education Contact Information (January 7, 2014)
AM2013-3
Session 3: PPFRC Update
RETS2014
Practice Education Course – Course of Reading: Retirement Benefits (June 2014)

January's tweets from @CIA Actuaries:

Actuarial Standards Board webcast on Feb 4 discusses initiatives affecting insurance, pensions, and more. Join us http://bit.ly/1e78eQb

#ActuarialStudent @UWaterloo join us today to learn more about the CIA and talk to an #FCIA See you at 4:30 in AL113

@UQAM #ActuarialStudents talk to an #FCIA and learn more about the CIA today at 2:00. Join us at SH-2420

450 miles left for Jean-Guy Sauriol's #GrandAdventure aboard @Maple_Lys: donate to the Actuarial Foundation of Canada http://bit.ly/ciaica341

Join the 30+ Canadians already registered for International Congress of Actuaries, March 30-April 4, Washington, D.C. http://bit.ly/ciaica347 

Extensive search for successor to Julie Dickson, retiring superintendent of @OSFIBSIF, is analyzed in @globebusiness http://bit.ly/ciaica346

Professionalism Discussion for Senior Actuaries #Toronto Feb 18 at St Andrew's Club. Connect, discuss, enhance your CPD

#ActuarialStudents Learn more about the CIA and talk to an #FCIA today at 3:30 @westernu. Join us in the Western Science Centre, room 248.

#ActuarialStudents Only 6 seats left in the CIA Professionalism Workshop on Feb 18 #Toronto http://bit.ly/1aEJkEu

World Economic Forum @davos releases 9th annual Global Risks report: "fiscal crises in key economies" is top risk http://bit.ly/ciaica345

#CIA #actuaries Conrad Ferguson and Mel Bartlett call for "more adaptable retirement savings vehicle" via @BenCanMag http://bit.ly/ciaica344

#CIA President Jacques Lafrance and #actuary Scott Clausen on DB pension plan redesign, via @financialpost http://bit.ly/ciaica343

#Actuary Paul Forestell: pension plans' funded status will improve by further 3% if forecasts prove accurate http://bit.ly/ciaica342

Support #actuary Jean-Guy Sauriol's #GrandAdventure aboard @Maple_Lys: donate to the Actuarial Foundation of Canada http://bit.ly/ciaica341

#Actuary Jean-Guy Sauriol's #GrandAdventure aboard @Maple_Lys: more than 50% done, rowing 50+ nautical miles a day http://bit.ly/ciaica340

The CIA is honored to be hosting the Gala Dinner tonight @ANEA_ASNA #ASNA2014@GodfatherAjax23

Great variety of seminars for #ActuarialStudents@ANEA_ASNA #ASNA2014.

#ASNA2014 Join us for career conversations this morning at 10am, Sheraton Hall A.

Take a break @ the CIA student lounge #ASNA2014#refreshments

Lots of energy tonight @ANEA_ASNA #ASNA2014 #unconvention #Toronto

Good luck to all #ActuarialStudents at tonight's career fair #ASNA2014

Proud to be a diamond sponsor @ANEA_ASNAHave a great conference! #ASNA2014#Toronto

Actuarial Students National Association 2014 Convention starts tomorrow in Toronto. Record registration of 550! http://bit.ly/1g3PHSg

 
Calendar of Events

CIA Webcast – Where is ASB Going? – February 4, 2014

The Actuarial Standards Board (ASB) has a number of initiatives underway that will affect the insurance, pension, employee benefits, actuarial evidence, and social security areas of practice. In addition, the International Actuarial Association is developing two standards, for Employee Benefits under IAS19 and Insurance Contracts under IFRS 4, that will also influence ASB activities. Jim Christie and Michael Banks will discuss the ASB’s views regarding these issues, and provide updates on its projects.

CIA Professionalism Workshop – French – March 6, 2014 – Montréal

CIA 2014 Practice Education Course – Ottawa – June 1–4, 2014

CIA Professionalism Workshop – English – June 17, 2014 – Vancouver

CIA 2014 Annual Meeting – Vancouver – June 18–19, 2014

CIA 2014 Seminar for the Appointed Actuary – Toronto – September 22–23, 2014

CIA 2014 Pension Seminar – Montréal – November 4, 2014

CIA 2014 Investment Seminar – Montréal – November 5, 2014

CIA 2015 Annual Meeting – Ottawa – June 17–18, 2015