MAJOR Soc of Actuaries media briefing 2/1 - background papers links below:

[papau]

The Society of Actuaries and the American Academy of Actuaries (the latter being the organization that held todays meeting) do not endorse or reject any proposal being made today. The material below is for reference purposes. The goal is for the media to learn all the questions that need be asked when presented with any proposal.

Ron Gebhardtsbauer, the task force's chairperson and the Academy's senior pension fellow, was the spokesperson for today's meeting that was titled "Social Security: Crisis?" with Academy Senior Pension Fellow Ron Gebhardtsbauer briefing the media on options for Social Security reform at the news conference at the National Press Club in Washington, D.C. on Feb. 1, at 1:00 pm. The purpose of the briefing was to provide an actuarial perspective on the President Bush's top domestic agenda item for his second term.

The challenge for the president and Congress is to meet the demands of a Baby Boom generation that will begin retiring in 2008, placing an historic demand on Social Security. The administration has said that Social Security is facing a "crisis," and is proposing that individuals be given the choice of investing a portion of their own contributions to the program in personal accounts.

Gebhardtsbauer explained the financial and demographic challenges facing the system and review the options for reform. He also discussed the analytical tools actuaries use to evaluate impact of various reform proposals.

Below are materials that were distributed at the news conference:


1. Charts on Social Security's Financial Challenges
http://www.actuary.org/pdf/Soc_Security_Charts_Handout.pdf

2. Actuaries Look at the Option for Reform
http://www.actuary.org/pdf/Actuaries_Look_at_Options_for_Reform.pdf

3. Academy Backgrounder - Social Security: Questions for Reformers
http://www.actuary.org/pdf/Backgrounder_on_Social_Security.pdf

4. Social Security Fact Sheet
http://www.actuary.org/pdf/Fact_Sheet_on_Social_Security.pdf

5. Bio statement of Ron Gebhardtsbauer
http://www.actuary.org/pdf/Ron_Gebhardtsbauer_bio.pdf

6. Letter to the Social Security Trustees on "infinite time period" estimates
http://www.actuary.org/pdf/socialsecurity/tech_dec03.pdf