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Volume 15, Issue 1 • April 2015
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PREPARING FOR TOMORROW’S POSSIBILITIES THROUGH EDUCATION
®
Message from the Chair
Dear Friends of the
Foundation:
I am honored to
serve as Chair
of The Actuarial
Foundation. Last
year we pushed
forward on implementing new
Helen Galt
ideas from our
revised strategic
plan and generated greater understanding
and excitement about the Foundation and
its mission during our 20th anniversary
celebrations at the Society of Actuaries and
Casualty Actuarial Society Annual Meetings.
We have a great opportunity to build on this
momentum in 2015.
I would like to thank the Foundation’s
individual and corporate donors, and our
sponsoring organizations, for supporting the
work of the Foundation during 2014. I also
want to thank the members of our Board of
Trustees and all of our volunteers who serve
on committees or provide “hands on” time
to make our programs a success.
In each of my letters this year, I want to
share with you why I connect with specific
Foundation programs and why the work of
the Foundation is so important to me.
I was originally drawn to the Foundation by
the educational programs that are focused
on financial literacy, especially for high
school students. Given our role as actuaries,
I suspect that many of us take basic financial
literary for granted: understanding income
and outgo, the need for planning and
budgeting, the implications of debt, the need
to save and the concepts of investing. These
Calendar of Events
are ideas we talk about around the dinner
table. Most states have recognized that there
is a huge void to be filled in teaching high
school students about these concepts.
April 12-15, 2015
Enrolled Actuaries Meeting
Washington, D.C.
The magnitude of the problem hits home
with me when I look at some of the things
that happen within my own circle of family
and acquaintances, especially among the
younger generation. I see young adults
with little understanding of the need to
plan and budget for both weekly and
“other than weekly” expenses, and a
tendency to dismiss “one-time expenses”
without recognizing that the next “one-time
expense” will just take a different form. I also
see young adults accumulating relatively large
amounts of credit card debt that gets out
of control when the payments from several
cards become more than they can handle.
I believe that some of these problems could
have been avoided, if only they had had a
financial literacy course in high school.
That, of course, is where the Foundation’s
Building Your Future financial literacy
curriculum resource comes in.
April 13-15, 2015
SOA Life Insurance Conference
Arlington, VA
I encourage you to think about what is
happening in your family, circle of friends
and communities. Are young people
being equipped with the financial literacy
education they need? Are you aware of all
of the free math education and financial
literacy resources the Foundation provides?
It is also my pleasure to introduce our
newest Trustees, who each have their
own personal reasons for engaging with
the Foundation.
Sincerely,
Helen Galt, FSA, MAAA, CERA
May 4-5, 2015
SOA Life & Annuity Symposium
New York, NY
May 17-20, 2015
CAS Spring Meeting
Colorado Springs, CO
June 4-5, 2015
ASPPA Regional Conference
Chicago, IL
June 11-12, 2015
ERM Symposium
Washington, D.C.
June 15-17, 2015
SOA Health Meeting
Atlanta, GA
July 9, 2015
The Actuarial Foundation
Board of Trustees Meeting
Rosemont, IL
Building Your Future
is making a difference!
Read the thank yous
from teachers
on page 4.
The mission of The Actuarial Foundation is to enhance math education
and financial literacy through the talents and resources of actuaries.
Welcome to the Foundation’s New Trustees
The Actuarial Foundation welcomes its new Board of Trustee volunteers, each of whom began their three-year terms January 1, 2015.
We are honored to have the dedication and expertise of these individuals working on behalf of the profession through the efforts of
The Actuarial Foundation.
“The Foundation continues to make progress
in advancing the public’s financial literacy.
I am very proud to be one of the Trustees who
will ensure that we can continue this work.”
Sarah J. Hamid, FSA, FCIA, MAAA
Vice President and Actuary
Prudential Financial
“I want to take an active role in
The Actuarial Foundation’s support
of math education. The Foundation’s
work is another example of what makes
our profession so special.”
Brian Donlan, FCAS, MAAA
Senior Actuary
Allstate Insurance Company
Brian Donlan
Sarah J. Hamid
“I am honored to have been selected as a
Trustee for the Foundation. I look forward
to being an active member of the Board
in support of the Foundation’s mission to
enhance math education and financial
literacy through the talents and resources of
actuaries.”
Barry Jacobson, FSA
Math Teacher
Simsbury High School
“I know the great work that The Actuarial
Foundation has done over the years and have
had the pleasure to serve on the Diversity
Scholarship Committee. I look forward to
contributing to the Foundation’s efforts
enhancing math literacy.”
Charles Marino, FSA, MAAA
VP, Chief Actuary, Individual Life
Guardian Life Insurance Company
Charles Marino
Barry Jacobson
S. Michael
McLaughlin, Jr.
“I consider myself fortunate to have joined the
actuarial profession, and I’d like to share that
good fortune with others. I’m passionate about
our scholarship programs. Working through
The Actuarial Foundation, we can bring
bright new talent into the profession, and find
wider fields of application for our expertise.”
S. Michael McLaughlin, Jr., FSA,
FIA, MAAA, CERA
McLaughlin Actuarial Consulting
Lisa M. Pawlowski
“After years of volunteering in organizations
that supported my son’s passions and
development, I am so excited to join The
Actuarial Foundation and volunteer in a way
that supports my own passions. I am especially
interested in the work that The Actuarial
Foundation does to enhance math education
and financial literacy with today’s youth.”
Lisa M. Pawlowski, FCAS, MAAA
SVP, Head of Transactional Pricing
Zurich North America
CONSUMER FINANCIAL EDUCATION
We’re employing actuarial skills in the public interest.
Well-known Guide gets updated
The incredibly popular and successful consumer booklet, If Disaster
Strikes Will You Be Covered? A Homeowners’ Insurance Guide to
Natural Disasters, was recently updated. Realizing a gap between
consumer knowledge and understanding about homeowner’s
insurance for natural disasters, The Actuarial
Foundation and Federal Alliance for Safe
Homes (FLASH) first joined together in
2006 to produce the Guide. It covers the
major perils that threaten property and
provides understanding of different disasters,
insurance products and forms. It also focuses
on the steps homeowners can take to mitigate
potential losses from natural disasters. FLASH,
along with the Foundation, reviewed and
edited If Disaster Strikes Will You Be Covered?
A Homeowners’ Insurance Guide to Natural Disasters with current
peril information, the latest mitigation techniques and up-to-date
insurance data regarding availability, cost and premium discounts.
Visit www.actuarialfoundation.org/programs/insurance.shtml
to read the updated Guide.
—2—
Thanks to the Volunteer Actuary Reviewers
for the Updated Guide
Dave Cummings, FCAS, MAAA, CERA
Brian M. Donlan, FCAS, MAAA
Sara Drexler, FCAS, MAAA
Mark J. Homan, FCAS, MAAA, CERA
Kathy Olcese, FCAS
Richard Seward, ACAS, MAAA
Paul Vendetti, FCAS, MAAA
Roger A. Wilk, ACAS, MAAA
Education is the Key… And Together We are
YOUTH EDUCATION
We’re inspiring a new generation of math-skilled thinkers.
The Project Math Minds™
Competition Showcases the
Actuarial Profession
Project Math Minds™ is a scholarship
competition created and administered
by The Actuarial Foundation. With
generous support from Prudential
Financial, Inc., The Actuarial Foundation
is providing New Jersey high school
students with the opportunity to
“think like an actuary” through its
Project Math Minds™ competition. This
scholarship competition challenges students
to conduct sophisticated mathematical
analyses and make decisions based on their
results, the type of analytical skill set that
makes actuaries experts in managing risk
and planning for the future.
PROJECT
MATH MINDS™
A PROGRAM OF THE ACTUARIAL FOUNDATION
“Even though it is consistently ranked as
a top job in America, many high school
students are unaware of the actuarial
profession, the steps required to become
an actuary, and that it remains one of the
most sought-after professions,” said Kevin
Cormier, FCAS, MAAA, senior actuary,
trustee of The Actuarial Foundation and
Project Math Minds™ Chairperson. “With
this competition, we hope to introduce
students to the skills actuaries use every day
on the job.”
Written and reviewed by professional
actuaries, the 2015 Project Math Minds™
competition asks participants to develop
estimates of potential losses from earthquakes
that an insurance company or catastrophe
fund might bear in the next year. The top
three student-submitted projects will receive
scholarship awards of $5,000, $3,500 and
$2,000 for first, second and third place
submissions, respectively. Entries will be
judged on creative ability, assumptions,
use of mathematics, thought process,
thoroughness, organization and clarity.
Students will have the option to consult with
an actuary for questions on their project.
Participants—individuals or teams of up
to three—must be juniors or seniors at a
high school located in New Jersey. The
top three project finalists will be contacted
by May 4, 2015. On May 27, 2015, the
top three project finalists will travel to
Prudential, Inc. in New Jersey for project
presentations where actuaries will award the
first, second and third place scholarships
on site. For complete information on the
project, please visit: www.actuarialfoundation.
org/ProjectMathMinds
“We are excited to partner with The Actuarial
Foundation on this important initiative.
Our hope is that through this challenging
and interactive competition, participants
will gain a solid understanding of the critical
contributions actuaries make and the impact
the profession has on the business world, as
well as the steps required to become an
actuary,” said Richard Lambert, senior vice
president and chief actuary at Prudential.
“We look forward to welcoming the winning
students at the awards ceremony in May at
our headquarters in Newark, N.J.”
each edition, students spend time
with mathematical guests who serve as
inspiration for articles in the virtual math
magazine. Additionally, actuary mentors
arrange time each month to visit the
classroom to provide descriptive feedback
to the student authors about their articles.
Before the launch of the virtual math
magazine, students held a contest to create a
name and cover design. Over 20 entries were
received with the winning vote going to the
title of Mad for Math.
Students worked with classmates and
actuary mentors to create articles and
quizzes for the first edition of Mad for
Math, which launched in November. Article
topics included perfect numbers, order of
operations, problem solving challenges and
recipes. Actuary mentors helped students edit
and improve their articles and quizzes. Sixth
grade students met with a representative
from a local hobby shop to review games to
purchase as prizes for the magazine contests.
Students inspected and tested the games and
created an order after analyzing the costs.
Once the November edition went live,
classmates went online to complete quizzes
for each of the articles. Each author then
graded the online quizzes and randomly
chose a winner from students who had
correct entries. Winners were able to
choose a prize purchased from the hobby
shop.
Advancing Student
Achievement™ Math Grants
Update
The Actuarial Foundation is proud to
provide funding to schools interested in
creating innovative programs to enhance
student achievement in math.
Kathy Cermak, gifted services teacher for
students in grades 4-6
at Worthington Park
Elementary School,
provided the following
update on their ASA
math grants program.
Worthington Park
Elementary is using
their math grant to
create and produce a
virtual math magazine
for fellow students
and peers. All of the
articles for the magazine
are researched and
written by the students
and are mathematical
The student-designed cover
in nature. Before
of Mad for Math
—3—
For the second edition of
Mad for Math, an origami
expert visited the classroom
to work with students,
helping them to learn some
of the art and math of
origami. Students hope to
publish three more editions
of Mad for Math by the end
of this school year with the
help of actuary mentors. A special thank you to the
actuary mentors serving the
students at Worthington
Park Elementary:
• Martin Molloy, FSA, EA
• Bethany Coffey, ASA, EA
Making an Impact
Building Your Future – Teachers send their thanks!
Here are just a few of the thank you notes that the Foundation
receives from teachers who have received the award-winning
Building Your Future curriculum, which is now in the hands
of over 13,000 teachers in all fifty states.
Building Your Future:
Banking
1
– Special Education Teacher,
California
“The Building Your Future
curriculum has enhanced the level
of understanding for my students’
learning about the finances of
daily living and preparation for
the future. I have not used a more
comprehensive curriculum for my
Life Skills Money Management
course.”
Building Your Future:
Financing
2
Loans & Interest, Home Loans, Auto Loans, Insurance
Savings, Checking, Credit Cards, Taxes
“Your contribution makes it
possible for us to help our students
in the special education department
understand real-world math. The
Building Your Future books you
provided will be used to enhance
our consumer math curriculum.”
As the school year winds down, teachers are still in need of the
Building Your Future curriculum resource. See the list
of schools on the waiting list at:
www.actuarialfoundation.org/pdf/schools-requesting-byf.pdf.
Thank you for your support!
www.ActuarialFoundation.org
www.ActuarialFoundation.org
Building Your Future:
Investing
3
Bonds, Stocks, Mutual Funds, Risk & Diversification, Inflation
Building Your Future:
Succeeding
4
Paths to Employment, Paying for Education, Making a Living, Retirement
“Building Your Future is a great
tool that we use here to teach our
students about the many aspects of
personal finance. This series is great
not only because of its content, but
because of the manner in which
it is delivered. It is written for
students.”
– Teacher,
Warren, Michigan
www.ActuarialFoundation.org
www.ActuarialFoundation.org
“I use Building Your Future in my
Financial Planning Course and really
appreciate having current materials
with relevant information for
students interested in learning
about the world of business and
finance.”
– Pre-College Instructor,
Ottumwa, Iowa
– Marketing and Business
Instructor, Gresham, Oregon
RESEARCH, AWARDS & PRIZES
“I teach at a charter school for
at-risk youth and I can see that one
of their greatest needs is to learn
to handle money responsibly. The
Building Your Future curriculum
will serve our students well- it is
exactly what they need!”
– Math Teacher,
Chicago, Illinois
SCHOLARSHIP AND
REIMBURSEMENT PROGRAMS
We’re moving boldly to handle the
challenges of the future.
We’re supporting the best and brightest
college students.
Nominate a Colleague Today!
Nominations are now being accepted for the John Hanson
Memorial Prize, which annually recognizes the best paper on
an employee benefits topic. Also accepting nominations is the
Wynn Kent Public Communication Award, which annually
recognizes an actuary who has highlighted the profession’s
role in financial issues benefitting the public. The nomination
deadline for each of these awards is June 1, 2015. Visit
www.actuarialfoundation.org/programs/actuarial_education.shtml
for more information.
Tell a Deserving Student
From undergraduates to career changers, the Foundation strives
to create opportunities to cultivate students’ interest in math
and actuarial science. Through its scholarship programs, the
Foundation is strengthening and assuring the continuation of
a high-profile actuarial candidate pool. If you know a student
who could benefit from one of the Foundation scholarships,
please visit www.actuarialfoundation.org/programs/actuarial/
scholarships.shtml for guidelines and applications.
—4—
Honoring Legends
The Actuarial Foundation proudly awarded the 2015 Insurance Legends
Award to Sam Gutterman and Barbara J. Lautzenheiser. The Insurance
Legends Award celebrates individuals for their leadership, intellect and personal
achievements, as well as their significant contribution to the insurance community
and to society in general. Gutterman and Lautzenheiser were recognized during
the Insurance Legends Award ceremony held in conjunction with the 2015
ReFocus Conference in Las Vegas, Nevada. You can see the 2015 Legends
video at www.actuarialfoundation.org/events/2015-legends-vid.shtml
Prior to the Insurance Legends Award Ceremony, golfers took on the scenic
2015 Insurance Legends Sam Gutterman
course at the Bali Hai Golf Club in Las Vegas, Nevada. The event raised
and Barbara J. Lautzenheiser
funds to support the Foundation’s Youth Education Programs. Thank you
to all who made this another successful golf outing!
The Foundation is grateful to the many sponsors whose support
made the 2015 Insurance Legends’ Golf Classic and Awards
ceremony possible:
Congratulations to the 2015 Legends’ Golf Classic Champions!
(left to right) Huan Tseng, Mark Mahoney, Ray Eckert and Pat Corey
In Memory Of
The Foundation received many gifts in 2014
in remembrance of the following individuals.
Our thoughts are with their family, friends
and colleagues:
Thomas Bowles, FSA, EA, MAA, FCA
Rowland E. Cross, FSA
John P. Eden, FSA
David Fitpatrick,MAAA,FSA,IAA,ASA
Paul Fleischacker, FSA, MAAA
Charles D. (Bud) Friedstat, FSA, MAAA
Actuarial Careers, Inc.; Aurigen Re; DW Simpson Global Actuarial
& Analytics Recruitment; Freeborn; Hannover Life Reassurance
Company of America; LOGiQ3; Milliman, Inc.; New York Life
Insurance Company; Pacific Life Insurance Company; RGA;
SCOR Global Life
Annette Goodreau, FCAS, IAA, CAS, MAAA
John A. MacDougall, Jr., FSA, MAAA
Daniel McCarthy, FSA, ES, IAA, MAAA
Hubert Mueller, FSA, MAAA, CERA
Dale Ogden, ASA, MAAA, ACAS, IAA
Ruth Salzmann, FCAS, IAA, MAAA
Bradley M. Smith, FSA, MAAA
Mark M. Twinney, Jr., FSA, MAAA
Jack Turnquist, FSA, IAA, FCA, MAAA
Esther Wolfe, mother of David S. Wolfe,
ACAS, MAAA
In Honor Of
The Foundation received many gifts in 2014
in honor of the following:
Paul Braithwaite, FCAS, MAAA and
Nancy Braithwaite, FCAS, MAAA
Casualty Actuarial Society Centennial
Retirement of Michael G. Gallo, FSA, MAAA
Liz Murray
Kristin R. Norberg, ASA, MAAA
Tillinghast, Nelson & Warren
Legacy Circle Continues to Grow
The Foundation’s Legacy Circle is now twenty-one planned giving donors and growing. Please consider joining them in leaving a legacy
of support by making a planned gift to The Actuarial Foundation. Your gift will provide lasting benefits through our Youth Education,
Consumer Financial Education, Research and Scholarship Programs.
For more information about planned giving and how to become a Legacy Circle member, call the Foundation office at 847-706-3535
or visit www.actuarialfoundation.org/donate/PlannedGiving.shtml
SUPPORTING
U.S. ACTUARIAL
ORGANIZATIONS
—5—
Preparing for Tomorrow’s
Possibilities Through Education
®
Corporate partnerships have helped fund many of the Foundation’s youth, consumer,
scholarship and research initiatives. Thanks to all of the organizations below whose support
of our mission over the last year has made so much of our work possible.
Corporate Sponsors from 02/01/2014-02/01/2015.
VISIONARY LEVEL
$25,000+
Ernst & Young LLP
ICA 2014
OdysseyRe Foundation
INNOVATOR LEVEL
$10,000+
Actuarial Careers, Inc.
Allstate
Conference of Consulting
Actuaries
Deloitte Consulting
Gen Re LifeHealth
MetLife Foundation
Milliman, Inc.
Nationwide Financial
Northwestern Mutual
Penn Mutual Life Insurance
Company
PricewaterhouseCoopers LLP
Principal Financial Group
Prudential Financial
SCOR Global Life
The Terry Group
Towers Watson
Transamerica Foundation
Zurich North America
PIONEER LEVEL $5,000+
Actuarial Society of Greater
New York
Aetna
Alleghany
Allianz
Alpha Re Limited
Ameritas Life Insurance Corp
Andover Research Ltd
Argo Group
AXA Financial
Berkshire Hathaway Group
Canada Life Re
Citigroup/Global Banking
CNO Financial Group
DW Simpson Global Actuarial &
Analytics Recruitment
Ezra Penland Actuarial
Recruitment, Inc.
Front Street Re
Genworth Financial
Global Atlantic Financial Group
Goldman Sachs & Company
Guardian Life Insurance
Company
Hamilton Insurance Group
Hannover Life Reassurance
Company of America
Hogan Lovells US LLP
Humana, Inc.
KPMG LLP
Liberty Mutual Group
MassMutual
Mercer Human Resource
Consulting
MJC Ventures, Inc.
Munich American Reassurance
Company
New York Life Insurance
Company
Ohio National Foundation
Oliver Wyman Actuarial
Consulting, Inc.
PIMCO
PolySystems, Inc.
Prudential Foundation
R.A.D. Search LLC
Resolution Life
RGA Reinsurance Company
Sentry Insurance Group
Society of Actuaries Reinsurance
Section
Swiss Re Life & Health America
The Hartford
Thrivent Financial for Lutherans
Trustmark Foundation
UNUM Group
Voya Financial
WellPoint
Wilton Re
XL Group
PATHFINDER LEVEL
$2,500+
Actuarial Resources Corporation
Milliman Hartford Health Practice
Pacific Life Foundation
Select Actuarial Services
PACESETTER LEVEL
$1,000+
Actuaries’ Club of HartfordSpringfield
American Agricultural Insurance
Company
Associated Consulting Group
Blue Cross/Blue Shield of MN
Delaware Life
Freeborn
LCM Associates of Atlanta
National Guardian Life Insurance
Company
Red Quill Consulting
Regnier Consulting Group, Inc.
Securian Foundation
TAI Life Reinsurance Systems
BUILDER LEVEL $500+
Actuarial Advisors, Inc.
Buckingham Consulting
The McKeogh Company
Rudolph Financial Consulting,
LLC
SimErgy Consulting, LLC
Sunwest Actuarial Services
5 YEAR GOLD STAR RECOGNITION
The companies listed with a gold star have made annual corporate contributions to The
Actuarial Foundation in each of the last five years. We thank you for your ongoing support!
475 N. Martingale Road #600
Schaumburg, IL 60173-2226
Phone: 847-706-3535
Fax: 847-706-3599
E-mail:[email protected]
[email protected]
[email protected]
[email protected]
Web:www.ActuarialFoundation.org
STAFF
Eileen C. Streu, CAE
Executive Director
Laura Hogan
Project Specialist
Debbie McCormac
Project Specialist
Holly Monahan
Marketing & Communications
Specialist
—6—
The Actuarial Foundation
2015 BOARD OF TRUSTEES
Helen Galt, Chair
Douglas A. French, Chair-elect
Jacques Goulet, Jr., Secretary/Treasurer
Ronald E. Bachman
Cecil D. Bykerk
Thomas R. Corcoran
Kevin A. Cormier
Robert V. Deutsch
Brian Donlan
John W. Ehrhardt
David J. Fishbaum
James M. Forbush
Michael Fusco
Maureen Hager
Sarah J. Hamid
Jane L. Hamrick
Barry Jacobson
John J. Kollar
Warren Luckner
Charles Marino
S. Michael McLaughlin, Jr.
Joseph A. Nichols
Lisa M. Pawlowski
David K. Sandberg
Steven Schreiber
John J. Schubert
Carol R. Sears
A. Greig Woodring
Dale H. Yamamoto
Amanda E. Young
EMERITUS TRUSTEES
Bob Anker
Craig M. Baldwin
Edward W. Bales
Albert J. Beer
Douglas C. Borton
Paul Braithwaite
Suzanne Chapa
Pamela Cone
Robert F. Conger
Michael J. Corey
A. David Cummings
Sam Gutterman
Curtis D. Hamilton
David G. Hartman
David M. Holland
Gary R. Josephson
Joseph W. Kelly
Barbara J. Lautzenheiser
Joseph J. Leube
W. James MacGinnitie
Cynthia Miller
Kathy Olcese
Arthur Panighetti
Anna Rappaport
Rodney R. Rohda
Charles E. Rohm
Ian Rolland
Walter S. Rugland
Robert D. Shapiro
Frederick J. Sievert
Michelle D. Smith
Robert W. Stein
Thomas C. Sutton
Dorn Swerdlin
Patricia A. Teufel
James A. Tilley
Mavis A. Walters
Robert C. Winters