Implementation Guidelines for the SOA Initiatives to Strengthen Relations with Colleges and Universities

The following is a copy of the most recent version of the implementation guidelines for the Society of Actuaries (SOA) initiatives to strengthen relations with colleges and universities. If you have any questions regarding this material, please contact Gena Long at the SOA office (phone: 847.706.3582 or e–mail: glong@soa.org).

The objectives of the initiatives are:

• to foster two-way communications between the SOA and its academic members by encouraging them to participate more fully in SOA activities;
• to encourage academic contributions at SOA sponsored meetings;
• to encourage those involved in actuarial education to attain the ASA and FSA professional designation; and
• to provide some financial support for the development of education and research programs in actuarial science.

On October 17, 1999, the SOA Board of Governors passed a resolution without objection:

• confirming its commitment to provide $50,000 annually to fund scholarships to Ph.D. candidates, subject to reevaluation during the 2008–2009 program year,
• giving the Ph.D. Grants Task Force authority to determine the amount of individual grants,
• approving recipient eligibility for an initial grant and two renewals,
• approving the provision of funding for renewals, subject to satisfactory progress, for those 2009–10 grant recipients who are eligible for renewals beyond 2009–10 (potentially through 2011–2012); and
• approving the provision of amounts for Ph.D. grants in any one year in excess of $50,000, if the excess amount is fully–funded from sources other than the general fund, for example, from the Sections.

During its June 23–24, 2000 meeting, the SOA Board of Governors reaffirmed its support of the academic initiatives relating to fee waiver, expense reimbursement and ASA and FSA grants, subject to reevaluation no later than the tenth program year (2009–2010).

The Society of Actuaries fiscal year coincides with the calendar year. Effective January 1, 1999, the following dollar amount limits apply for reimbursable expenses per fiscal year.

Reimbursement requests relating to participation in SOA continuing education programs should be submitted to the Director of Continuing Education on a Continuing Education Presenter Expense Report. Reimbursement requests relating to participation on SOA Committees and Task Forces should be submitted to Gena Long on an Academic Initiatives Expense Report. Copies of the expense guidelines and the expense report are located on the Academic Relations page of the SOA web site.

The following implementation guidelines reflect the Board actions of October 17, 1999 and June 23–24, 2000 and any related actions taken by the Finance Committee.

The guidelines are intentionally brief and were designed to minimize the additional structure for decision–making and administration.

We look forward to you helping us meet the above objectives through participation in the opportunities presented by these initiatives.

We welcome your comments and suggestions regarding the academic initiatives program. If you have any questions, please contact Gena Long.

SOA INITIATIVES TO STRENGTHEN RELATIONSHIPS BETWEEN UNIVERSITIES AND THE ACTUARIAL PROFESSION
IMPLEMENTATION GUIDELINES

I. DEFINITIONS

For these initiatives, three groups of people need to be defined: full–time academic members, full–time faculty members, and Ph.D. candidates with thesis topics in areas related to actuarial science.

For ease of administration and to minimize the possibility of eliminating someone who satisfies the intent of the initiatives, the following operational definitions are used:

• full–time academic member: those SOA members who have identified their employment category as "University or College," or who derive the majority of their professional income from teaching or research at a college or university
  Note:
  1. This is intended to include individuals on sabbatical or reduced teaching loads prior to retirement in addition to professors emeritus
  2. The SOA Executive Director has the authority to determine eligibility based on the intent of the initiative and individual circumstances
• full–time faculty: those employed by a college or university who are considered to be full–time members of the regular faculty (not a visitor, adjunct, graduate student or teaching assistant) by their employer
  Note: The SOA Executive Director has the authority to determine eligibility based on the intent of the initiative and individual circumstances
• Ph.D. grant candidate: individuals who have been admitted to Ph.D. candidacy by their institution and who have a thesis topic in actuarial science or a related area

II. GUIDELINES FOR SPECIFIC INITIATIVES

Initiative

1A. Waiver of SOA meeting and continuing education seminar fees for full–time academic SOA members

Guidelines

Eligibility: Full–time academic member, as defined above

Qualified SOA Meetings: Any of the regular Spring and Annual meetings sponsored by the SOA

Note:

1. The Fellowship Admissions Course is a qualified meeting
2. The Actuarial Research Conference is not a qualified meeting

Qualified Continuing Education Seminar: Any Continuing Education Seminar, Symposium or comparable continuing education activity for which the SOA or an SOA Section is the primary financial sponsor

Administration:

• There is no limit to the number of full–time academic members who are allowed to attend the qualified SOA meetings on a fee–waived basis.
• The Continuing Education Department will determine the number of seminar registrations to be available on a fee–waived basis, considering the financial arrangements for the seminar, any restrictions on number of participants, and content. In no case will the number of such registrations be less than 5% of the number of participants required for the seminar to break even financially.
• The Continuing Education Department will identify the qualified seminars in any promotional materials that include qualified seminars.
• The Continuing Education Department will develop any necessary additional administrative procedures.
• Requests for fee waivers must be made at the time of registering for the continuing education event.
• A $75 processing fee is assessed to all fee waiver registrations.

Limits:

• In a given fiscal year, the amount waived for a meeting or seminar may not exceed the regular SOA member fee for the SOA Annual Meeting in that fiscal year.
• Effective January 1, 1999, no individual may have more that $1,500 (U.S.) total in waived fees per fiscal year.

Decision–Making: Use existing procedures for the development and implementation of meetings and seminars

Initiative

1B. Reimbursement of SOA Committee and Board expenses incurred by full–time academic SOA members

Guidelines

Eligibility: Full–time academic member, as defined above

Qualified Groups: SOA Board and Operations Committee, and any other SOA Committee, Project Oversight Group or Task Force, and the Education and Research Section Council, as well as SOA appointees to the AERF Board

Reimbursable Expenses: Reasonable travel, lodging and food expenses associated with meeting attendance, consistent with SOA Reimbursement Policy guidelines; it is anticipated that most meetings will be scheduled so that attendance will not require overnight accommodations

Limits: Effective January 1, 1999, no individual will be reimbursed more than $3,000 (U.S.) for committee, task force or council meeting attendance per fiscal year. This limit does not apply to Board or Operations Committee attendance, nor to Education and Examination Committee participation, which is under a separate set of guidelines.

Financial:

• Reimbursement is from SOA general funds.
• The Finance Department will monitor costs for reporting and budgeting purposes.
• Requests for reimbursement must be submitted within 30 days from the last date the costs were incurred for the specific Committee or Board meeting.

Administration:

• Requests for reimbursement should be submitted to the SOA Finance Department on the Academic Initiatives Expense Report.
• The Finance Department makes payment.

Decision–Making: Use existing procedures for reimbursement of expenses.

Procedure: Eligible member submits expenses to SOA Finance Department for reimbursement. Committee members should follow existing procedures for committees not covered by this initiative (e.g., Education and Examination Committee).

Initiative

1C. Reimbursement of travel expenses to all full–time academic SOA members for participation in SOA meeting programs as panelists, moderators or in comparable roles

Guidelines

Eligibility: Full–time academic member, as defined above

Qualified Meetings: Any of the regular Spring and Annual meetings sponsored by the SOA

Type of Participation:

• Panelist, moderator, teaching session faculty or comparable role, as determined by the chair of the SOA Program Committee
• Participation as workshop session chair or co–chair, or as recorder, does not qualify

Reimbursable Expenses: Reasonable travel, lodging and food, consistent with SOA Reimbursement Policy guidelines; expenses associated with attendance at the entire meeting during which the participation takes place will be reimbursed

Limits: Effective January 1, 1999, no individual will be reimbursed for more than one such meeting participation in a given fiscal year.

Financial:

• The Finance Department will monitor costs for reporting and budgeting purposes.
• Requests for reimbursement must be submitted within 30 days from the last date the costs were incurred for the specific meeting.

Administration: Use existing procedures for reimbursement of meeting speakers' expenses, modified to provide support for attendance at the entire meeting during which the participation takes place.

Decision–Making: Existing procedures for reimbursement of expenses, modified as indicated in "Administration"

Initiatives

2A. One–time grants to educational institutions of $7,500 (U.S.) at the time a full–time faculty member attains* FSA status

2B. One–time grants to educational institutions of $5,000 (U.S.) at the time a full–time faculty member attains* ASA status

Guidelines

Institutional Eligibility: Full–time faculty member, as defined above, at the educational institution attains* ASA or FSA status

Use of Grant: At the discretion of the institution for the promotion and development of education and research programs in actuarial science

Administration:

• Use of grant application that includes information regarding employment, intended use of funds, and institutional officer to whom grant should be sent
• Information about grant program distributed to new ASAs and FSAs
• Grant paid by Finance Department after approval by chairperson of SOA committee responsible for academic relations; include letter indicating intended use of funds; copy of letter to individual attaining designation

Financial: Costs of this initiative are allocated to the E&E budget on the basis that such grants would directly enhance the education of actuarial students.

Decision–Making Authority: Chairperson of SOA Education and Research Section Council has authority to approve the grant application; chairperson may delegate that responsibility

Time Limits: Applications for institution grants must be received within three years of the date the faculty member attains FSA or ASA status as indicated on the FSA or ASA diploma.

* Through the SOA Education and Examination system or in accordance with SOA Policy 120:

On rare occasions, an applicant from another country where universities are used to accredit actuaries can apply for Associate status. Upon passing either the Course 3 or 4 examination within two years of application, an individual's application for admission as an Associate may be approved by the Board where:

• the individual has obtained the highest possible actuarial qualifications within his or her own country;
• the system for actuarial qualification in that country is solely through the university education system as opposed to proctored exams, and
• the individual has had seven years experience, with at least two years experience in North America

Attainment of a designation awarded on any other basis (e.g., recognition of attainment of the professional designation of another actuarial organization, or special action of the Board of Governors) does not qualify.

Initiative (subject to reevaluation during the 2008–2009 program year)

3. Ph.D. grants renewable, upon evidence of satisfactory progress, up to two times.

Guidelines

Eligibility: Ph.D. grant candidate, as defined above

Use of Grant: At the discretion of the Ph.D. candidate for appropriate expenses related to the completion of the Ph.D.

Administration:

• Use of grant application that includes:
  • information verifying Ph.D. candidacy
  • description of thesis topic, including title, and research plan
  • indication of any affiliation with any North American actuarial organization and any actuarial examinations passed
  • identification of thesis committee, or advisor and department chairperson
  • statement regarding relevancy of topic to actuarial science
  • transcripts of grades
  • indication of status regarding actuarial organizations (e.g., member, student)
  • statement regarding commitment to an actuarial career and indication of actuarial–related work history
  • indication of how grant is to be used
  • list of references
• Preference given to candidates who are members of, or who are working toward becoming members of, the Society of Actuaries, and to candidates who are likely to pursue an academic career in North America.
• Relevance of the thesis topic to actuarial science is a key consideration in awarding grants.
• Use of grant renewal form to report on progress and apply for renewal of grant
• Grant paid by Finance Department after approval by Ph.D. Grants Task Force

Financial:

• The SOA Board has approved funding of $50,000 annually subject to reevaluation of the program during the 2008–2009 program year. Amounts in excess to $50,000 in any one year can be awarded if the excess is fully funded from other sources (e.g., from Sections).

Decision–Making Authority: Ph.D. Grants Task Force has authority to approve initial grant application, the renewal grant application, and the amount of the individual grant.