Interview with Patrick Ring

By Hal Tepfer

Retirement Section News, July 2024

For many years, Patrick Ring chaired the Retirement Section Council’s (RSC) Communication Committee. He stepped down earlier this year, and we thought his insights about the RSC Communication Committee's work would interest readers of Retirement Section News.

Hal Tepfer (HT): Can you tell us a little about your actuarial career?

Patrick Ring (PR): I started my career as an actuarial trainee at United Services Life Insurance Company. I then worked as an actuary at the Maryland Insurance Department and later joined the Pension Benefit Guaranty Corporation (PBGC) where I obtained my ASA and EA credentials. After PBGC, I worked for 28 years as an actuary at the Department of Energy (DOE) and the Department of Defense (DoD), specializing in Cost Accounting Standards and Federal Acquisition Regulations as they applied to pensions.

HT: When did you start volunteering for the Society of Actuaries (SOA)?

PR: After retiring from the federal government in 2016, I volunteered for the SOA in 2017 on the RSC Communication Team. You don’t have to be elected to be a member of a council “team.” I volunteered to give back to the SOA for providing the tools to build a successful actuarial career, stay updated on retirement benefit developments, and indulge my interest in communications.

HT: Did you volunteer for other actuarial organizations?

PR: I volunteered with the American Academy of Actuaries (AAA) on the Pension Assistance List (PAL), providing pro bono answers to pension plan participants’ questions nationwide.

HT: Patrick, we’re intrigued by your role as the chair of the RSC Communication Team. Could you tell us more about how you came to be in that position and how you felt about taking on such a significant role?

PR: Before assuming the role of chair of the Communication Team, I helped with updating the website, hosting podcasts, and creating articles for the Retirement Section Newsletter, Retirement Section News (RSN), by conducting interviews with retirement professionals. As our team experienced attrition, including the chairperson, I stepped up to be chair because of my passion for the team.

HT: You were the chair of the Communication Team of the RSC for many years. What are your best memories of the time that you served in that role?

PR: I cherished the opportunities to meet other actuaries on the team. While at DOE and DoD, I had few chances to interact with actuaries in the private sector.

I’ll also never forget my first and only visit to the SOA office in Schaumburg, where I met staff and gained insight into how the SOA operates.

HT: Did your membership on the Communications Team impact your professional career? If so, how?

PR: Being a team member of the Communication Team supplemented my formal continuing education to stay up to date on the happenings in the retirement benefit arena. Although being fully retired from my professional career, this experience gave me more confidence when advising plan participants through the PAL program of the AAA.

HT: What challenges do you see for the RSC Communications Team Committee over the next few years?

PR: The main challenge is recruiting more actuaries to volunteer on the Communication Team. Attrition has been outpacing recruitment.

My experience serves as an example of the actions RSC members can take to improve the situation. I was encouraged by a former member of the RSC to run for a position on the RSC. When I was not elected, the same former RSC member suggested I join the Communication Team, a non-elected position. Voila!

HT: As a retired member of the SOA, what advice would you give to new and aspiring actuaries in their careers?

PR: For aspiring actuaries struggling with exams, don’t give up. I overcame difficulties and had a successful actuarial career.

For all aspiring actuaries, improving your communication skills will further propel your career. I joined a local Toastmasters club, which profoundly changed my disposition from shying away from public speaking to looking forward to public speaking.

HT: Is there anything else you’d like to add?

PR: Fellow actuaries, consider volunteering for the RSC Communication Team to diversify your continuing education. This opportunity involves hosting podcasts, interviewing peers and editing articles for RSN.

HT: We want to thank Patrick for his leadership of the RSC Communications Committee and for taking time during his well-deserved retirement to answer our questions.

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the newsletter editors, or the respective authors’ employers.

Hal Tepfer, FSA, EA, MAAA, is the director of the Boston University MS in Actuarial Science program. He can be contacted at hal@bu.edu.