Are Actuaries Overpaid?

EmploymentCrossing.com The panel that runs Connecticut state employees retirement programs wants to increase the controversial fee it pays two actuaries to attend meetings from $2,900 to $3,000 per session. State Comptroller Nancy Wyman, a non-voting, ex-officio member of the Connecticut State Employees Retirement Commission, said she wants the panel to trim those payments or shell ask lawmakers to require it to do so. Wymans comments came in response to a review issued last week by state auditors, who reported that the commission pays two of its three professional actuaries, Claude Poulin of North Carolina and Robert D. Baus of New Jersey, a per diem of $2,900 per meeting, as well as compensation for first-class air travel, meals, and hotel bills. In two of several potentially embarrassing disclosures, the auditors said Baus had collected $5,800 for two meetings held on the same day, and that Poulin was paid $944 for a round-trip, first-class airfare. Over the last fiscal year, the panel paid Poulin a total of $98,474 and paid Baus a total of $91,891. The 15-member retirement commission includes six trustees representing state employees, six representing state management, the two professional actuaries, Poulin and Baus, and a neutral trustee, its chairman.

Category:

News & Politics

Tags:

• EmploymentCrossing.com
• videos
• actuaries
• actuary
• retirement programs
• Nancy Wyman
• State Comptroller
• Connecticut

[dbor009]

Given the sacrifice people go thru to obtain fellowship, they are certainly not overpaid.

[SuperMarker1]

@andyO4you Reality is: The richest people in the world did not professionalize in math and science.

-.-

[6a6s6d6f]

@SuperMarker1 lol...luck gets that going

[SuperMarker1]

@6a6s6d6f They professionalize in entrepreneurship and other successful business practices.

[6a6s6d6f]

@SuperMarker1 what did they specialize then? luck?

[ubberjig]

maybe you should first regulate how much celebrities are paid. Does anyone really think for example a kid like justin bieber has worked as hard as an actuary? Look at how much he gets paid first

[angelmaxbajista]

@SinistralEbb Thats true!!

[Lackeos]

Well actuaries make $70-300k per year, and they're annually paying these actuaries $95k per year, so that would seem reasonable if this job is full-time, or if it is part-time and these are top tier actuaries. Are actuaries overpaid in general? No. It's a job that takes a lot of time and cost to be accredited in, so it can be compared to a doctor or lawyer (in terms of time, but not quite as bad in terms of cost), and the supply / demand ratio of actuaries is low, so the pay should be high.

[andyO4you]

@SuperMarker1 well, I am talking about working in the path you choose. I havent finish college but I make 150k a year( have three cell phone stores). So, of course you could become rich from picking cans on the street for that matter and start a buying and re-selling cans instead of picking them yourself.

[TirCeol]

Haha, I assume you think neurosurgeons are overpaid too?

Actuaries require a 4 year college degree, and then they begin their quest toward Fellowship, which normally takes around 6 years if you pass all your exams the first time.

[andyO4you]

reality is : if you study Math, Science, or physics you will get paid.

Those that study other things suffer, because they did not suffer while studying those careers as much as the harder ones.