Office of the Chief Actuary
Encyclopedia
The Office of the Chief Actuary is an organizational entity within both of the governments of the United States and Canada. The Office has responsibility for actuarial estimates regarding social welfare programs like Social Security (United States)
and the Canadian
Old Age Security System
. A comparable organization exits in the United Kingdom called the Government Actuary's Department
(GAD)
, conducts studies of program financing, performs actuarial and demographic research on social insurance and related program issues, and projects future workloads.
In addition, the Office is charged with conducting cost analyses relating to the Supplemental Security Income
(SSI) program, a general-revenue financed, means-tested program for low-income aged, blind and disabled people. The Office provides technical and consultative services to the Commissioner, to the Board of Trustees of the Social Security Trust Funds, and its staff appears before Congressional Committees to provide expert testimony on the actuarial aspects of Social Security issues.
Social Security (United States)
In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance program.The original Social Security Act and the current version of the Act, as amended encompass several social welfare and social insurance programs...
and the Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
Old Age Security System
Old Age Security
The Old Age Security pension is a taxable monthly social security payment available to most Canadians 65 years of age or older. As of July, 2011, the basic amount is C$533.70 per month. At tax time, recipients with 2010 incomes over C$67,668 must pay back a portion of their Old Age Security at a...
. A comparable organization exits in the United Kingdom called the Government Actuary's Department
Government Actuary's Department
The Government Actuary’s Department is a department of the Government of the United Kingdom responsible for providing actuarial advice to public sector clients....
(GAD)
United States
The Office of the Chief Actuary (OCACT) plans and directs a program of actuarial estimates and analyses relating to SSA-administered retirement, survivors and disability insurance programs and to proposed changes in those programs. It evaluates operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust FundSocial Security (United States)
In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance program.The original Social Security Act and the current version of the Act, as amended encompass several social welfare and social insurance programs...
, conducts studies of program financing, performs actuarial and demographic research on social insurance and related program issues, and projects future workloads.
In addition, the Office is charged with conducting cost analyses relating to the Supplemental Security Income
Supplemental Security Income
Supplemental Security Income is a United States government program that provides stipends to low-income people who are either aged , blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund...
(SSI) program, a general-revenue financed, means-tested program for low-income aged, blind and disabled people. The Office provides technical and consultative services to the Commissioner, to the Board of Trustees of the Social Security Trust Funds, and its staff appears before Congressional Committees to provide expert testimony on the actuarial aspects of Social Security issues.