AERF and The Actuarial Foundation Merge

Schaumburg, Il.—The Actuarial Foundation and the Actuarial Education and Research Fund have officially merged, effective August 15, 2003. The merger was completed following a five-year affiliation agreement that allowed for both organizations to strive to unify and align missions and activities.

The new Actuarial Foundation will continue its focus on youth education and consumer education, as well as contribute to the long-term health of the actuarial profession through support of research, actuarial education, and scholarships representing all practice areas of the profession. The Board of Trustees has been expanded to include a broader representation of actuaries from a variety of specializations. The number of nonactuaries with management operations expertise has also been expanded.

While there are other charitable organizations advocating purposes similar to the Foundation, there is virtually no vehicle that does so in a way that highlights the skills, abilities, and contribution of actuaries for the benefit of society as a whole. The Actuarial Foundation has adopted the following mission: "Utilize the unique skills and abilities of actuaries to increase public understanding, address societal problems, and advance actuarial knowledge." The organization's vision statement is "a secure financial future for an educated public."

The Actuarial Education and Research Fund, established in 1976 as a 501(c)(3) organization, promotes enhanced education and research activities in support of the actuarial profession. The AERF funds innovative research projects within fields in which actuaries are interested as well as educational scholarships.

The Actuarial Foundation was created in 1994 as a grant-generating organization to facilitate and broaden the actuarial profession's contribution to the health of society through innovative applications of actuarial skills in the public interest. The Foundation builds partnerships with grant recipients and commits to an interactive relationship with their mission.