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Actuaries

An actuary is a statistician who computes insurance and pension rates and premiums on a basis of experience tables. The tables are organized statistical data with indicates such things as the life expectancy of a person sometimes referred to as morality tables and which tables are admissible in a court of law as evidence. The social security administration would use actuarial tables to determine the appropriate benefits to be awarded a claimant and/or the appropriate backpay that might be awarded. SSA maintains an Office of the Chief Actuary which plans and directs a program of actuarial estimates and analyses relating to SSA retirement programs, survivor programs, and disability insurance programs. The office also oversees all proposed changes to such programs.

Fast Facts

  • The Office of the Chief Actuary evaluates the operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and conducts studies of program financing while performing related actuarial research.
  • The Office of the Chief Actuary is responsible to conduct cost analysis relating to Supplemental Security Income program (SSI) which is a program financed by federal tax dollars providing assistance to low income, aged, blind and disabled persons in need.

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