A Report on the Actuarial, Marketing, and Legal Analyses of the CLASS Program. Purpose and Disclosure

10/14/2011

This report describes our development of the proposed CLASS benefit plans in the Office of CLASS. It is written for the general audience with a basic knowledge of the CLASS Act1.

The CLASS Office was given the task to develop benefit plan alternatives that are:

  • Actuarially sound and sustainable over a 75-year period,
  • Based on reasonable assumptions as certified by Chief Actuary of the Centers for Medicare & Medicaid Services,
  • Legally permissible, and
  • Marketable to a large number of employers and employees.

Provisions of the CLASS Act form the basis for development of the proposed benefit plans. We believe we have adhered to relevant professional actuarial guidelines and recommendations2.

This report represents the contributions of its authors to plan development process as of its release date. Final proposed benefit plans may be different from the ones discussed here. We have sought guidance from experts in the CLASS Office. Interpretations and views expressed in this report are the professional opinions of its authors3 and may not be consistent with the opinions of the Office of CLASS, the Office of the General Counsel or the Department of Health and Human Services (HHS). Throughout this report, the word “we” refers to the authors of this report and on one else.

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