The surprising thing is it has very little impact. The way I communicated it to those in our program is that we essentially translated the structure of our actuarial program from the old system, and kept the same sort of philosophy and approach to the new system to accommodate the eight new courses plus the professional development component. But there are no credits under the new system. I assumed each new course is roughly 50 credits worth of material. The lower ones are a little bit less, and the upper ones a little bit more than that.
Actuarial students are a group who likes to know going in what the ground rules are.
At The Principal, we put together a committee of students to set those ground rules. The salary system needs to reflect the changes. Like most companies, we are trying to be more performance-oriented. Under the new system, we will have to approach our training program with more flexibility. For example, instead of everyone sitting for an exam in May, we will have people working on professional development plans or attending a Course 7 seminar.