(ASPPA - American Society of Pension Professional & Actuaries) - DAILY NEWS
The possibilities (and controversy) surrounding artificial intelligence (AI)—specifically ChatGPT—continue.
Supposedly on track to eventually replace writers, artists, and pretty much everyone, the most recent dustup involves students using it to cheat.
“We’ve trained a model called ChatGPT, which interacts in a conversational way,” OpenAI, its creator, said when it launched in November 2022. “The dialogue format makes it possible for ChatGPT to answer follow-up questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests. ChatGPT is a sibling model to InstructGPT, which is trained to follow an instruction in a prompt and provide a detailed response.”
Forbes reported that donotpay, “the world’s first robot lawyer,” created by Stanford University student Joshua Browder “to help people to contest parking tickets, is about to launch a browser extension where customers can type something [like] 'negotiate my cable bill down' and have a GPT-powered bot engage with their cable provider on their behalf.”
Closer to the financial space, it has obvious fintech implications, which is already using AI and machine learning and has been for some time.
Here’s where it gets really interesting.
Neil Plein, Lead Consultant of Corporate Retirement Plans with Aldrich Wealth, decided to run SECURE 2.0 through ChatGPT and write an article about it.
Including the original legislation language first (too long to include here), he then entered it into ChatGPT. This is what ChatGPT returned:
ChatGPT: This section of the proposed legislation amends subpart B of part I of subchapter D of chapter 1 of the US tax code to include a new section (414A) that requires certain retirement plans to have automatic enrollment features. The plans that are affected are those that are described in sections 401(k) and 403(b) of the tax code. The automatic enrollment requirements state that the arrangement must be an eligible automatic contribution arrangement (as defined in section 414(w)(3)), allow employees to make permissible withdrawals, have a minimum contribution percentage of between 3% and 10% (increasing by 1 percentage point each year up to 15%), and be invested in accordance with the requirements of a specific regulation. Exceptions are made for certain types of plans, such as simple plans, plans established before the enactment of this section, governmental and church plans, and new and small businesses.
“Next, I used the commonly cited ‘Summarize for a 2nd grader’ command in ChatGPT and applied that to the Section 101 text, which generated the following,” he continued.
ChatGPT: This is talking about how companies should make it easier for their workers to save money for when they retire. It says that the company should automatically take a little bit of the worker’s pay and save it for them, unless the worker says they don’t want them to. And as time goes on, the company should save a little bit more. This way, the worker will have more money saved up when they stop working.
Not at all difficult to understand.
By John Sullivan
February 3, 2023
