Society of Actuaries announces call for models–Invites entries for new tier retirement systems

• For Immediate Release
•  
• Kim McKeown
• Society of Actuaries
• 847.706.3528
• kmckeown@soa.org

Schaumburg, Ill.–The Society of Actuaries (SOA) Pension Section Council this week announced a call for models to solicit ideas for new retirement systems that align with the principles addressed in its Retirement 20/20 initiative.

Retirement 20/20 is a strategic endeavor to find new retirement systems that meet the needs of stakeholders better than the existing defined benefit (pension) and defined contribution (401K) models. It is intended to generate a better understanding of how adequate and affordable retirement income can be generated in North America throughout the next century.

Retirement 20/20 has focused primarily on tier II retirement systems (deferred compensation historically provided by the employer or industry), rather than social insurance (tier I) or personal savings (tier III).

Model concepts should be for new tier II retirement systems that fit within the context of the social insurance system, culture, work patterns and social values in Canada and/or the U.S. and may be submitted by organizations or individuals, including academic researchers, practitioners, plan sponsors, actuaries, analysts and other interested parties. It is encouraged that submissions reflect different views on how to incorporate the Retirement 20/20 principles, including use of existing insurance or market products, use of groups (employer or non–employer), cost structure, elements of choice and mandated elements (contributions, coverage). Submissions may include a redesigned tier I (social insurance) and tier II system that shows how the two are better integrated when redesigned.

For those intending to submit a paper, a "statement of intent" must be submitted to the SOA by August 15, 2009. All retirement system model papers must be submitted in complete format no later than November 30, 2009. Cash prizes will be awarded for the top qualified submissions.

For full details on the call for models, visit Retirement2020.soa.org. To learn more about Retirement 20/20, visit Retirement2020.soa.org.