Retirement Plans Research Reports

If you’re looking for research projects and reports on pensions, you’ve come to the right place. The SOA offers research, authored by an individual or a team of authors, for download in just a few clicks. Most reports are in PDF format.

2023

• Benefit at Risk for Lifetime Pension Pools
  December
  The SOA Research Institute’s Aging and Retirement Strategic Research Program and Canadian Institute of Actuaries are pleased to make available two reports that look at Benefit at Risk (BaR) in lifetime pension pools. The first report introduces the concepts of BaR, creating measures for members to understand the benefit risk in these pools. The authors focus on the measures of budgeting and decision making. The second report focuses on the applications of BaR.
• Updated Materials
• Exploration of Lifetime Pension Pool Design Elements
•  
• Megatrends Impacting the Future of Retirement Plans
• April
• The SOA Research Institute Aging and Retirement Strategic Research Program and Retirement Section are pleased to make available a research report that examines megatrends and potential paradigm shifts, and how they may impact the future of retirement and retirement plans, as well as the macro forces that will shape those trends.

2022

• Optimal Consumption and Annuity Equivalent Wealth with Mortality Model Uncertainty
  April
  The Society of Actuaries Research Institute is pleased to make available a report that aims to understand the cause of low annuity demand through the angle of mortality model uncertainty.
•  
• Communicating Defined Benefit Risk
  April
  The Society of Actuaries Retirement Section is pleased to make available material that addresses the challenges in communicating pension risk to stakeholders.
•  
• Pension Risk Transfer in Canada and the U.S.
  April
  This report was prepared to provide an overview of pension risk transfer for use in the educational curriculum of the Society of Actuaries. It presents general principles and highlights major differences between Canada and the U.S. from a life insurer’s perspective. The focus is on group annuities, which are the most common solution for pension risk transfer.

2021

• Variable Uninsured (Value) Life Annuities
  November
  

  The aim of this project is to present proposals for Variable Uninsured Life Annuities—or “Value annuities.” The report and the accompanying models illustrate how Value annuities work. The practicalities of designing and administering a Value pool are addressed, and legislative, regulatory and supervisory implications are illuminated by case studies on two countries (India and Malaysia). This set of material is broader than most contributions to the literature and is aimed at making the approach more feasible and accessible to policymakers, thereby facilitating actual introduction and implementation.

• 
  Predictive Analytics: A Primer for Pension Actuaries
  October
  The Society of Actuaries Aging & Retirement Strategic Research Program and Retirement Section are pleased to make available a report that introduces predictive analytics to pension actuaries.
•  
• Maximizing Health Span: A Literature Review on the Impact of a Healthy Lifestyle on Retirement
  September
  The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release a literature review on the impacts of healthy lifestyle behaviors and chronic condition management, providing a resource for actuaries and others on these issues.
•  
• Deep Learning for Liability-Driven Investment
  June
  The Society of Actuaries’ Committee on Finance Research is pleased to make available a research report that develops a framework for applying deep learning and reinforcement learning techniques to optimal dynamic strategic asset allocation for Liability Driven Investment (LDI).
•  
• Pension Risk Transfer: Evaluating Impact and Barriers for De-Risking Strategies - Update
  June
  The Society of Actuaries Aging & Retirement Strategic Research Program is pleased to make available an update to a 2014 paper related to changes in the continually evolving pension risk transfer landscape. This updated report seeks to discuss pension risk transfer in depth and identify key de-risking actions, alternatives and triggers that impact pension risk transfer strategies.
•  
• Understanding the Impact of the Low Interest Rate Environment on Retirement Security in the United States
  June
  The Retirement Section and Retirement Section Research Committee are pleased to make available a research report examining academic and practitioner research on low interest rates in the United States
•  
• Trends in Maturity Metrics, Asset Allocations and Assumed Rates of Return for Large U.S. Public Pension Plans
  March
  This report considers trends in public defined benefit plan maturity metrics, asset allocations and assumed rates of return among 139 state-based and large local defined benefit pension systems or plans in the United States from 2001 to 2018.

2020

• Impact of COVID-19 on Retirement
  December
  This page includes all retirement related material on COVID-19.
•  
• De-risking Strategies of Defined Benefit Plans: Empirical Evidence from the United States
  November
  The Society of Actuaries is pleased to make available a research report that investigates defined benefit retirement plan de-risking activities for U.S.-based companies and the relative impact of various implemented strategies.
•  
• The CPP Take-Up Decision: Risks and Opportunities
  July
  The Society of Actuaries’ and the Canadian Institute of Actuaries are pleased to make available a research report investigating the financial consequences of delaying Canadian Pension Plan (CPP) payments.
•  
• Classification of Risk Sharing in Pension Plans
  March
  This research examines new risk-sharing ideas, such as Variable Payment Life Annuities, target benefit plans and shared risk plans, to see how they fit in alongside more established Canadian pension plans. It explains why different types of employers can be expected to make different choices.
•  
• NHL Players Pension Stats
  February
  Pension stats sheet for the National Hockey League Players’ Retirement Plan the plan year ended April 30, 2019.
•  
• Entertainment Industry Pension Plan Funded Status Comparison
  January
  A Comparison of funded status among several multiemployer pension plans in the entertainment industry.
•  
• NFL Pension Plan Stats
  January
  Pension stats sheet for the National Football League players pension plan.
•  
• MLB Players Pension Plan Stats
  January
  Pension stats sheet for the Major League Baseball players pension plan.
•  
• American Federation of Musicians Pension Plan Stats
  January
  Pension stats sheet for the American Federation of Musicians and Employers’ Pension Fund for 2018.
•  

2019

• National Basketball Association Players Pension Stats
  November
  Pension stats sheet for the National Basketball Association for 2018.
•  
• Population Aging, Implications for Asset Values, and Impact for Pension Plans: An International Study
  November
  The Society of Actuaries is pleased to make available material for a multi-phased research effort investigating Population Aging and its impact on pension plans.
•  
• Entertainment Industry Pension Funded Status Comparison
  October
  A comparison of funded status among several multiemployer pension plans in the entertainment industry.
•  
• Screen Actors Guild Pension Stats
  October
  Pension stats sheet for the Screen Actors Guild – Producers Pension Plan for 2018.
•  
• Directors Guild of America – Producers Pension Stats
  October
  Pension stats sheet for the Directors Guild of America – Producers Pension Plan for 2018.
•  
• Writers Guild of America – Producers Pension Stats
  October
  Pension stats sheet for the Producers – Writers Guild of America Pension Plan for 2018.
•  
• Motion Picture Industry Pension Plan Stats
  October
  Pension stats sheet for the Motion Picture Industry Pension Plan for 2018.
•  
• AFTRA Pension Stats
  September
  Pension stats sheet for the American Federation of Television and Radio Actors Retirement Plan.
•  
• Trends in Canadian Mortality By Pension Level: Evidence From the CPP and QPP
  September
  The Actuarial Research Centre of the Institute and Faculty of Actuaries, the Canadian Institute of Actuaries, and the Society of Actuaries are pleased to present a new report examining the mortality of Canadian pensioners subdivided by pension level, using data from the Canada Pension Plan (CPP) and Québec Pension Plan (QPP).
•  
• Life Expectancy Comparison
  August
  One-page comparisons of life expectancy at age 65 using various mortality tables. A separate page shows comparisons of life expectancy at age 25.
•  
• Background Document: Quantitative Evaluation Framework for Retirement Benefit Systems
  June
  The Society of Actuaries’ Retirement Section Research Committee is pleased to make available material summarizing work done to date to develop a model for a quantitative evaluation framework for retirement benefit systems.
•  
• A Low-Growth World: Implications for the Insurance Industry and Pension Plans
  June
  The Society of Actuaries is pleased to make available a research report that introduces actuaries and risk managers in the insurance and pension industries to current literature discussing growth rates in the past and future expectations.
•  
• Liability-Driven Investment – Benchmark Model
  April
  The Society of Actuaries’ Retirement Section Research Committee and Committee on Finance Research are pleased to make available research material that developed a Liability-Driven Investment (LDI) benchmark framework.
•  
• Contribution Analysis: U.S. Single Employer Pension Plan
  April
  Updated study of US corporate pension plan contributions: have they paid down unfunded liabilities?
•  
• NBA Players Pension Plan Stats, 2017
  April
  Pension stats sheet for the National Basketball Association Players’ Pension Plan for 2017.
•  
• Annuity Market Pricing Approaches 
  March 
  The Society of Actuaries’ Retirement Section Research Committee is pleased to make available a research report comparing the CIA pricing method for estimating group annuity closeout pricing to methods used in the U.S.
•  
• Contribution Analysis for U.S. Multiemployer Pension Plans 
  March 
  Updated study of metrics for measuring whether US multiemployer pension plan contributions paid down unfunded liabilities or met regulatory benchmarks.
•  
• PBC and PBCR: Two Stress Metrics for U.S. Multiemployer Pension Plans 
  March 
  Updated study of metrics for measuring the financial stress imposed on multiemployer pension plans by the combination of unfunded liabilities and declining numbers of active participants.
•  
• Employer Withdrawal Activity Overview: U.S. Multiemployer Pension Plans 
  March 
  Updated study of the frequency employer withdrawal and the numbers of plans and participants affected.
•  
• Patterns of Going Concern Discount Rates  
  March  
  This research, based on data from regulatory filings in Ontario, with supplementary information from British Columbia and the United States, examines funding valuation discount rates.
•  
• NHL Pension Stats  
  March  
  Pension stats sheet for the National Hockey League players retirement plan for the plan year ended April 30, 2018.
•  
• U.S. Public Pension Plan Contribution Analysis 
  February  
  Update to a longitudinal study of contribution adequacy at paying down unfunded liabilities in state and large city pension plans in the U.S.
•  
• Drivers of U.S. Mortality Improvement Expert Panel Forum Report  
  January  
  This report summarizes a daylong Expert Panel Forum discussion, which included experts from inside and outside the insurance/retirement industry, who were invited to participate in a discussion to provide input about drivers of U.S. mortality improvement for the short and long term.
•  
• Entertainment Pension Stats Comparison 
  January 
  Comparison of pension funding stats for selected entertainment industry pension plans.
•  
• MLB Pension Stats 
  January 
  Pension stats sheet for the Major League Baseball players pension plan.
•  
• AFM Pension Stats 
  January 
  Pension stats sheet for the American Federation of Musicians pension plan.
•  
• NFL Pension Stats 
  January 
  Pension stats sheet for the National Football League players pension plan for 2017.

 

2018

• Pension Investment and Withdrawal: What Concerns are Influencing Participant Preferences? 
  December 
  This project aims to understand pension participants’ investment and withdrawal behaviors and provide guidance in pension plan design, using data from China. We carried out a survey of employees' preferences on occupational pension investment and withdrawal in China.
•  
• Entertainment Industry Pension Funded Status Comparison
  October
  Comparison of funded status trends through 2017 for various entertainment industry pension plans.
•  
• Directors Guild Pension Stats
  October
  Pension stats sheet for the Directors Guild of America–Producer Pension Plan for 2017.
•  
• Motion Picture Industry Pension Stats
  October
  Pension stats sheet for the Motion Picture Industry Pension Plan for 2017.
•  
• Screen Actors Guild Pension Stats
  October
  Pension stats sheet for the Screen Actors Guild–Producers Pension Plan for 2017.
•  
• Writers Guild Pension Stats
  October
  Pension stats sheet for the Producers–Writers Guild of America Pension Plan for 2017.
•  
• AFTRA Pension Stats
  October
  Pension stats sheet for the AFTRA Retirement Plan.
•  
• U.S. Public Pension Plan Mortality Assumptions Compared to Pub-2010 Mortality Tables
  August
  A comparison of recently used mortality assumptions among state-based and large-city public pension plans with the Pub-2010 Mortality Tables.
•  
• U.S. Multiemployer Pension Plan Withdrawal Liability Basics and Collectibility
  August
  A plain-language, high-level explanation of employer withdrawal liability issues, including how they grew to be large and barriers to their collection.
•  
• U.S. Public Pension Plan Mortality Assumptions
  June
  A comparison of recently used mortality assumptions among state-based and large-city public pension plans.
•  
• New CPP Enhancements: What do they mean for Canadian workers and seniors?
  June
  The Society of Actuaries and the Canadian Institute of Actuaries are pleased to make available a research report assessing the impact of Canadian Pension Plan (CPP) enhancements on Canadian workers and retirees.
•  
• U.S. Multiemployer Pension Plan Pending Insolvencies
  May
  Analysis of the impact of projected multiemployer pension plan insolvencies over 20 years on affected participants and participating employers.
•  
• Retirement Adequacy in the United States: Should We Be Concerned?
  March
  This research report summarizes current research on retirement adequacy and compares different measures.
•  
• Annuities Versus Tontines in the 21st Century
  March
  This research report investigates the mechanics and practicalities of introducing retirement investment income tontines (RITs) in today’s market place.
•  
• NHL Players Pension Stats
  February
  Pension stats sheet for the National Hockey League for the plan year ended April 30, 2017.
•  
• Value of Longevity Pooling
  February
  The Society of Actuaries’ Pension Section has completed a research effort exploring the value of longevity pooling and its implications.
•  
• Settlement Cost Compared to Going Concern Funding Targets
  February
  This research report, based on Ontario pension plan data, examines differences between going concern and solvency valuations.
•  
• U.S. Multiemployer Pension Plan Contribution Indices
  January
  Updated study of metrics for measuring whether US multiemployer pension plan contributions paid down unfunded liabilities or met regulatory benchmarks.
•  
• U.S. Multiemployer Pension Plan Withdrawal Overview
  January
  Updated overview of the frequency and impact of employer withdrawals among multiemployer pension plans.
•  
• U.S. Multiemployer Pension Plan Stress Metrics: PBC and PBCR
  January
  Updated study of metrics for measuring stress imposed on multiemployer pension plans by unfunded liabilities and declining numbers of active participants.
•  
• U.S. Single Employer Pension Plan Contribution Indices
  January
  Updated study of metrics for measuring whether US corporate pension plan contributions paid down unfunded liabilities or met regulatory benchmarks.
•  
• American Federation of Musicians Pension Plan Stats
  January
  Pension stats sheet for the American Federation of Musicians pension plan for 2016.
•  
• Entertainment Industry Pension Plan Funded Status Comparison
  January
  Updated comparison of pension funded status among entertainment industry multiemployer pension plans for 2016. This update supersedes previous comparisons for 2016.
•  
• MLB Players Pension Plan Stats
  January
  Pension stats sheet for the Major League Baseball players’ pension plan for 2016.
•  
• NFL Players Pension Plan Stats
  January
  Pension stats sheet for the National Football League players’ pension plan for 2016.

2017

• Modeling and Management of Longevity Risk
  November
  The Society of Actuaries (SOA), in a joint project with the Institute and Faculty of Actuaries (IFoA) and the Canadian Institute of Actuaries (CIA), is creating research projects and education materials on Modeling and Management of Longevity Risk.
•  
• NBA Pension Stats
  November
  Pension stats sheet for the National Basketball Association Players’ Pension Plan for 2016.
•  
• Entertainment Industry Pension Plan Funded Status Comparison
  October  
  Pension funded status comparison of entertainment industry multiemployer pension plans for 2016.
•  
• Screen Actors Guild–Producers Pension Stats
  October
  Pension stats sheet for the Screen Actors Guild–Producers Pension Plan for 2016.
•  
• Directors Guild of America-Producer Pension Stats
  October
  Pension stats sheet for the Directors Guild of America-Producer Pension Plan for 2016.
•  
• Producers-Writers Guild of America Pension Stats
  October
  Pension stats sheet for the Producers-Writers Guild of America Pension Plan for 2016.
•  
• Motion Picture Industry Pension Stats
  

  October
  Pension stats sheet for the Motion Picture Industry Pension Plan for 2016.

•  
• AFTRA Retirement Plan Stats for 2015
  

  September
  Pension stat sheet for the AFTRA Retirement Plan for 2015.

•  
• The Financial Impact of Student Debt on Working and Retired Americans
  

  August
  The Society of Actuaries’ Pension Section is pleased to make available a research report addressing the potential consequences of accumulating education debt for retirement security.

•  
• U.S. Public Pension Plan Contribution Indices
  

  June
  Longitudinal study of metrics for measuring contribution adequacy at paying down unfunded liabilities in state and large city DB pension plans.

•  
• U.S. Single Employer Pension Plan Contribution Indices
  May
  Updated longitudinal study of metrics for measuring contribution adequacy at paying down unfunded liabilities in corporate DB pension plans in the U.S.
•  
• American Federation of Musicians Pension Plan Stats - 2015
  May
  Pension stat sheet for the American Federation of Musicians and Subsidiary Pension Fund for 2015
•  
• Impact of Mortality Change on U.S. Single Employer Pension Plan Funding
  April
  This study looks at the impact on the U.S. single employer pension system as a whole of proposed mortality table changes for funding purposes, including liabilities, contributions and PBGC premiums.
•  
• Provisions for Adverse Deviations in Going Concern Actuarial Valuations
  March
  This research paper expands on the 2013 results of a Canadian Institute of Actuaries’ paper on Provisions for Adverse Deviations in Going Concern Actuarial Valuations of Defined Benefit Pension Plans, by including information on variations in hypothetical wind-up funding levels and by examining differences in required PfADs attributable to differences in plan design.
•  
• Discount Rate Sensitivities in Pension Plans
  March
•  
• Directors Guild Pension Plan Stats - 2015  
  February
•  
• Writers Guild Pension Plan Stats - 2015  
  February
•  
• Motion Picture Industry Pension Plan Stats - 2015  
  February
•  
• NHL Players Pension Plan Stats - 2016  
  February
•  
• Multiemployer Plan PBC and PBCR Update  
  January
•  
• Multiemployer Plan Contribution Indices Update  
  January
•  
• Multiemployer Plan Withdrawal Overview Update  
  January
•  
• Multiemployer Plan Metrics Report  
  January
•  
• NFL Players Pension Plan Stats - 2015  
  January
•  
• MLB Players Pension Plan Stats - 2015  
  January
•  
• Determining Discount Rates Required to Fund Defined Benefit Plans  
  January

2016

• NBA Players Pension Plan Stats - 2015  
  November
•  
• SAG Pension Plan Stats – 2015  
  November
•  
• U.S. Pension Plan Discount Rate Comparison 2009-2014  
  September
•  
• Enhancing the Security of Defined Contribution Plans
  September 
•  
• A System to Evaluate and Compare Defined Contribution Plans  
  September
•  
• AFTRA Retirement Plan Stats – 2014  
  September
•  
• Modeling Long Term Healthcare Cost Trends - 2016 Update
  September
•  
• Contribution Indices U.S. Single Employer Pension Plans
  June
•  
• Multiemployer Pension Plan Stress Metrics Update
  May
•  
• Multiemployer Pension Plan Contribution Analysis
  March
•  
• NHL Players Pension Stats – 2015
  March
•  
• Tax-Deferred Retirement Saving in Canada
  March
•  
• MLB Players Pension Plan Stats - 2014
  February
•  
• NFL Players Pension Plan Stats - 2014
  February
•  
• AFTRA Retirement Plan Stats - 2013  
  February
•  
• Analysis of Target Benefit Plan Design Options  
  February
•  
• Screen Actors Guild — Producers Pension Plan Stats - 2014
  January 
•  
• NBA Players Pension Plan Stats - 2014
  January 
•  
• NHL Players Pension Plan Stats - 2014
  January 

2015

• Challenges and Strategies for Financing an Increasingly Long Life  
  December
•  
• Multiemployer Plan Withdrawal Overview  
  December
•  
• Variable Payout Annuities
  December
•  
• NFL Players Pension Plan Stats - 2013
  December
•  
• MLB Players Pension Plan Stats - 2013
  October
•  
• Multiemployer Plan Stress Metrics
  August
•  
• Corporate Pension Risk Management and Corporate Finance: Bridging the Gap between Theory and Practice in Pension Risk Management   
  August
•  
• Pension Valuation Methods and Assumptions – Second Edition   
  May
•  
• The Rising Tide of Pension Contributions Post-2013: How Much and When?  
  February

2014

• Pension Risk Transfer – Evaluating Impact and Barriers for De-Risking Strategies
  December
•  
• Stretching the Corridor: The Effects of Extended Rate Stabilization on Defined Benefit Plan Funding Requirements
  September
•  
• Communicating the Financial Health of Public Pension Plans
  June
•  
• Utilization of MAP-21 Pension Funding Stabilization in 2012
  April
•  
• Behavioral Decision-Making in Retirement
  March
•  
• Hybrid Pensions: Risk Sharing Arrangements for Pension Plan Sponsors and Participants
  February
•  
• Embedded Options in Pension Plans
  January

2013

• Market Consistent Valuation and Funding of Cash Balance Pensions
  November
•  
• Improving Retirement Outcomes: Timing, Phasing and Benefit Claiming Choices
  October
•  
• The Decision to Retire and Post-Retirement Financial Strategies: A Report on Eight Focus Groups
  September
•  
• Pension Plan Embedded Option Valuation
  June
•  
• Back Testing of Investment Performance by Asset Class
  January
•  
• Measures of Retirement Benefit Adequacy: Which, Why, for Whom, and How Much?
  January
•  
• Observations on Input and Output Smoothing: How do they affect the funding of defined benefit plans?
  January

2012

• The Effect of Changes in Retirement Plans on Employee Savings and Retirement Age and the Financial Impact on Employers of Delayed Retirement
  December
•  
• Volatility Management Monograph
  October
•  
• Estimating Equity Risk Premiums
  October
•  
• Proposed Pension Funding Stabilization: How Does It Affect the Single-Employer Defined Benefit System?
  June
•  
• Considerations in the Evaluation of Gain Sharing Designs
  March
•  
• Pension Valuation Methods and Assumptions
  January

2011

• Mortality Comparisons and Risk Exposures in the Older Age U.S. Financial Services Market
  December
•  
• The Rising Tide of Pension Contributions Post-2008: How much and when?
  October
•  
• Moving Beyond the Limitations of Traditional Replacement Rates
  September
•  
• Estimation of Employee Stock Option Exercise Rates and Firm Cost
  July
•  
• Research and Reality–A Literature Review on Drawing Down Retirement Financial Savings
  July

2010

• SOA Pension Section Research Summary
  September
•  
• Post-Retirement Financial Strategies from the Perspective of an Individual Who Is Approaching Retirement Age
  August
•  
• Psychological Adjustment to Widowhood: The Role of Income, Wealth and Time
  April

2009

• Adequacy of Bond Supply and Cost of Pension Benefits: A Financial Economics Perspective
  July
•  
• Public Pension Finance Symposium
  May

2008

• Selecting Mortality Tables: A Credibility Approach
  December 
•  
• Pension Risk Management: Derivatives, Fiduciary Duty and Process
  September 
•  
• The Nature of the Pension "Promise"
  May 
•  
• The Total Career Benchmark Process–A First Step in Redefining Canadian Pension Plans
  May 

2007

• Autopilot: Self–Adjusting Systems for Sustainable Retirement Systems
  April
•  
• The Impact of Reversion Taxes on Pension Plan Funding
  January

2006

• Variation of Employee Benefit Costs by Age
  August
•  
• Spending and Investing in Retirement–Is There a Strategy?
  August
•  
• 2006 Re-Envisioning Retirement in the 21st Century Symposium
  May
•  
• 30–Year Treasury Rates and Defined Benefit Pension
  February

2005

• Retirement Literature: An Interdisciplinary Review of Pre–retirement Influences on Attitudes and Decisions Regarding Retirement
  November
•  
• The Future Of Pension Plan Funding And Disclosure
  July
•  
• Survey on the Prevalence of Traditional and Hybrid Defined Benefit Pension Plans
  March
•  
• Retirement Planning Software Report
  January

2004

• Impact of Mortality Projection Scales on Defined Benefit Pension Plan Valuations
  November
•  
• Factors Affecting Retirement Mortality (FARM)
  June
•  
• 2003 SOA Pension Plan Turnover Study
  April
•  
• The Great Controversy: Current Pension Actuarial Practice in Light of Financial Economics Symposium
  March
•  
• Actuarial Aspects of Cash Balance Plans
  January
•  
• Survey of Asset Valuation Methods for Defined Benefit Pension Plans
  January
•  
• Pension Plan Turnover Rate Table Construction
  January

2003

• Single Life vs. Joint and Survivor Pension Payout Options: How Do Married Retirees Choose?
  November
•  
• Design and Actuarial Aspects of Deferred Retirement Option Programs
  June
•  
• Models for Retirement Policy Analysis
  January
•  
• Retrospective and Prospective Analysis of the Privatized Mandatory Pension System in Mexico
  January

2002

• Retirement Implications of Demographic and Family Change Symposium
  July
•  
• A Study of Public Employees Retirement Systems
  July
•  
• Cash Balance Symposium Monograph
  July