Description: Social security systems around the world have suffered from inadequate funding, leading to current or potential deficits and ultimate insolvency. This article discusses that this problem is a direct actuarial consequence of the inadequate funding that created the problem in the first place. It is simply an open group valuation problem.

Description: This article discusses the potential issues with a company's surplus due to currency fluctuations.

Description: A discussion of funding arrangements that can reduce the costs of providing medical coverage through lower reserves or state tax savings, instead of through cutting benefits.

Description: This article discusses that over the past five years, an increasing number of actuaries have become concerned with the asset side of the balance sheet.

Description: Arguments for establishing a monetary system based on an aggregate commodity standard.

Description: Mergers and acquisitions 'M&A' are major forces driving change in the life insurance industry. This editorial discusses how the articles in this newsletter address the M&A phenomenon.

Description: This article will cover the background, objectives, investment strategy, fee structure, and results to date of an investment management account dedicated to convertible securities for a major insurance company’s general account. This account was established in March 1986 and funded in 10 equal monthly installments throughout the remainder of the year.

Description: This article describes the Investment Year Method for allocation of general portfolio investment income and demonstrates the equivalence of a fixed index or declining index system.

Description: This is a chart from the article Shouldering the Cost of Employee Stock Options which shows the values at each node.