Description: Feature article about the different types of retirement systems throughout the world and how watching what they do could help the U.S. retirement system.

Description: The standard for measuring retirement income adequacy has been the final earnings replacement rate (usually targeted at 70%). But - does it work?

Description: This session from the 1995 SOA Boston Meeting focuses on the problems with the dominant social pension systems around the world and the potential solutions to the problems in providing retirement income security in the face of aging populations and diminishing resources. From the Record of the Society of Actuaries, Vol. 21, No. 4b.

Description: In Canada, there are three main sources of government-provided retirement income: 1. The Canada/Quebec Pension Plan [C/QPP], which have benefits and contributions based on earnings up to the Yearly Maximum Pensionable Earnings, 2. Old Age Security [OAS], which is a fixed amount for most but does include a 'clawback' of benefits for high-income individuals, and 3. The Guaranteed Income Supplement [GIS], which is designed to supplement those with extremely low income. The annual GIS benefit is reduced, or clawed back, by 50 cents for every dollar of annual income the person has in retirement, including C/QPP and income from Registered Retirement Savings Plans [RRSP] and other savings. OAS benefits are not included in determining the GIS clawback. The result of this is that low-income individuals who attempt to enhance their retirement replacement ratio actually see a decrease in government-provided support the more they save for retirement. In fact, savings in an RRSP can effectively be taxed at more than 100% through corresponding reductions in the GIS, social housing, home care, GAINS [Ontario's Guaranteed Annual Income Supplement], and other benefits which are based on one's personal retirement income. This paper explores a basic GIS exemption, a GIS clawback rate of lower than 50%, and various combinations of the two as alternative policies for the GIS. The goal is to improve the fairness of the GIS and reduce the disincentive to save for retirement, without increasing the overall cost of the program significantly.

Description: The article first tries to determine a consensus view of what social security should accomplish and then tries to measure how well the current level of benefits succeeds in meeting these goals. Assessing benefit adequacy is an essential element in putting the overall program on a sound financing footing.

Description: This article presents a summary of ideas discussed in a 1999 symposium on the subject of the pros and cons of privatization as an element of the U.S. Social Security system. The four main topics addressed were: 1. Overview of Social Security reform. 2. Pros and cons of privatization. 3. Impact of privatization. 4. Practical issues of privatization. From: The Actuary, September 1999 – volume 33 - Issue 7.

Description: Feature article discussing the National Academy of Social Insurance NASI, its 2011 Annual Conference, and in particular the session on Social Security Reform.

Description: In this article, the author suggests that Social Security funds could earn better returns if some of the assets were invested in index funds weighted by the market capitalization. Index funds retain the risk and reward of the diversified market as a whole and eliminate the greater risk/reward of investing in a single issue or market segment. They offer a simple way to focus on asset mix where so much of the risk can be managed.

Description: This discussion on Social Security examined questions related to the 1950 amendments including the effect on the beneficiary population, issues with including life insurance agents, and the affect on agent pension plans. Also, prospects for a disability program within Social Security, the impact of the proposed Canadian Old Age Pension program, and problems relative to the British Columbia hospitilization plan are discussed.

Description: Panelists describe the various proposals to invest Social Security and Canadian Pension Plan funds in equities, and examine the potential for return improvement and possible risk. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.