Description: This 2005 presentation from the 40th Actuarial Research Conference is about equilibrium pricing models and valuations related to hybrid pension plans.

Description: Pension funds are usually either defined benefit or defined contribution funds. In Australia in recent years, for a number of reasons, some pension funds have offered the 'greater of,' these two benefits. Such a benefit design can be valued using contingent claims valuation techniques since it is equivalent to an option on the maximum of two random benefit amounts - one equal to a multiple of salary and the other the accumulation of a percentage of salary at an earnings rate. This paper overviews some of the issues in applying contingent claims valuation techniques to the valuation of this style of benefit. From Actuarial Research Clearing House 1993, Vol. 1.

Description: List of charts. From Retirement Implications of Demographic and Family Change Symposium Monograph, M-RS02-2.

Description: A review of the actuarial aspects of Cash Balance Retirement Plans and original actuarial research regarding the design and valuation of such plans.

Description: A defined contribution plan with a defined benefit minimum guarantee is valued as a put option or exchange option. This paper compares the resulting price with the actual additional contribution rate used by one public sector plan, and considers extensions of the option theory to allow more accurately for the pension plan characteristics.

Description: This paper examines how the cash balance plan design is related to the normal cost and accrued liability in the various actuarial cost methods, as well as the interaction of the economic assumptions in the valuation. The analysis will show that the traditional cost methods may understate the actual liability. The paper also presents an alternative cost method, along with its advantages and disadvantages. From Cash Balance Symposium Monograph, M-RS02-3.

Description: This paper examines some of the issues threatening the current health of the Social Security System, and how all or part of the system could be replaced by a cash balance plan. From Cash Balance Symposium Monograph, M-RS02-3.

Description: Information on Unusual Provisions in Cash Balance Plans Needed by William Torrie and Thomas P. Edwalds from Pension Section News, February 1999, Issue No. 39.

Description: This issue of The Retirement Forum presents the four prize-winning papers from the Retirement 20/20 Call for Models for Public Pension Plans Contest, which was conducted in 2018, and includes commentary from reviewers of these papers and replies from the authors.

Description: This paper examines some specific issues where cash balance plans don't fit the traditional mold, and what regulatory changes would provide the best fit for cash balance plans. From Cash Balance Symposium Monograph, M-RS02-3.