Description: Noting that the Commissioners Annuity Reserve Method has been adopted by almost all states in the past four years as the basis for valuing individual account annuities in statutory statements, the author reviews this reserve method and how the various provisions commonly included in modern deferred annuity policies should be reserved to be consistent with its methodology. Includes discussion and author’s review of discussion. From Transactions of Society of Actuaries 1982 Volume 34.

Description: The article discusses modeling of variable annuity behavior risk, with a particular focus on how interaction between different behavioral assumptions complicates modeling. The article gives a brief overview of variable annuity behavior risk, discusses the challenges that behavioral interactions pose for VA modeling, and discusses three potential solutions for dealing with this complexity.

Description: The article outlines a shareholder value framework for pension risk management and applies this framework to pension funding decisions in light of rising PBGC premiums due to 2013’s BBA legislation. The article finds that the new legislation significantly incentivizes plan sponsors to increase pension funding. Moreover, many tax-paying pension plan sponsors can increase shareholder value by increasing pension plan contributions.