Retirement Systems Monographs

  • Managing the Impact of Long‐Term Care Needs and Expense on Retirement Security Monograph
  • The collection of papers in this monograph is the result of a call for papers issued by the SOA’s Committee on Post Retirement Needs and Risks in partnership with the Long Term Care Section to explore the impact of long-term care needs and expense on retirement security from a variety of aspects. The papers help expand thinking on how long-term care events impact families as well as approaches to mitigating the impact of these events and related issues. As a result, this monograph provides a multi–disciplinary, textured analysis on this topic and serves to encourage future work in this area.
  • (Date Posted–December 15, 2014)

  • Volatility Management Monograph
  • This monograph encompasses papers received in response to a call for papers issued by the SOA Pension Section Research Committee. The call for papers was seeking papers concerning volatility management and actuarial smoothing techniques across a broad range of issues. This monograph includes the papers selected by a review group recruited by the SOA Pension Section Research Committee.
  • (Date Posted–September 25, 2012)
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  • Retirement Security in the New Economy: Paradigm Shifts, New Approaches and Holistic Strategies
  • This monograph includes papers from the "Retirement Security in the New Economy: Paradigm Shifts, New Approaches and Holistic Strategies Call for Papers. In this new monograph, the authors turn their attention to retirement issues facing individuals and families in the second decade of the 21st century. Several of the papers were presented at the SOA's 2011 Annual Meeting in Chicago, Ill., and now the SOA is making all of them available online.
  • (Date Posted–December 27, 2011)
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  • 2009 Public Pension Finance Symposium
  • SOA Monograph M–RS10
  • This monograph contains papers submitted and presented at the 2009 Public Pension Finance Symposium held May 18-19, 2009 in Chicago. It also includes additional papers that were submitted and accepted for the 2009 Call for Papers, but not presented. The goal of the call for papers and the symposium in general was to provide a range of views on the measurement of pension liabilities and risk management issues related to public sector pension plans. The papers and comments presented in this monograph showcase many of the differing views with regard to measuring public pension plan liabilities.
  • (Date Posted–June 16, 2010)
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  • Housing in Retirement Monograph
  • SOA Monograph M–FI09
  • This monograph provides varied perspectives on housing and retirement issues of concern to financial professionals, policymakers, and homeowners, among others. The monograph was the result of a call for papers issued by the Society of Actuaries in June 2008 and coincided with the bursting of the housing price bubble occurring at that time. The papers in the monograph explore issues including the role of housing wealth in financing retirement, recent trends in the use of housing wealth and the extent of the risk posed by adjustable rate mortgages and predatory loan practices.
  • (Date Posted–September 10, 2009)
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  • Retirement 20/20: Defining the Characteristics of the 21st Century Retirement System
  • SOA Monograph M–RS08–1
  • This monograph contains a collection of papers that were submitted in response to several 2008 calls for papers issued for the Retirement 20/20 initiative. The calls for papers covered the topics of changing signals, default distribution options and self-adjusting systems. The papers were presented at the Society of Actuaries' 2008 Retirement 20/20 conference in Washington D.C. and explore characteristics that impact the design of new 21st century retirement systems.
  • (Date Posted–September 3, 2009)
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  • Needs and Spending in Retirement: Unraveling the Mystery
  • SOA Monograph M–AS07–2
  • This monograph contains a collection of papers that were submitted in response to a call for papers issued in 2006 officially titled "Retirement Spending and Changing Needs during the Retirement Period." The papers were presented at the Society of Actuaries' 2007 Annual Meeting in Washington D.C. as part of a three–session seminar embedded within the meeting. The papers explore the range of needs in retirement considering those that are essential, discretionary, or unpredictable as well as changing consumption patterns throughout retirement.
  • (Date Posted–January 17, 2008)

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  • 2006 Re–Envisioning Retirement in the 21st Century Symposium
  • This monograph consists of twelve papers presented at the 2006 Re Envisioning Retirement in the 21st Century Symposium held May 3–4, in Washington, DC. The papers included were submitted in response to a call for papers motivated by the SOA's interest in new visions for retirement income plans in the 21st century. The papers represent a consideration of retirement issues from a broad range of stakeholders.
  • (Date Posted– August 9, 2006)

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  • Cash Balance Symposium Monograph
  • SOA Monograph M–RS02–3
  • The Cash Balance monograph consists of nine papers presented at the 2001 Dallas Spring Meeting. Topics of discussion include: a proposal to invest all plan assets in fixed income securities; issues related to the conversion from traditional plans to hybrid plans; the floor–offset arrangement using a cash balance plan and a money purchase plan; an overview of the problems with the current Social Security system; a utility function to compare three types of plans; and more.
  • (Date Posted–July 18, 2002)

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  • Design and Actuarial Aspects of Deferred Retirement Option Programs
  • SOA Monograph M–RS03–2
  • The main purpose of this monograph is to provide actuaries with enough information to gain a detailed understanding of the issues involved in Deferred Retirement Option Programs (DROPs). Topics include background information that can be useful when discussing DROP plans with clients, as well as a survey of design information (as of 2002) and discussion of issues. Key considerations for actuaries to consider when estimating the cost of a DROP proposal are also addressed.
  • (Date Posted–June 23, 2003)

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  • Economic Security for an Aging Canadian Population
  • By Robert L. Brown
  • SOA Monograph M–RS99–2
  • This monograph takes a critical look at two particular reforms: the freezing of the Year's Basic Exemption and prefunding of the C/QPP. It is argued that both reforms make the C/QPP more like a private plan, but neither lead to long–term financial stability.
  • (Date Posted–July 29, 2002)

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  • The Future of Pension Plan Funding and Disclosure Monograph
  • SOA Monograph M–RS05–1
  • The Future of Pension Plan Funding and Disclosure Symposium Monograph consists of papers presented at the Future of Pension Plan Funding and Disclosure Symposium held July 14–15, 2005, in Washington, DC. Topics of discussion include: funding reform; funding lessons from past U.S. and Canadian practice around the world; the role of government and guarantee organizations; implications of sponsor bankruptcy; stakeholder perspectives; financial economics considerations; future considerations, and more.
  • (Date Posted–February 9, 2006)

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  • Current Pension Actuarial Practice in Light of Financial Economics Symposium
  • SOA Monograph M–RS04–1
  • In recent years financial economics has changed the way we look at liability measurement and investment strategies. Some argue that these developments should affect how actuaries value pension plans in fundamental ways. If so, how? These papers were presented to address the possible intersection of the financial economics model and the pension valuation model. They may also consider similar questions regarding the valuation of retirement benefits other than pensions.
  • (Date Posted–March 19, 2004)

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  • Managing Retirement Assets Symposium
  • SOA Monograph M–RS04–2
  • The Managing Retirement Assets monograph consists of 10 papers presented at the 2004 symposium held in Las Vegas. The papers delve into a unique set of retirement product, distribution and asset management strategies. The monograph reveals the significance of those advising retirement plan sponsors, retirees and organizations to mutually understand the risks and how to manage them.
  • (Date Posted–June 11, 2004)

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  • The Old–Age Crisis–Actuarial Opportunities: The 1996 Bowles Symposium
  • SOA Monograph M–RS99–1
  • The 1996 Bowles Symposium explored these opportunities for actuaries working in the United States, Canada and the United Kingdom: Pay–as–you–go financing of Social Security; the long–term status and balance of the Social Security retirement system; demographics and Medicare; analysis of continuing care retirement community data; adequacy of retirement benefits; demography and state pensions in the United Kingdom; and intergenerational effects of OASDI.
  • (Date Posted – July 29, 2002)

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  • Retirement Implications of Demographic and Family Change Symposium Monograph
  • SOA Monograph M–RS02–2
  • Papers in this RIDFC monograph represent a wide range of themes – from providing specific solutions to legal or actuarial issues to covering broad concepts, as well as projecting trends. And while most papers focus on pensions and Social Security benefits, a few examine the implications of demographic and family change for long–term care and retiree health benefits.
  • (Date Posted–July 1, 2002)

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  • Retirement Needs Framework
  • SOA Monograph M–RS00–1
  • This monograph gathers together 15 papers presented at the SOA's Retirement Needs Framework symposium, held in December 1998. The objective of this research project was to gain insight into the period of life beginning with retirement, unlike most contemporary research, which has focused on accumulating assets at retirement age with little analysis of the period after retirement.
  • (Date Posted–July 18, 2002)

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  • Retirement Planning Software
  • SOA Monograph M–RS03–1
  • This monograph reviews retirement planning software programs currently available to individuals and their professional advisors. The authors developed six case studies to test 19 programs and their capabilities. The goal of the research was to determine how prevailing programs treat the retirement phase and, more specifically, how they treat retirement risks.
  • (Date Posted – Janaury 22, 2003)

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  • Retrospective and Prospective Analysis of the Privatized Mandatory Pension System in Mexico
  • By Tapen Sinha, Ph.D.
  • SOA Monograph M–RS02–1
  • This monograph explores different aspects of social security and pension in Mexico. It provides the backdrop of the Mexican economy and traces the history of social security in Mexico. It provides in–depth details of both the old and new systems and discusses why private management of pension is not like privatization of other spheres of activities. It discusses the problem of high management fees and takes a deeper look at fund management by privately managed funds.
  • Contact Bruce Iverson for more information
  • (Date Posted–January 30, 2003)

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  • A Study of Public Employees Retirement Systems
  • By Michael J. Samet, Timothy P. Peach and W. Paul Zorn
  • SOA Monograph M–RS96–1
  • This report represents the first comprehensive compilation and review of the actuarial methods and assumptions used by public employees retirement systems (PERS). The study is based upon a review of 60 experience studies covering 101 plans, 78 actuarial reports covering 183 plans and 90 component–unit or comprehensive annual financial reports.
  • (Date Posted–July 29, 2002)