This webcast will discuss three recent research papers related to the design, valuation and funding of public sector defined benefit plans. Two of the presenters will discuss their recent response to the American Legislative Exchange Council’s study, “Unaccountable and Unaffordable.” Another author will discuss a University of California, Berkeley paper “Are California Teachers Better Off with a Pension or a 401(k)?” that responded to the Urban Institute’s paper “Are California Teacher Pensions Distributed Fairly?” It will close with a discussion of the Haas Institute paper “Funding Public Pensions, Is Full Pension Funding a Misguided Goal?”
Each paper will be considered and discussed with a focus on applicable actuarial theory and standards. The goal is to encourage participants to read research reports and analysis with a critical eye, especially when that analysis is applied to complicated pension funding topics, whether that analysis supports or challenges current practices.
Who Should Participate
Members of the Social Insurance & Public Finance and Retirement Sections and all actuaries interested in the design, valuation and funding of public sector defined benefit plans
Enrolled Actuary Credit
This webcast is recommended to meet Enrolled Actuary continuing education requirements. While the sponsor of this program recommends this topic to satisfy Core continuing education credit for Enrolled Actuaries, the final decision as to meeting this requirement rests with the Joint Board for the Enrollment of Actuaries.
- Non-Core Credit: 75 minutes (1.50 units)
How to Obtain ENROLLED ACTUARY (EA) Credit
Paul Angelo FSA,MAAA,EA,FCA
Senior Vice President & Actuary
Paul Angelo, FSA, EA, FCA, MAAA, is a senior vice president and actuary in Segal’s San Francisco office. He has over 35 years of experience in the design, valuation and administration of large defined benefit plans, including corporate, governmental, Taft-Hartley and other collectively bargained plans. Angelo currently serves as valuation actuary for 16 major California county and city retirement systems and associations, as well as the University of California retirement systems.
Angelo is a former member of the GASB Post-Employment Benefits Accounting and Financial Reporting Task Force and currently serves on the California Actuarial Advisory Panel, as well as the committee on retirement and benefits administration of the Government Finance Officers Association. Angelo currently serves as founding chair of the Public Plans Community of the Conference of Consulting Actuaries. He is active in the American Academy of Actuaries’ Pension Practice Council and has served as chair of its Public Plans Subcommittee. He is a past chair of the Pension Section Council of the Society of Actuaries and is a current member of the SOA’s Social Insurance & Public Finance Section Council.
Angelo has a bachelor’s in mathematics from the University of Notre Dame and a master’s in mathematics from Harvard University. He also holds a master’s in actuarial science degree from the University of Michigan Graduate School of Business Administration. He is a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, a fellow of the Conference of Consulting Actuaries and an ERISA Enrolled Actuary.
Douglas J. Fiddler, ASA, EA, FCA, MAAA
State of South Dakota
Doug Fiddler, ASA, EA, FCA, MAAA, serves as the internal actuary for the South Dakota Retirement System (SDRS) where he prepares annual valuations, cost studies, experience studies and fiscal impact statements. In addition, he works with system staff, the board of trustees, state government and outside consultants on various administration and plan design issues. Prior to joining SDRS, he worked for consulting firms for more than 25 years and consulted with numerous state and local pension plans, as well as private sector plan sponsors. Fiddler is a council member of the Society of Actuaries’ (SOA) Social Insurance & Public Finance Section and a member of the Government Finance Officers Association Committee on retirement and benefits administration. He is an associate of the SOA, a member of the American Academy of Actuaries, an Enrolled Actuary and a fellow of the Conference of Consulting Actuaries.
Director, Retirement Security Program
University of California, Berkeley
Nari Rhee, Ph.D., is director of the Retirement Security Program at the University of California, Berkeley Center for Labor Research and Education. She served as manager of research at the National Institute on Retirement Security in 2012–2014. Rhee has written about a wide range of issues related to pensions and retirement security, including the retirement savings crisis, international pension systems, public pension reform and retirement plan design. Her current research focuses on the fiscal implications of aging and inadequate retirement readiness, policies to improve the retirement income prospects of low and middle wage workers and teacher pension policy.
Randall J Dziubek ASA,EA,MAAA
Senior Pension Actuary
California Public Employees' Retirement System
Randy Dziubek, ASA, EA, MAAA, joined CalPERS in February 2015 as a Senior Pension Actuary. In September 2017, Dziubek assumed the role of Deputy Chief Actuary over the valuation services unit.
He manages a team of approximately 30 actuaries, actuarial assistants and support staff. This team is responsible for the annual actuarial valuations for public agency plans and the state and schools plans within CalPERS. Dziubek also participates in policy setting and organization wide management for CalPERS.
He has over 30 years actuarial and consulting experience with both private and public sector retirement plans. Prior to Dziubek’s current role at CalPERS, he consulted with plan sponsors in several states on pension plan design, funding policies and retiree medical issues.
He is the current chairperson for the Society of Actuaries (SOA) Retirement Section Council.
Dziubek earned his bachelor’s degree in mathematics from the University of Michigan. He is an Associate of the Society of Actuaries (ASA), a member of the American Academy of Actuaries (MAAA)and an Enrolled Actuary (EA).