Description: This 1982 discussion session is about the design of pension plan benefits under inflationary conditions. Specifically it covers: 1. Measuring the reduction of purchasing power and retirement income needs, 2. Cost implications of alternative means of financing pension adjustments after retirement, and 3. Public policy issues involved in the design of indexed benefits.

Description: This 1982 discussion session is about concepts discussed in Jeff Furnish's paper, 'Pension Plans in an Inflationary Environment'. The author wants to consider these concepts as they relate to the practical aspects of pension consulting. First and foremost, the financial uncertainties of doing business increase. A second problem created by inflation is the uncertainty injected into the benefits ultimately delivered by a retirement program. A third problem concerns the stability of the funding structure.

Description: Many retirement actuaries have experience developing, implementing, and monitoring Liability Driven Investing (LDI) strategies for plan sponsors. These strategies typically involve modifying a plan’s investment strategy to remove a significant portion of the investment and interest rate risk now or at some point in the future when specific triggers are met. The tactics often involve the use of fixed income assets to cash flow and/or duration match the liabilities. In the spirit of helping actuaries expand their roles in an evolving defined contribution world, this article explores the application of LDI and derisking strategies within defined contribution and individual retirement accounts. The economic theory behind this approach is called the lifecycle hypothesis, or lifecycle finance. The benefits of the lifecycle finance method are that it provides a safe approach to save for retirement and a secure source of floor income during retirement. Similar to pension plans, each individual has his or her own idiosyncratic needs, wants, and risks that should be considered. Actuaries are uniquely situated to help defined contribution plan sponsors, individuals, and even themselves implement the lifecycle finance approach by developing and distributing tools and methods that focus on income (rather than wealth), LDI strategies, and personalization.

Description: In this paper the researchers analyze pension plans for three countries (Canada, the UK, and the US) using an ESG that includes a demographic ratio that has been defined consistently for all countries. In that regard the paper extends the literature and opens areas for future research.

Description: This 1982 discussion session addresses three questions: 1. How will continued high rates of inflation affect the financial needs of retired persons, both absolutely and in comparison with other segments of the population?, 2. What effects will there be on the age of retirement and the need for retirement income?, and 3. To what extent will these needs be met from social programs, private plans or individual savings?

Description: This panel discussion, which occurred at the May 1982 Society of Actuaries meeting in Colorado Springs, presented a discussion on retirement age issues, trends, and assumptions related to pension plans. Also a discussion of factors that affect early retirement elections. Includes discussion of: I. Trends in experience, especially as they may be influenced by: a. Changes in Social Security b. Government regulation, such as Age Discrimination in Employment Act c. Early retirement incentives, such as bonuses or subsidized early retirement factors and d. Cost-of-living supplements to retirees. 2. Plan design for early and postponed retirement. 3. Effects of deferred retirement on actuarial costs. 4. Trends in actuarial assumptions Detailed historical data on UAW, teachers, and Bell company employees' retirement trends is presented.

Description: This session from the 1983 SOA Hollwood, Florida Meeting discusses early retirement incetive programs otherwise known as open windows or golden parachutes. It reviews the purpose of these programs, the window period, the benefits, advantages and disadvantages, the accounting issues and the implementation of an actual program.

Description: This article discusses the non-qualified market opportunities presented by the new limitations imposed on qualified pension plans.

Description: This research report investigates the mechanics and practicalities of introducing retirement investment income tontines (RITs) in today’s market place.

Description: The SOA's Aging & Retirement Strategic Research Program and Financial Finesse are pleased to make available a series of briefs focused on retirement literacy issues. The Retirement Planning Tools brief provides a resource for better understanding retirement tools.