Description: A pension plan uses Actuarial Equivalence to determine a 'fair' adjustment to pension benefits for form and timing of payment. The definition of Actuarial Equivalence is set in the Plan Document which may not have been reviewed for decades. With a wave of recent pension litigation in the U.S., plan sponsors, attorneys and actuaries now pay more attention to how pension plans define Actuarial Equivalence. How does a change in mortality table or interest rate affect the ultimate benefit? What are the requirements under ERISA and pertinent regulations? Are there court cases that have examined this question before? What are the issues behind the recent lawsuits and what can a plan sponsor do now to reduce their legal exposure? What alternative strategies are available for changing or not changing the definition in the plan document?

Description: This 1981 discussion session covers Government and Pension Reports, in particular, reports from the U.S. President's Commission on Pension Policy, the National Commission on Social Security, the Canadian Lazar Report, and the Report of the Ontario Royal Commission on Pensions. This discussion also covers the implications of these reports for the pension business in the United States and Canada.

Description: This session is about the philosophy and implications of investment income allocation for individual and group products, bases available for subdivision of investment income by line and within lines of business, applicability of new money rates to individual and group products, and regulatory restraints.

Description: This open forum is from the 1991 Meeting of the Society of Actuaries, held June 3-5 in Colorado Springs. The panelists discuss actual experiences related to consulting on plan design issues, including the effect of regulatory restriction on plan design, such as the nondiscrimination rules, further application of cash balance plans, and other recent developments that affect plan design. Discussion from participants is included. From the Record of Society of Actuaries Vol. 17, No. 3B.

Description: Chapter 4 of Models for Retirement Policy Analysis. The PRISM Pension and Retirement Income Simulation Model is a dynamic microsimulation model designed to simulate the retirement income and long term care utilization and financing of the elderly population. The strengths and limitations of the approach are addressed as well as accessibility and ease of use.

Description: This report provides a system-wide analysis of the expected contribution requirements for the U.S. single-employer defined benefit pension universe over the remainder of this decade.

Description: This paper responds to comments on a proposed compulsory savings program combined with transparent investment vehicles designed to promote competition based on expense levels, fund performance and customer service. At retirement 50% of the account is annuitized in Participating Variable Annuity (PVA) backed by TIPS. All investment experience, expenses, and pooled longevity experience is passed to annuitants through periodic benefit adjustments. Annuities are priced uniformly based on age at commencement.