Description: The author incorporates inflation-indexed bonds into the retiree asset allocation problem and illustrates how Liability Driven Investing LDI can be applied to individual investors. From the 2011 Enterprise Risk Management Symposium, March 2011.

Description: 'This paper takes a fresh look at the historical record of the most popular financial planning device retirees encounter, the 4% rule.' From the 2011 Enterprise Risk Management Symposium, March 2011.

Description: The author's conclusion is that retirees focus should not be investment strategy or withdrawal rate but cash flow. From the 2011 Enterprise Risk Management Symposium, March 2011.

Description: Ways for management to measure, integrate and use Enterprise Risk Management (ERM) information to analyze, compare, discuss, and monitor risks such that appropriate risk management decisions can be made.

Description: In this paper, we derive three important longevity Greeks on the basis of an extended version of the Lee-Carter model that incorporates stochastic volatility.

Description: This paper suggests a possible framework for the mandatory annuitization of U.S. retirement savings, considers the experience of other countries and analyzes the advantages and disadvantages of mandatory annuitization.

Description: The objective of this study is to measure the amount of surplus which would be needed by a pension plan to account for the risk of insufficient return on assets. From Current Pension Actuarial Practice In Light of Financial Economics Symposium, M-RS04-1.

Description: This paper establishes a framework to analyze the volatility of corporate profits as a result of variability in accounting for pension plans. It models a Canadian corporation that maintains a defined-benefit pension plan and that has adequate cash flow to fully fund the pension plan, should it wish. Volatility of corporate profits is important because many senior executives have some component of their compensation directly related to corporate profitability and consequently do not want any surprises with respect to actual profits compared to expected profits. The volatility management techniques considered are investment policies for the pension plan, funding the pension plan, and an alternative plan design. The analysis is timely since changes are proposed to the accounting standards to eliminate most smoothing techniques. The results suggest that, depending on the investment environment, reduced volatility may be accompanied by by enhanced return, which is a result that few would expect.

Description: Discussant comments for “Requirements to Make the Housing Asset a Viable Retirement Asset.” This paper examines the characteristics of an ideal product and the type of institution that would be well positioned to offer the ideal product which would allow a housing asset to be a viable retirement asset. Discussant provides comments from a US perspective.

Description: This paper explores the advantages of annuitization as a protection against a long-lived retiree running out of money. From Retirement Needs Framework, M-RS00-1.