Description: This paper presents a stochastic model in continuous time to characterize the ultimate benefit to be derived by a group of similar workers from their career membership in pension plans. This characterization is in terms of termination rates, vesting rules, plan types and periods of employment. The employment termination pattern is represented by a renewal process and a reward function is introduced to unify different plan types. A number of basic functions are then deduced to represent termination benefits, retirement benefits and the loss due to delayed vesting. An analysis of these functions lead to a number of conclusions regarding the comparative effects of delayed vesting in different plans. From Actuarial Research Clearing House 1981, Vol. 1.

Description: In the United States and in Canada, certain legislative developments have been concerned with providing retirement benefit credits to employees who work beyond normal retirement. The purpose of this paper is to provide a practical guide for actuaries to estimate the effect that delaying retirement beyond age 65 has on the cost of a pension plan. From Transactions of Society of Actuaries 1983, Vol. 35.

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: The SOA is pleased to make available a report updating the 2012 risk assessment performed by Porteous et al. The report also provided an economic capital analysis for a stylized US plan with the same member profile and the USS provisions modified to reflect a typical US DB plan.

Description: This paper was the results of an invitation by the SOA’s Pension Section Research Team to explore the current state of defined benefit plans in Canada and future visions of them.

Description: In this paper, the authors assess the value of a GSA-type annuity within a retiree's portfolio.

Description: This paper first discusses the history of the legislation of the joint and survivor benefits for the uniformed service personnel. It then goes on to address the specific actuarial assumptions made and the formulas developed for applying these assumptions for adaptability to the UNIVAC. This paper closes with specific programming procedures involved in using the UNIVAC.

Description: This paper reviews and compares the Canadian and U.S. Social Security systems as to their adequacy, actuarial equity and progressiveness. It concludes that the Canadian system[s] provide larger minimum benefits and, thus, greater adequacy than the U. S. On the other hand, the analysis indicates more emphasis on actuarial equity in the U.S. system [in total] than in Canada. Finally, both systems are shown to be highly progressive in that lower-wage earners get larger benefits per dollar of contribution than do higher wage earners. The paper concludes by noting that while the systems in these two countries have remarkably different actuarial formulae for determining benefits, and remarkably different structures, that the benefits that result from the two systems are surprisingly similar. From Actuarial Research Clearing House 1999, Vol. 1.

Description: This is the report of the findings from the Retirement Plan Preference Survey.