Description: This paper uses arbitrage principles to show that equating expected costs unfairly lowers risk-adjusted costs for early generations and raises them for later generations. The use of expected rather than risk-adjusted returns on risky assets leads to sub-optimal decision making in re asset allocations, wage/pension negotiations, granting of valuable options (skim funds), and costly financing strategies such as Pension Obligation Bonds.

Description: From the Future of Pension Plan Funding and Disclosure Monograph, held July 14-15, 2005 in Washington, DC.

Description: Full version of Pension Section News, September 2003, Issue No. 53.

Description: Full version of Risks and Rewards Newsletter, February 2003, Issue No. 41.

Description: This paper discusses the limits placed on actuarial pension practice since the passage of ERISA. From The Pension Forum, January 2003, Volume 15, Issue No. 1.

Description: Full version of Pension Section News, June 2003, Issue No. 52.

Description: In this article the author identifies and delimit 's the public's interest in defined benefit plan funding as a practical response to the chaotic deluge of of overlapping measurements and restrictions designed to regulate the funding of pensions plans in the US.

Description: Full version of The Pension Forum, January 2005, Volume 16, Issue No. 1.

Description: This session at the SOA 2004 Annual Meeting looks at the future of accounting for pension plans including current standards of practice, global standards, and rules-based approaches versus principle-driven.

Description: This working paper discusses the risks of investing in stocks in public pension funds.