Description: Discussion of types and amounts of benefits continued on retired employees and their dependents, the cost of continuance of pensioner benefits under the group plan and methods of financing benefits during active employment.

Description: The purpose of this note is to investigate whether, for a given level annual contribution rate, the introduction of a lump-sum benefit in lieu of a part of the pension otherwise payable, can result in a reduction of the mathematical risk due to chance deviations from expectation. From Transactions of Society of Actuaries 1953, Vol. 5, No. 12.

Description: This discussion examines miscellaneous topics. Topics include actuarial training, final salary pension plans and hospitalization and surgical insurance. From Transactions of Society of Actuaries 1960, Vol. 12, No. 34.

Description: Presented at Living to 100 symposium, January 2002. This paper presents data on the mortality, and mortality improvement trends, for retired U.S. Civil Service employees and their survivors, and analyzes the relationship to such factors as: Indexed final salary, Amount of indexed annuity, Total service at retirement, Duration on the Annuity Rolls, Retiree vs. beneficiary, Disability vs. non-disability.

Description: The paper will focus on two broad areas, integration of insurance products with investment products to mitigate the risk of outliving one’s assets in post-retirement financial planning. Modeling and pricing for the longevity risk in the secondary market in insurance.

Description: Introduction to the paper that documents the flaws of the current financial model.

Description: Part 1 proposes solutions to the first of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Abstract: Interest rate changes and volatile equity returns have contributed to significant funding and expense volatility for defined benefit plans in recent years. This paper will describe the design of an option contract with payouts that are tied to the combined impact of interest rates and investment returns on the funding level of a defined benefit pension plan. Current derivatives used by plan sponsors can limit exposure to one of these risks; however, a derivative that combines these risks may provide more targeted protection to a plan sponsor at lower cost. This paper discusses several considerations in designing such a derivative. It will also briefly discuss pricing of the option. Finally, the difference in potential outcomes between plan funding with and without option ownership will be demonstrated. As an outcome of the design work, a new way to visualize pension risk that may be useful in sponsor accounting disclosures will be shown.

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 essay focuses on some of the practical problems in supporting elderly seniors and carrying out their wishes. It tries to help families avoid disputes.