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.

Description: Potential actions are recommended for key stakeholders to manage the unintended consequences of systemic risk “brewing” within the retirement system today.

Description: The abstract for the paper Rationalizing the Security and Ultimate Delivery of Promised Private Retirement Plan Benefits: The Missing Asset

Description: Abstract of Managing Volatility in a Mark-to-Market World: The Stochastic Funding Method presented at The Future of Pension Plan Funding and Disclosure Symposium held July 14-15, 2005 in Washington, DC.

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: Statistics about entertainment industry pension plans.