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: 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 looks at the actuarial implications of a gradual retirement scheme from the employer's point of view in terms of the normal cost and also from the employee's side, the total income he would receive under various gradual retirement scenarios.

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.