Description: This essay explores the role that the emerging defined contribution retirement system may be playing in the growth of wealth inequality in the United States. The current system leaves many Americans with little or no retirement savings. Those with higher accumulation levels appear to invest proportionally more in equities, which may have an exponential effect of balances over long time periods. The author hypothesizes that willingness to take investment risk involves the relationship between the amount an investor has accumulated and what she/he needs in order to cover basic costs of living. This is one reason that investors with greater accumulation levels may be able to earn higher rates of return. The essay concludes by suggesting that the U.S. defined contribution system should include all workers and provide additional fiduciary guidance. Examples reforms, both in the U.S. and other countries, are provided.

Description: Shares updates of the Actuary of the Future section

Description: Chairperson's update on the International Section.

Description: An excerpt from an address by Peter E. Moody, F.I.A., President of the Institute of Actuaries at a Society of Actuaries meeting in Minneapolis in May 1980. The address dealt with recent activities toward cooperation between professions in the UK.

Description: Highlights the section's accomplishments as well as the new section of Risk Management.

Description: Discussion of the merger between the the Actuarial Education and Research Fund and The Actuarial Foundation. The named of the merged organizations will be The Actuarial Foundation. Legally, the AERF will go out of existence, but all of its functions will be continued by the new, merged organization.

Description: Note from Editor introducing the articles in this issue.

Description: Regular Corner where the Editor introduces the new issue and summarizes its content.

Description: Regular column written by the chairperson of the Health Section Council.