Description: The author delves into other important parts that should be in the scope of model validation besides the code.

Description: Actuaries may soon be required to select assumptions that are individually reasonable when measuring pension obligations. This is the core meaning of a proposed amendment to the Actuarial Standard of Practice #4 in addition to the proposed ASOP on economic assumptions.

Description: In this paper, a general model for a pension plan involving growth with respect to the population, salaries, and retirement benefits is used to study contribution patterns that may arise under different actuarial cost methods. Detailed results are presented for the case where the growth of population and the growth of salaries are described by exponential functions. Economic implications are presented and discussed. From Transactions of Society of Actuaries 1979, Vol. 31.

Description: A common approach to estimating the total amount of savings required to fund retirement is to first apply a generic “replacement rate” to pre-retirement income, such as 80%, to get the desired retirement income need. That need is then assumed to increase annually at the rate of inflation for the duration of retirement, which is generally assumed to be some fixed period, such as 30 years. Using government data along with a fairly simple market and mortality model, we explore these assumptions to more accurately estimate the true cost of retirement

Description: The purpose of this paper is to provide an introduction to mathematical principles applicable to pension funding under dynamic conditions of population growth, inflation, and automatic adjustment of benefits. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: Chairperson talks about the activities of the section.

Description: This research report discusses the effect a variation in the interest rate assumption has on a defined benefit plan's costs. From Transactions of Society of Actuaries 1967, Vol. 19, No. 55.

Description: Study note for EA,2A exam, presents the factors to consider in setting demographic and economic assumptions used in measuring pension obligations. While its primary focus is on the general process of setting such actuarial assumptions, it also covers some of the specifics of assumption-setting relevant to the actuarial valuations used for pension funding in the United States.

Description: In the determination of pension costs the actuary normally has available for use several turnover scales which indicate rates of turnover by attained age. This paper attempts to outline broadly one method for classifying selected industries into three groups approximating low, medium, and high turnover levels, so that a more appropriate initial selection of turnover scales may be facilitated. From Transactions of Society of Actuaries 1968, Vol. 20, Pt. 1, No. 58.

Description: This presentation is an open forum from the 1991 Annual Meeting of the Society of Actuaries, held October 20-23 in Toronto. The speakers, members of the Pension Committee of the Actuarial Standards Board [ASB], present an update on the ASB’s exposure drafts of actuarial standards of practice intended to provide detailed guidance on setting economic assumptions for pension plans. The session is concerned with selecting actuarial assumptions, specifically economic assumptions, for measuring pension obligations. The speakers note that in addition to providing guidance to actuaries, the standards are designed to help users of our work product understand what actuaries consider in determining their assumptions. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 4B.