Description: The presenters in this session will show attendees how to measure surplus risk for a corporate pension plan (or a pension plan where liabilities are valued on a current marked to market yield curve) in several different ways, understand the value of each of those methods, and use the results to make decisions on relevant corporate pension actions such as asset allocation and pension risk transfer. They will also compare LDI strategies between corporate and public pension plans.

Description: There are two main equity release plans for retirement financing: reverse mortgage plan and home reversion plan. Both plans entitle the home owners to release cash from their properties without leaving their home. In the lease buyback scheme (LBS) recently introduced rin Singapore, the home owner sells the tail-end of the property lease to the government in exchange for a cash payment upfront. Unlike the two main equity release plans, the LBS only allows the owner to stay in the property during the front part of the lease but not for life. In this paper, we propose a hybrid home equity release plan that incorporates both features of the home reversion plan and the LBS. We provide an actuarial framework to analyse the pricing of the hybrid plan. Some numerical illustrations are presented to show the actuarial values of the plan under different parameter choices, such as lease period and portion of property values sold. The hybrid plan provides enhanced flexibility to plan takers to meet their retirement needs.

Description: In session 14 MM of the Washington Annual Meeting the instructor summarizes the research topics presented at the actuarial research conference held at the University of Calgary during August 1997. From the Record of the Society of Actuaries, Vol. 23, No. 3.

Description: This section presents book reviews and summaries of recent publications on a variety of topics.

Description: This paper analyzes which of the factors that affect retirement mortality determined in Phase I of the FARM project should be added to the existing mortality studies of the Society of Actuaries. Some factors were added or modified and two were dropped from those in Phase I.

Description: Retirement Industry Conference

Description: This panel discussion looks at what a pension plan valuation report should contain and the valuation report as a consulting tool with the client/plan sponsor.

Description: This session from the 1976 Spring SOA Meeting is about current IRA and RRSP developments, products that proved successful, regulation problems that have developed, taxation problems, rollover problems, commissions on increases and competition from other financial institutions.

Description: An increased focus on pension plan cost and risk management has led plan sponsors to pursue innovative plan designs. This, in turn, is driving the need for actuaries to utilize new approaches to modeling the underlying market risks of such plan designs. The presenters will discuss advanced techniques to pension plan cash flow modeling that will ensure that the risks embedded in complex plan design features are fully captured. Specifically, a new dimension to cash flow modeling, benefit commencement year (in addition to payment year), will be introduced as well as the concept of 'collapsible' cash flow. Case studies will illustrate how techniques can be used in practice for cash balance plans, pension equity plans and other lump sum paying plans. Other risks such as form of payment and longevity will also be covered. This session is intended to meet the needs of actuaries and investment consultants focused on providing advice on risk management and investment strategy to sponsors of pension plans with complex design features.

Description: This paper is a practical guide to the terminal funding annuity product. Actuarial considerations, investment strategies, administration, and marketing aspects are discussed.