Description: This articles describes the multi-pillar system of 1 pay as you go and 2 individual capital accounts to fund public pension plans which exists in Eastern Europe and Central Asia.

Description: The selection of a discount rate is one of the most important assumptions for the calculations of present values. The paper presents the basic properties of the key measurements of investment returns and the discount rates associated with these measurements.

Description: To be financially "well" is unique to an individual. Following a hierarchy of needs is key, along with saving more than the talking heads tell you to.

Description: Informal discussion of session 1A

Description: Discussion of the merits of solvency versus going concern funding targets for pension plans, and the connection with different risk-sharing deals.

Description: Pricing longevity swap reinsurance transactions consists of a number of different actuarial tasks, each of which hides potential pitfalls. The article outlines the pricing process, which includes a detailed analysis of current mortality experience of the portfolio to be transferred, choice and calibration of an appropriate model for mortality improvement trends and the calculation of a risk margin which reflects the uncertainty associated with the pricing best-estimate, which includes mis-estimation risk, model risk, longevity basis risk and stochastic uncertainty.

Description: This article explores reasons for plan sponsors to consider lump-sum payouts. The author suggests for plan sponsors looking to reduce risk, the factors outlined in the article suggest that sponsors may benefit from considering risk-transfer opportunities much sooner than they may have anticipated.

Description: This article provides an overview of the laws and regulations governing pension funding and suggests analysis which will enable the plan sponsor to capitalize on contribution options and coordinate long and short term funding strategies.

Description: Discussion of competing theories for valuing public pension liabilities. Emphasis on revised Actuarial Standards of Practice that focus on the purpose of the measurement.

Description: Discussion of the issues the PBGC was focusing on at the time including modeling issues, losses incurred and expected and changes in legislation desired by the PBGC to manage losses going forward.