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: Digests of following discussions: 1. Mutual life insurance companies - their objectives and operating philosophy 2. State, provincial, and municipal employee pension plans - financing and other problems 3. Mortality and underwriting of individual policies for large amounts 4. Investing during the 1970's 5. Long-range viability and regulation of corporate pension plans 6. Forecasting the environment for business 7. Liabilities and surplus in the 1970's 8. Changing modes of family life - work and income over the life cycle 9. The role of the actuary in collective bargaining 10. Health insurance in the United States 11. Adjusted earnings

Description: This session from the 1995 SOA Boston Meeting presents an interview with financial industry experts on the ways in which consumers allocate investment and insurance dollars, looking at the annuity market, mutual funds and banks. From the Record of the Society of Actuaries, Vol. 21, No. 4b.

Description: As the retirement system has shifted to a greater focus on defined contribution plans and personal responsibility, post-reitrement risk management has grown in importance. This report covers the study of the process of retirement.

Description: Argues public plans should only hold bonds, on the basis of tax and finance arguments.

Description: This article discusses the different types of attitudes toward risk based on the prevailing economic climate.

Description: This article gives an overview and explanation of behavioral finance.

Description: This paper focuses on when and how we retire.

Description: This article is a summary of the authors’ two other articles where they discuss pension systems and whether they do in fact distort retirement decisions.

Description: Article provides an excellent summary of the importance of mathematics, computer models for determining the future for human-based financial security models, and the importance of recognizing how human behavior effects the financial security program.