Description: This about the issues facing actuaries in retirement systems as well as the support available to them. Some of the more significant issues are: Declining numbers of defined benefit plans, plan underfunding and the PBGC, increased regulatory complexity and compliance, and increased competition and employment opportunities.

Description: The importance of financial wellness has been increasingly recognized in the last few years. More organizations are sponsoring programs to assist people in different stages of their life.

Description: Portability of pension benefits allows an employee to maintain pension benefits as he leaves one company and joins another. Advocates of portability point approvingly to the way Social Security - a portable pension plan - handles employee mobility. In their view, the private pension system would be fairer to participants and close a gap in pension coverage if it had more portability.

Description: Appendix to report, Variable Uninsured (Value) Life Annuities

Description: This article discusses index-linked securities, in light of the recent “Inquiry into the Value of Pensions” a committee set up by Prime Minister Margaret Thatcher “to consider the value of the differences in inflation protection of private pensions and job security, comparing those for civil servants with others.” The committee endorsed index-linked pensions for civil servants and private sector, and as a result the U.K. government issued index-linked bonds for the use of pension plans.

Description: An essay received in response to the Committee on Post Retirement Needs and Risks Call for Essays exploring ideas and thoughts on working in retirement and phased retirement programs.

Description: Appendix to report, Variable Uninsured (Value) Life Annuities

Description: Many retirement actuaries have experience developing, implementing, and monitoring Liability Driven Investing (LDI) strategies for plan sponsors. These strategies typically involve modifying a plan’s investment strategy to remove a significant portion of the investment and interest rate risk now or at some point in the future when specific triggers are met. The tactics often involve the use of fixed income assets to cash flow and/or duration match the liabilities. In the spirit of helping actuaries expand their roles in an evolving defined contribution world, this article explores the application of LDI and derisking strategies within defined contribution and individual retirement accounts. The economic theory behind this approach is called the lifecycle hypothesis, or lifecycle finance. The benefits of the lifecycle finance method are that it provides a safe approach to save for retirement and a secure source of floor income during retirement. Similar to pension plans, each individual has his or her own idiosyncratic needs, wants, and risks that should be considered. Actuaries are uniquely situated to help defined contribution plan sponsors, individuals, and even themselves implement the lifecycle finance approach by developing and distributing tools and methods that focus on income (rather than wealth), LDI strategies, and personalization.

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: Feature article describing the next steps people should take after they are finished working full time.