Description: The Actuary Vol. 22, No. 1. This article discusses the impact of a change in procedure in the financing of the US Military Retirement System. The change requires amortizing the past service liability. The impact will depend upon whether the amortization is achieved by increasing current taxes and decreasing the current deficit, or by merely increasing the national debt and leaving the current deficit unchanged. The author asserts that the new financing method will not weaken the financial condition of the military retirement system, and that it has the potential to strengthen its financial condition if the funding of the past service liability is handled appropriately.

Description: Results and discussion of a survey of FAS 87 Assumptions employed for non- USA defined benefit plans as of 12/31/1996

Description: This discussion at a 1967 Regional Meeting is about methods of allocating investment income using the investment year method, the treatment of unrealized capital gains, considerations in choosing interest assumptions, and challenges presented when comparing investment yields among companies.

Description: This presentation discusses current trends in pension demographics, focusing on mortality and turnover rates. From the Record of the Society of Actuaries Vol. 18, No. 4A.

Description: This article discusses the cost of vesting under TEFRA's accelerated benefit accrual and vesting rules for top-heavy plans.

Description: ERISA funding requirements for defined benefit pension plans require an asset valuation method which takes reasonable recognition of fair market value. In this article, the author proposes three asset valuation methods in which market values could be averaged to eliminate the detrimental effects of periodic fluctuations in the bond and stock markets.

Description: Article discussing the Life Actuarial Task Force exposure of potential revisions to AG33.

Description: Report on the second in a series of studies conducted jointly by LIMRA International and the SOA Long-Term Care Experience Committee. The study examines longterm care insurance LTCI industry persistency experience by reporting on changes in both voluntary lapse and total termination activity for all participating companies during calendar years 2002 through 2004. Overall, the results indicate that LTCI persistency continues to increase. However, recent increases have occurred on the group side of the business more than the individual side.

Description: Exploration of sources of volatility in retiree health valuations, noting how volatility arises and might be mitigated, with discussion of valuation parameters more problematic for retiree health benefits than for pensions. Three significant influences on retiree health valuation volatility are covered-- changes in benefit level, fluctuations in cost level, and alterations in eligibility for, or duration of, benefit – and attention focused on the last two. Specific conclusions result in recommendations, which are supported by practical examples contrasting volatile measurement results with those likely from the recommended practices. Theoretical discussion includes health claim variation, health trend usage, financial economics, option pricing, discount rates, and deterministic vs. stochastic modeling.

Description: Response to David Kausch’s comments on the paper.