Description: In this paper, a general model for a pension plan involving growth with respect to the population, salaries, and retirement benefits is used to study contribution patterns that may arise under different actuarial cost methods. Detailed results are presented for the case where the growth of population and the growth of salaries are described by exponential functions. Economic implications are presented and discussed. From Transactions of Society of Actuaries 1979, Vol. 31.

Description: This paper considers in more detail the differences between provisions necessary for nonparticipating and those necessary for participating adjustable life policies and will provide a possible means of designing nonparticipating policies that can adjust directly to future changes in mortality and interest valuation bases. A discussion of the paper follows. From Transactions of Society of Actuaries 1979, Vol 31.

Description: This panel discussion session focuses on a proposal to modify the Standard Valuation Law involving statutory maximum valuation interest rates.

Description: This is the Table of Contents for articles presented at the October 1979 Bal Harbour Meeting.

Description: This panel discussion explores the basic principles of futurism, who are the futurist, The Trend Analysis Program of the American Council of Life Insurance TAP and possibilities for actuaries with respect to futurism.

Description: This section features various book reviews: 'How to Cope with the Developing Financial Crisis' by Bladen, 'Policymaking for Social Security' by Derthick, '1979 Annual Report of the Board of Trustees of the Federal OASDI Trust Funds' by US Congress, 'Integration of Plans with Social Security and Funding' by Grubbs, 'Pension and Profit Sharing Plans - a Basic Guide' by Mamorsky, 'Joint Trust Pension Plans' by McGinn, 'Financing the Civil Service Retirement Systems...' by McGill, 'Pension Task Force Report on Public Employee Retirement Systems' by Committee on Education and Labor. Brief descriptions of additional readings are also included.

Description: This 1979 panel discussion focuses on Social Security and the possibility for future changes in such areas as financing, retirement age, benefit design, treatment of women, and retirement test.

Description: This 1979 session is about current developments in Life products. Products discussed: 1. Adjustable life 2. Universal life 3. Indexed coverages 4. Term Insurance plus accumulation fund 5. Level Premium Term to 100 6. Revertible Term

Description: This panel discussion session focuses on pension investments including performance measurement, cash flow projections, and investment policy statements.

Description: This 1979 session is about the New Valuation Mortality Tables for Individual Life Insurance. Topics included: I. The Recommendation of Sex-distinct Tables 2. The Development of Basic Tables - Data Selection, Construction, Graduation 3. Margins and the Development of Loaded Tables 4. Implications for the Industry

Description: This panel discussion session focuses on the effects of consumerism and regulation on the health insurance industry in the United States and Canada. Includes legislation on non-discrimination, mandated benefits and special coverage such as credit & specified diseases. From Record of the SOA 1979 Vol. 5 No. 3

Description: This panel discussion examines the valuation problems, funding methods, valuing ancillary benefits, and fluctuations in experience of small pension plans.

Description: This panel discussion focuses on the funding of public employee retirement plans.

Description: This discussion is on selected individual life topics such as: competitive pressures preferred risk/non-smoker policies and the impact of the field force on product design.

Description: In this discussion, the panel recalls all of the considerations in the design of the SOFASIM Society OF Actuaries SIMulator. It was obvious from the first model of the life insurance company SOFASIM, as it was named must have an actuarial side as well as an investment side. GAAP and tax aspects of the model are also discussed.

Description: Full version of The Actuary Newsletter Volume 13, Number 1 - January 1979

Description: Article "FEGLI" by Hustead in The Actuary, January 1979, Volume 13, Number 1

Description: The paper highlights the intended outcomes of the Ball State conference.

Description: This paper presents multiple book reviews: Reports from Staff of U.S. House of Representatives Committee on Ways and Means and U.S. Senate Committee on Finance, Reports in Connection with Social Security Legislation 1975-77, 'Statement on Cost Comparisons of Individual Life Insurance Policies', by Canadian Institute of Actuaries, 'Investment Activities of Life Insurance Companies' from Huebner Foundation Lectures, 'The Life Insurance Industry's Marketing Dilemma' by Johns, 'The Future of Social Security' by Munnell, 'Social Security - Today and Tomorrow' by Ball, 'Mortality Table Construction' by Batten, 'Mortality Table Construction' by Batten, 'The Crisis in Social Security - Problems and Prospects' by Boskin, 'A History of Interest Rates' by Homer, 'Indexation of Pensions and Other Benefits' by Robert Myers, 'Life Insurance Accounting' by Strain, '1978 Annual Report of the Board of Trustees of the Federal Hospital Insurance Trust Fund...' by US Congress. Brief summaries of additional readings are also included.

Description: This paper discusses three methods for the amortization of deferred acquisition expenses, DAC and the results when actual experience differs significantly from that assumed. The methods include a static approach with prescheduled amortization, a dynamic technique called the expense reserve factor method, and an aggregate or accumulated premium revenue method. A discussion follows the paper. From Transactions of Society of Actuaries 1978, Vol. 30.

Description: This 1978 session focused on valuation techniques for pension plans. Topics covered: 1. Asset Valuation Methods 2. Use of projections and forecasts 3. Has application of forecasts allowed the actuary to determine short range best estimate of future costs different from traditional methods? 4. Treatment of salary scales, turnover assumptions, retirement decrements

Description: This 1978 panel discussion examined dividend philosophy. Topics covered: I. The appropriate basis of dividend illustrations 2. The professional responsibility of the actuary in the establishment of dividend scales and in dividend illustration practices 3. The need for professional opinions and guidelines concerning policyholder dividends and illustrations 4. The adequacy of the recommendations of the Committee on Dividend Philosophy in addressing current concerns. 5. Differences between the approach of the Cormnittee on Dividend Philosophy and the traditional approaches. 6. The development of dividends for participating products in stock companies.

Description: Full version of The Actuary Newsletter Volume 12, Number 8 - October 1978

Description: This paper summarizes traditional actuarial thinking on individual policy dividends and some of the current concerns, covering dividend class, reserves and nonforfeiture values on dividends, terminal dividends, dividend illustrations and changes in dividend scales. From Transactions of Society of Actuaries 1978, Vol. 30.

Description: This discussion shares a few observations about the recent developments in the Social Security Disability Insurance program including recent trends in the incidence and termination rates, recent legislative proposals, individual product ideas and changes. From Record of the Society of Actuaries 1978, Volume 4, No. 4.

Description: A survey of 13 universities in the U.S. and Canada indicates a wide variety of actuarial science topics of current research, as well as proposed future research.

Description: On May 16th, the Social Security Boards of Trustees sent to the Congress the three annual reports OASDI, HI, and SMI. These reports present cost projections similar to those provided to the Congress last year at the time of enactment of the 1977 Amendments.

Description: This 1978 discussion focused on risk classification and privacy, including the following questions: What are the implications of the Privacy Study Commission's recommendations? What legislative developments have occurred? What can be expected? From Record of Society of Actuaries, Vol. 4, No. 3.

Description: Full version of The Actuary Newsletter Volume 12, Number 6 - June 1978

Description: A comparison of Social Security benefits, for a hypothetical new entrant to the program, between the 1972 Social Security Act and the 1977 Social Security Act.

Description: Teaching session about forecasting techniques for evaluating alternative futures, and how to use these techniques in making policy decisions. From the 1978 Record of Society of Actuaries, Vol. 4, No. 3.

Description: This 1978 panel discussion was on new actuarial standards for in Canada. Topics covered included: 1. The flexibility afforded the Canadian Valuation Actuary under the new Insurance Acts. 2. A comparison to the current GAAP and statutory reporting requirements in the U.S. and to the reporting requirements in the United Kingdom.

Description: Panel discussion about GAAP and FASB considerations, and statutory accounting issues. From the 1978 Record of Society of Actuaries, Vol. 4, No. 2.

Description: This 1978 teaching session provided a basic primer on the design of the OASDI benefit formula. Areas covered included: 1. The Decoupling issue 2. The Average Indexed Monthly Earnings 3. The Primary Insurance Amount formula 4. The Indexing procedure 5. Transition arrangements 6. The Short Service problem 7. Replacement Ratio considerations 8. Impact of Wage Base changes 9. The Retirement Age and Retirement Test.

Description: This 1978 session focused on education for the profession and expanding roles of the actuary. Topics include i. Education for an expanding actuarial profession.2. Expanding the actuary's role in life, property and liability insurance From Record of Society of Actuaries, Vol. 4, No. 1.

Description: Transactions of the Society of Actuaries, Index Vol. XXVI-XXX

Description: This 1977 panel discussion covered hardware, programs, time sharing services and programming languages available at that time.

Description: A new approach to computing annual pension costs, based on an open-group projection of the participant population for a number of years, was described in detail in a paper published in the 1975 Transactions, entitled 'The Forecast Valuation Method for Pension Plans.' That paper described the operation of such a cost method at the initial valuation date. This paper discusses several alternative approaches to projection valuation methods and also describes how costs should be computed at valuation dates after the first one. In addition, the author illustrates projected contributions and asset buildups under both traditional [closed-group] cost methods and projected [open-group] cost methods, for a number of years under a variety of assumptions as to the growth rate of the participant group. Projection valuation methods have not been described heretofore in sufficient detail to make it possible for actuaries to use them on a recurring basis or for the Internal Revenue Service to make a determination as to the acceptability of such approaches for computing tax-deductible pension plan contributions. It is the hope of the author that this paper will fill both of those gaps. From Transactions of Society of Actuaries 1977, Vol. 29.

Description: This 1977 panel discussion focused on the implications of proposed revisions of the standard valuation and nonforfeiture laws. Areas discussed included: 1. A regulator's perspective 2. Applications to Life and Annuities 3. applications to Pensions

Description: This section contains the business meeting minutes from the four regional meetings held in 1977.

Description: This section contains multiple book reviews and notices concerning the actuarial profession. Reviews: 'Medical Risks: Patterns of Mortality and Survival' by Singer and Levinson, 'The Theory and Practice of Pension Funding' by Trowbridge and Farr, 'Two Stochastic Processes' by Beekman, 'Disability Income Insurance - Cost Differentials between Men and Women' by New York Insurance Department, 'Social Security and Private Pension Plans: Competitive or Complementary' by McGill, 'A New Look at Accounting for Pension Costs' by Hall and Landsittel, '1977 Annual Reports of the Board of Trustees of the Federal OASDI Trust Funds...,' 'Investigation of Sickness Statistics - Individual Policies, 1971 and 1973' by the Institute of Actuaries and the Faculty of Actuaries, 'The Graduation of Pensioners and of Annuitants Mortality Experience 1967-70' by the Institute of Actuaries and the Faculty of Actuaries, 'Pensions and Survival - the Coming Crisis of Money and Retirement' by Calvert, 'Group Benefits in a Changing Society' by Spencer, 'Experience of Disabled Work Benefits under OASDI 1965-74' by Bayo and Wilkin. Digests also included.

Description: This paper discusses decoupling of social security - meaning that the coupling of actual benefits for those already beneficiaries and potential benefits for future beneficiaries be broken. The purposes are to describe the environment, the problem which decoupling addresses and the importance of a rational solution. The paper discusses the wage-indexing approach and the price-indexing approach. From Transactions of Society of Actuaries 1977, Vol. 29.

Description: This panel discussion examines pension plan dynamics including social security integration, benefit and cost projections under dynamic assumptions, and best estimate limitations. From the 1977 Record of the Society of Actuaries, Vol.3 No.3.

Description: This panel focuses on professional development and continuing education requirements of actuaries after fellowship. From the 1977 Record, Vol. 3, No. 3.

Description: From the Record 1977 Vol. 3, No. 1, this presentation is from a concurrent session at the Society of Actuaries 1977 Regional Meeting, held in Atlanta March 31-April 1. The presenters at this session discuss the nature and use of corporate planning, including the organization of the planning process and the corporate planning cycle.

Description: From the Record 1977 Vol. 3, No. 1, this presentation is from a concurrent session at the Society of Actuaries 1977 Regional Meeting, held in Atlanta March 31-April 1. The presenters discuss various measures of financial results, including net income and surplus, and explore treatment of federal income tax, investment income, expenses, and generally accepted accounting principles, ‘GAAP.’ Planning, projecting, monitoring, and effective use of financial measurements are discussed.

Description: This presentation is about the general considerations in planning compensation, the role of government in compensation and benefit planning, the relationship between immediate and deferred compensation and estimating the cost of the compensation program. From the Record of the Society of Actuaries, 1977, Vol.3, No. 1.

Description: This panel discussion from the 1977 SOA Meeting analyzes pension plan dynamics with Social Security and the Canadian governmental pension plans.

Description: This article is a review and discussion of the 1976 “Report of the Consultant Panel on Social Security to the United States Congressional Research Service.” The report contains the results of another government-initiated study of the OASDI system which puts forth a second solution to a problem first publicly identified by the 1975 Advisory Council on Social Security, a problem which has come to be known as the “decoupling issue.” Because the solution proposed by the actuaries and economists making up this consultant panel is significantly different from that of the Advisory Council, this report has inspired some degree of friendly debate among actuaries and others interested in the technicalities of the OASDI benefit formula. Panel members are Peter A. Diamond, James C. Hickman, Ernest J. Moorhead, and William C. Hsiao, Chairman.

Description: Full version of The Actuary Newsletter Volume 10, Number 9 - November 1976

Description: The purpose of this paper is to provide an introduction to mathematical principles applicable to pension funding under dynamic conditions of population growth, inflation, and automatic adjustment of benefits. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: This session is about the U. S. Social Security System undergoing a period of critical reappraisal with the costs and future of the system in question, and about how the actuarial profession should be involved in the process.

Description: The Society of Actuaries has announced the first recipients of the J. Henry Smith Scholarship Fund, set up for women and minority actuarial students. Receiving awards are: Vincent Torres, Chicago, Illinois; Kathleen Knight, Austin, Texas ; Shiela Chappell, Philadelphia, Pennsylvania; and Monique Tremblay, St. Cesarie, Quebec. From The Actuary, October 1976, Vol. 10, No. 8.

Description: This section contains the business meeting minutes from four regional meetings held in 1976.

Description: Full version of The Actuary Newsletter Volume 10, Number 8 - October 1976

Description: This section presents multiple book reviews and summaries of recent publications. Reviews: 'Social Security' by Myers, 'Report on Actuarial Principles and Practical Problems with Regard to Nonforfeiture Requirements' by Society of Actuaries, 'Mortality and Morbidity in the US' by Erhardt and Berlin, 'The Fifty-Second Annual Report of the Board of Actuaries of the Civil Service Retirement System' by US Government, 'Health Service Information in the US Today' by Murnaghan, 'Financial Problems Confront the Federal OASI and DI Trust Funds' by Staats, 'Public Employee Pension Funds' by Tilove, '1976 Annual Reports of the Board of Trustees of the Federal OASDI Trust Funds...' by US Congress, 'Report of the Consultant Panel on Social Security to the US Congressional Research Service' by US Government, 'Crime by Computer' by Parker, 'Reports of Consultants on Actuarial and Definitional Aspects of Social Security Disability Insurance' by US Government, 'Social Security: The Fraud in Your Future' by Shore, '1972 Lifetime Earnings by Age, Sex, Race and Education Level' by Social Security Administration. Digests also included.

Description: This article is a review of “1972 Lifetime Earnings by Age, Sex, Race, and Education Level, Research and Statistics Note No. 14-1975,” published by the Social Security Administration, which presents detailed data by quinquennial age groups, sex, race, and years of school completed as to the present value of future earnings based on static earnings levels 1972. It is stated that such data can be used for general analytical purposes to form policy, for court determinations of awards in damage suits, and for cost-benefit analysts in such areas as disease prevention and education programs. The author of this article notes in his analysis the inconsistency of the static salary assumptions with a range of interest rates from 2% to 8%.

Description: This paper offers a mathematical discussion of integrating private pension plans with social security and looks at IRS rules, earnings replacement by social security, integrating defined benefit and defined contribution plans, early retirement, target plans, discrimination test and other issues. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: Outlook for the dynamic economy is the keynote address at 1976 Spring Meeting covering short term economic outlook and characteristics of the US economic system in general.

Description: This session from the April 1976 Spring Meeting in Washington D.C. is about Variable Life Insurance, Section 79 Products, Policy Loan Interest Rates and Term Insurance.

Description: Table of Contents for the 1976 Record of Society of Actuaries, Vol. 2, No. 3. These records were taken from the Chicago meeting of the Society of Actuaries held June 3-4, 1976.

Description: This panel discussion was presented at the SOA's 1976 Spring Meeting in Washington D.C. The discussion focuses on the economic outlook in 1976.

Description: Review of Fifty-Second Annual Report of the Board of Actuaries of the Civil Service Retirement System. The authors found it to be a concise well written report discussing a number of issues facing all pensions in an inflationary economy. Both the title and the dull format in the usual Government Printing Office style would seem to insure this document's instantaneous consignment to dead storage. However, behind the cover of this small pamphlet is a concise, well written report discussing-a-number of the issues facing not only federal pension programs at the present time, but all pensions in an inflationary economy. For example, several of the 11 pages devoted to the main report discuss the implications of static assumptions ignoring inflation as opposed to dynamic assumptions including inflation.

Description: This panel discussion presented at the April 1976 SOA meeting in Washington D.C. presents opinions and information related to investment policy in a changing economy.

Description: This document is a meeting session summary. The meeting occurred at the 1976 SOA Spring Meeting in Washington D.C. The session compared and contrasted educational and experience requirements for actuaries and economists, costs of long range social insurance programs, costs of short range programs, economic analysis of the effects of social insurance programs and cooperation between the two professions to analyze social insurance programs.

Description: Full version of The Actuary Volume 10, Number 4 - April 1976

Description: Index to all items in Volume 2 of the publication.

Description: Article from The Actuary, December 1975, Volume 9, No. 10, discusses medical expense insurance. This article addresses the following questions: Why have group claim frequency rates remained high? What can be expected for the future? What management actions are appropriate? This presentation is one actuary's attempt to answer these questions.

Description: Book review on Standards for Discussion and Presentation of Errors in Survey and Census Data by the American Statistical Association, Washington, D.C., 1975. The material will be of interest to actuaries and of help in preparing their own study reports. The guidelines discuss some relatively simple means of presenting error estimates for published data.

Description: This is article covers a session from the Annual Meeting about financial analysis and corporate strategy. It discusses: evaluation of external factors that affect the long-run outlook for the company, assessment of strategic opportunities and development of long-range action plans. 1975 Record Vol.1 No. 4

Description: Presentation of proposals that are designed to further improve actuarial education by anticipating educational needs based on future change in the nature of actuarial work. The paper is divided into three sections: I. Current and Past Education of Actuaries II. Actuaries as Customers for Education and III. The Future Educational Needs of Actuaries and How These Needs Might Be Implemented. Followed by several submitted discussion papers.

Description: This section presents book reviews and summaries of recent publications. Reviews: '1975 Annual Reports of the Board of Trustees of the Federal OASDI Trust Funds...' by the US Congress, 'Providing Adequate Retirement Income' by Schulz, Carrin, Krupp, Peschke, Sclar and Steenberge, 'Ernst & Ernst GAAP - Stock Life Companies' by Posnak, 'Reports of the Quadrennial Advisory Council on Social Security' by US Government, 'Fundamentals of Private Pensions' by McGill. Digests also included.

Description: This discussion panel which occurred at the SOA's 1975 Bal Harbor Meeting provided a forum for discussing Social Security in the United States. The topics included solutions to financing problems, non-discrimination considerations, possible benefit changes, and the disability experience of the program.

Description: This is a record of a session at the October 1975 Annual Meeting of the SOA. It discusses what can be done with a corporate model and how it can be used to solve problems. 1975 Record Vol. 1, No 4.

Description: These are obituaries for members which had passed away between October 1974 - August 1975.