Description: The Evolution Of Averaging Mechanics Used In The Actuarial Asset Valuation Method Of The New York City Retirement Systems. From The Pension Forum, August 2001, Volume 13, Issue No. 1.

Description: For most of the last forty years, corporate defined benefit pension plan assets have been managed to balance risk versus reward in more or less the same way that a risk averse individual would do with his own portfolio. Recently liability cognizant strategies have been developed, but these also attempt to balance risks and rewards. But pension plans are not individuals; they, much like their widely-held corporate sponsors, are pass-through institutions. The economics of such entities are found in the corporate finance literature rather than in the literature of portfolio choice. The corporate finance (and thus the pension finance) objective is economic value added rather than return for risk. Enterprise risk management is a corporate finance activity too and its goal should also be value added rather than return for risk. The intersection of enterprise risk management and pension finance leads to a value-based discipline with two startling results: • Widely-held corporations can increase shareholder value by hedging away their own systematic risk (e.g., CAPM β). • Very many corporate defined benefit pension plans should define their liabilities and manage their assets to develop a net short equity exposure (negative β).

Description: A review of the actuarial aspects of Cash Balance Retirement Plans and original actuarial research regarding the design and valuation of such plans.

Description: Full version of The Pension Forum, January 2005, Volume 16, Issue No. 1.

Description: Full version of Pension Section News, August 2005, Issue No. 59.

Description: A discussion of the various Pension Plan Asset Valuation Methods. FromThe Pension Forum, August 2001, Volume 13, Issue No. 1.

Description: Full version of The Pension Forum, December 2004, Volume 15, Issue No. 1.

Description: Full version of The Pension Forum, January 2003, Volume 14, Issue No. 2.

Description: This paper discusses the limits placed on actuarial pension practice since the passage of ERISA. From The Pension Forum, January 2003, Volume 15, Issue No. 1.

Description: Full version of The Pension Forum, August 2001, Volume 13, Issue No. 1.