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: 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: Author response to Eric Friedman’s comments on ‘The Case for Stochastic Present Values,” by Dimitry Mindlin

Description: A response to American Legislative Exchange Council's report "Unaccountable and Unaffordable" in light of applicable Actuarial Standards of Practice.

Description: This article discusses some of the ideas of pension finance, how to present such information, and how it was presented to the New York City Retirement Systems (NYCRS) in a way that made it available to other interested parties, including the public.

Description: Comments on Robert North’s paper, a real case study of disclosing MVL in a public employee retirement system.

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

Description: Eric Friedman’s comments on ‘The Case for Stochastic Present Values,” by Dimitry Mindlin

Description: Review of 2018 changes to retirement-related actuarial standards of practice in the US and Canada.

Description: Discussion of competing theories for valuing public pension liabilities. Emphasis on revised Actuarial Standards of Practice that focus on the purpose of the measurement.