Description: This paper suggests a possible framework for the mandatory annuitization of U.S. retirement savings, considers the experience of other countries and analyzes the advantages and disadvantages of mandatory annuitization.

Description: Read the June 2019 issue of Retirement Section News published by the Retirement Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: This research report summarizes current research on retirement adequacy and compares different measures.

Description: The SOA and the CIA are pleased to make available a research report assessing the impact of Canadian Pension Plan (CPP) enhancements.

Description: Provides perspective on how risk has been shared in a variety of retirement and insurance arrangements, and suggestions some ideas for innovations and different risk sharing in the future. Traditional retirement program are defined benefit and defined contribution, which have very different methods of risk sharing. The new ideas share risk differently. Offers some history of retirement and risk sharing. Goal is to improve retirement security.

Description: This paper presents a multi-state stochastic model for analyzing continuing care retirement community CCRC populations. The model considers CCRCs with a number of independent living units and a skilled nursing facility. Residents may transfer temporarily or permanently to this facility. It is assumed that units vacated by deaths, withdrawals or permanent transfers are immediately occupied by new residents. Transfers are modeled using a time-homogeneous Markov process. The paper provides some probabilistic results and some numerical results obtained using this model. Some important generalizations of the model are also briefly discussed.

Description: Open Architecture retirement advice for average Americans is still in the future; business model biases across all industry business silos may impact SPIA sales

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: This report provides a framework of analyses and methods that can be use to compare and assess strategies for developing lifetime retirement income.

Description: The Aging and Retirement Strategic Research Program is pleased to make available a report summarizing the research phase of a multi-phase project leading to publication of a Conversation Guide to plan for changes in financial capacity and decision-making.