Description: Part 2 proposes solutions to the second of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: The current financial model put forth as the market value of public sector pension benefit liabilities is simply the expected cash flows of the accumulated benefit obligation, as defined for current private sector financial reporting, discounted using a risk-free yield curve. This model is in serious need of an overhaul. This monograph addresses this issue.

Description: Part 1 proposes solutions to the first of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Part 5 addresses various purposes for measuring a public sector pension liability and which measures have the most practical usefulness.

Description: Introduction to the paper that documents the flaws of the current financial model.

Description: Part 4 presents an alternate approach to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Paper examining the degree to which certain actuarial methods satisfy public pension plan funding objectives.

Description: Defined benefit DB pension plans continue to dominate the retirement landscape for the roughly 20 million state and local government workers in the United States. In most state and local plans, pension benefits are protected by constitutional, statutory, or common law guarantees. In many cases, these guarantees make the benefit promises to participants virtually free of risk. Finance theory is unambiguous that the discount rate used to value future pension obligations should reflect the riskiness of the liabilities.

Description: This document is a summary of a session which was presented at the 1975 SOA Annual meeting. It includes discussions on the following topics: Effects of ERISA on valuation methods, discussion of Claude Y. Paquin's paper A Review of Actuarial Cost Methods for Defined Benefit Pension Plans, funding standard account, asset valuation and allocations, plan mergers, a discussion of Josiah M. Lynch's paper A Practical Approach to Gains Analysis, information related to Individual policy pension trusts.

Description: This paper presents a methodology that represents the common ground between the major camps in the debate over the defined benefits DB system.