Description: Paper examines the existence of select birth cohorts of unusually high longevity improvement, their geographic locations, and their effect on retirement annuities. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: Discussion of the US Social security system from the perspective of Asset Liability management theory. From Asset-Liability Integration, M-FI02-1.

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

Description: This monograph strives to define a mission for the modern insurance industry, its place in the financial intermediation network, and the role of Asset/Liability Management in that mission from the perspective of what is known about capital markets and practiced in financial engineering.

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: This paper investigates the effect of select birth cohorts on pricing of mortality-based securities, such as survivor bonds, life annuities in general, or portfolios of life annuities.

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

Description: This paper asks the Modligliani-Miller question regarding the mortgage markets. The paper is essentially about the genesis of the credit crisis. The proposed answer is that the practice of risk should not be allowed without actuarial supervision.

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.