Description: The article first tries to determine a consensus view of what social security should accomplish and then tries to measure how well the current level of benefits succeeds in meeting these goals. Assessing benefit adequacy is an essential element in putting the overall program on a sound financing footing.

Description: The article describes the factors that should determine the asset allocation of an employer's QDIA, especially Target Date Funds, and suggests that in general QDIAs have insufficient equity in retirement asset allocations.

Description: An analysis of the revamped state sponsored retirement income pension gives insight into design and funding elements that might figure in reforming social security in the United States.

Description: The article discusses the characteristics of the high-yielding bank loan asset class.

Description: Explains different disclosure requirements that apply to costs characterized as part of the "spread" and those that are part of the contract "fees". An example illustrates these concepts

Description: Full version of Risks and Rewards Newsletter, October 2003, Issue No. 43.

Description: Full version of Risks and Rewards Newsletter, February 2003, Issue No. 41.

Description: Measuring Fair Value for Participation Units of Stable Value Pooled Funds

Description: A discussion of the market opportunities for offering Stable Value Funds across the world.

Description: In this article the author discusses stable value wrap contracts, funds in defined contribution pension plans, which credit interest and guarantee principle. This article discusses current controversies about the classification of the wrap contract and about the relative value of its experience-rated and non experience-rated versions, and concludes that a wrap is not a derivative.