Description: Social security systems around the world have suffered from inadequate funding, leading to current or potential deficits and ultimate insolvency. This article discusses that this problem is a direct actuarial consequence of the inadequate funding that created the problem in the first place. It is simply an open group valuation problem.

Description: Panelists will debate the issues involved, the conflicts, and the driving factors behind the replacement of defined benefit plans with defined contribution plans. From the Record of the Society of Actuaries, Vol. 21, No. 3a.