Description: The adoption of FAS 158 forces sponsors of post-employment health benefit plans to consider how to manage the volatility that changes in medical care inflation create in the other postemployment benefits (OPEB) liability. By choosing carefully how the nominal discount rate used for the liability is decomposed into real rates and inflation, I illustrate that the true exposure to an OPEB plan is to the spread of medical care inflation above (or below) the overall inflation rate. The implication is that an effective immunization strategy exists that can eliminate most of the volatility in the OPEB account.

Description: Response to David Kausch’s comments on the paper.

Description: Companies need to learn to plan for uncertainty by taking into consideration downturns, not just an environment of moderation and occasional booms.

Description: This article discusses some of the ideas of pension finance, how to present such information, and how it was presented to the New York City Retirement Systems (NYCRS) in a way that made it available to other interested parties, including the public.

Description: This paper uses stochastic simulation technology to present a risk metric for defined benefit pension plans that provides improved measures of the plan's solvency and provides a tool for pension plan managers to determine the value of risk mitigation activities. From 2006 Enterprise Risk Management Symposium, M-AS06-1.

Description: Comments on Robert North’s paper, a real case study of disclosing MVL in a public employee retirement system.

Description: Article Book Review The Future Of Risk by Calvert in The Actuary, December 1979, Volume 13, Number 10

Description: This working paper discusses the risks of investing in stocks in public pension funds.

Description: Highlights of recent media contributions by actuaries.

Description: A response to the comments on the paper.