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

Description: The article presents a number of approaches to communicating and discussing risk with employer and retirement board members.

Description: Paper presents two alternative practices that could promote fuller recognition of a plan’s investment risks and that take into account the long-term nature of the benefit promises of maturing retirement systems.

Description: This paper addresses the issue of the manner in which financial resources are measured within government budgets, how this measurement of resources might affect public budget decisions, and how the interaction of the budget with the actuarial model can lead public budge managers to engage in financially damaging transactions such as pension obligation bonds.

Description: The purpose of this paper is to explore pension plan dynamics— – the behavior of a defined- benefit pension plan over time in an uncertain environment. We proceed by simulating the behavior of a model plan in a stochastically varying economic environment. While both the model and its environment are simplified, the model displays interesting behavior suggesting policy considerations that should be included in the design and funding of these plans.

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

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

Description: This paper examines how income sources change when married women in Britain, the U.S., and Germany are widowed, and it draws inferences about the income consequences of specific retirement and survivorship provisions. .