Description: This paper establishes a framework to analyze the volatility of corporate profits as a result of variability in accounting for pension plans. It models a Canadian corporation that maintains a defined-benefit pension plan and that has adequate cash flow to fully fund the pension plan, should it wish. Volatility of corporate profits is important because many senior executives have some component of their compensation directly related to corporate profitability and consequently do not want any surprises with respect to actual profits compared to expected profits. The volatility management techniques considered are investment policies for the pension plan, funding the pension plan, and an alternative plan design. The analysis is timely since changes are proposed to the accounting standards to eliminate most smoothing techniques. The results suggest that, depending on the investment environment, reduced volatility may be accompanied by by enhanced return, which is a result that few would expect.

Description: Open Architecture retirement advice for average Americans is still in the future; business model biases across all industry business silos may impact SPIA sales

Description: Recently completed research projects from the Society of Actuaries.

Description: Provides an overview of several EBRI studies on spending by older Americans and brings together with Society of Actuaries research on shocks in retirement.

Description: The authors take a deeper look at the long-standing motto of the Society of Actuaries, from John Ruskin, “The work of science is to substitute facts for appearances and demonstrations for impressions.”

Description: This article focuses on the family as part of the lifetime security safety net. It looks at several issues, research and seniors' expectations.

Description: This article offers a big picture of PRNR research, and provides brief summaries of research on risks, decisions, financial wellness, advice, and software.