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: The study of Employee Benefits has always been aided by using financial algorithms. During recent semesters, the Lotus 1-2-3 package Lotus has been introduced to students due to the explosion of its use in the business community. This paper will show how our students use Lotus to design a spreadsheet for computing minimum annual distributions from tax-sheltered plans.

Description: This paper investigates the effect of select birth cohorts on pricing of mortality-based securities, such as survivor bonds, life annuities in general, or portfolios of life annuities.

Description: Part 3 proposes solutions to the third of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Ways for management to measure, integrate and use Enterprise Risk Management (ERM) information to analyze, compare, discuss, and monitor risks such that appropriate risk management decisions can be made.

Description: Discussant comments for “Requirements to Make the Housing Asset a Viable Retirement Asset.” This paper examines the characteristics of an ideal product and the type of institution that would be well positioned to offer the ideal product which would allow a housing asset to be a viable retirement asset. Discussant provides comments from a US perspective.

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: This paper explores the advantages of annuitization as a protection against a long-lived retiree running out of money. From Retirement Needs Framework, M-RS00-1.

Description: Part 2 proposes solutions to the second of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: In this paper, we derive three important longevity Greeks on the basis of an extended version of the Lee-Carter model that incorporates stochastic volatility.