Description: The key tasks of credit risk capital project under CROSS II mainly focus onL(1 )Adjustment of measurement framework; (2) Calibration of risk factors, including both credit spread risk and credit default risk;3)Introduction of concentration risk measurement; (4) Higher requirement on look-through rule.

Description: The October/November 2015 edition of The Actuary magazine—the Society of Actuaries’ flagship publication.

Description: There is no silver bullet to improving retirement income outcomes for retirees. However, a combination of changes can be of significant value in addressing this overlooked issue. Although QLACs on the surface have potential value, they are not nearly as efficient as they could be. So far, employer plans have provided limited options for retirement income solutions. IRAs may not cost effectively serve the best interest of retirees. Employer plans should be encouraged to become retirement income providers and alternative approaches should be considered. The current prohibition on allowing plans to modify benefit payouts based on mortality experience should be reconsidered to allow for innovative plan income designs. Improvements to the deaccumulation stage of the retiree nest egg are challenging yet necessary.

Description: There are practical and conceptual aspects underlying (re)insurability. Practically, something or someone is insurable if an insurer is willing provide insurance coverage at a price the applicant is willing to pay. In contrast, a conceptual view of (re)insurabiity incorporates a range of more complex factors usually considered in the insurance process. This article discusses these two approaches.

Description: The April/May 2016 edition of The Actuary magazine—the Society of Actuaries’ flagship publication.

Description: Explore the value and cost of prescription drugs, how they should be defined and measured and the effects various stakeholders in the pharmacy ecosystem can have on these factors in the latest webcast. You'll investigate the impact of coverage, formulary and rebate negotiations and related benefit design. Find out how actuaries can answer questions related to the prescription drug industry, in addition to improving the access, quality and affordability of prescription drugs in the United States. Join us for this webcast and come learn about value-based contract design, negotiations, implementation and administration for prescription drugs.

Description: This webcast provides an overview of the key provisions of the recently enacted SECURE 2.0 Act of 2022, which significantly changed the rules that apply to qualified retirement plans and IRAs. The presenters will examine a history of the legislation and focus on some of the key provisions of the Act. In particular, we will discuss provisions that give individuals more flexibility on how they will contribute to their retirement accounts and provisions that provide new ways for individuals to save. Explore certain significant structural changes to the rules such as the automatic enrollment for new plans and the elimination of lifetime RMDs for designated Roth accounts. The panel will also focus on the provisions that provide greater access to retirement funds through new distribution exceptions and how this might affect a company’s reporting obligations. Come learn about some of the relief provisions included in SECURE 2.0, including an expanded EPCRS program to cover errors relating to IRAs. In addition to a discussion about the key provisions, the panel will review steps companies should be taking to implement the SECURE 2.0 provisions, including timelines for amending documents and systems. Identify certain issues for which guidance or technical corrections is likely needed, such as clarification on the required beginning date age.

Description: This essay explores the role that the emerging defined contribution retirement system may be playing in the growth of wealth inequality in the United States. The current system leaves many Americans with little or no retirement savings. Those with higher accumulation levels appear to invest proportionally more in equities, which may have an exponential effect of balances over long time periods. The author hypothesizes that willingness to take investment risk involves the relationship between the amount an investor has accumulated and what she/he needs in order to cover basic costs of living. This is one reason that investors with greater accumulation levels may be able to earn higher rates of return. The essay concludes by suggesting that the U.S. defined contribution system should include all workers and provide additional fiduciary guidance. Examples reforms, both in the U.S. and other countries, are provided.

Description: The February/March 2014 edition of The Actuary magazine—the Society of Actuaries’ flagship publication.

Description: Review of paper describing Collective Defined Contribution Plans. the elimination of traditional pensions by many companies have left employees without easy access to reliable retirement income Collective Defined Contribution plans which are used to a small extent in the US but more broadly used elsewhere offer an option for consideration.