Description: This paper sets forth challenges presented by an aging society with a focus on the situation of the individual and the implications for actuaries. From Retirement Needs Framework, M-RS00-1.

Description: This paper suggests a number of legislative changes, educational efforts, and changes in annuity products and asset allocation software that could assist workers and retirees to better prepare for and respond to declining mortality rates and future increases in income needs. From Retirement Needs Framework, M-RS00-1.

Description: This paper looks at retirement income planning techniques currently practiced in North America, and then discusses contingencies that are generally omitted from the retirement needs analysis. From Retirement Needs Framework, M-RS00-1.

Description: The U.K. Pension Protection Fund (PPF) was established in April 2005 to protect the pensions of members of U.K. private sector defined benefit pension schemes that have insufficient assets and whose corporate sponsor fails. The fund takes over the pension scheme assets and assumes responsibility for the payment of compensation to the former members of the scheme. PPF is funded by a levy on the population of eligible schemes. The elements of the enterprise risk management of the fund have been developed by reference to practice within proprietary insurance institutions and other pensions funds; their application to this unique financial vehicle is the subject of this paper. The paper draws on references to relevant risk and actuarial work. It is designed to illustrate the application of principles and techniques to a real world example.

Description: An introduction to the Goals-Progress-Strategy (GPS) strategic risk management framework: an original synthesis of scenario based ERM, the Logical Framework Approach, and new metrics and methods. GPS improves strategic planning and execution and enables practical management of the risks a company faces in pursuit of its business goals. The framework provides a portfolio view of a company’s strategic objectives, a return on risk-adjusted capital measure, risk-intelligent decision making, and risk-adjusted performance measurement/compensation.

Description: This paper examines the social structures that are determining retirement for female Baby Boomers, and what can be done for these women to reflect the shift from shared responsibility to individual responsibility for retirement security. From Retirement Needs Framework, M-RS00-1.

Description: This paper provides a novel approach to the valuation of the market value of economic surplus that is stable and immune from “market noise”.

Description: This paper offers a preliminary exploration of the implications of alternative mandatory annuity designs in a privatized Social Security environment. From Retirement Needs Framework, M-RS00-1.

Description: When companies engage in risk management activities, they can be seen as modifying their distributions of future outcomes. Often, this takes the form of trading off a sure cost for a decrease in some potential risk of loss. Companies may carry out these activities with several goals in mind, such as reduction in earnings volatility or preservation of capital. This paper will demonstrate a method for evaluating possible strategies by dividing the effects on costs and risks into three tranches: earnings, impact and estate. The tranches can be associated with different interests of the various stakeholders. This trifurcation analysis can help to explain the risk-reward trade-offs of different risk treatment alternatives and can aid in risk-related decisionmaking.

Description: An insurance product’s return on required equity demonstrates how successfully its results are covering the company’s basic capital. Using some simplified assumptions, it is possible to calculate this return ratio and decompose it without a full projection of liabilities.