Description: A common approach to estimating the total amount of savings required to fund retirement is to first apply a generic “replacement rate” to pre-retirement income, such as 80%, to get the desired retirement income need. That need is then assumed to increase annually at the rate of inflation for the duration of retirement, which is generally assumed to be some fixed period, such as 30 years. Using government data along with a fairly simple market and mortality model, we explore these assumptions to more accurately estimate the true cost of retirement

Description: Report on the first study conducted jointly by LIMRA International and the SOA Long Term Care Experience Committee. The study examines voluntary lapse and total termination activity in LTCI for calendar years 2000 and 2001. Overall, the results indicate that LTCI persistency has continued to improve however, the current improvement seems to be coming from the individual lines of business rather than the group lines.

Description: Overview of a recently published paper that explains how credibility theory can be applied to develop mortality assumptions for defined benefit plans.

Description: Report on the second in a series of studies conducted jointly by LIMRA International and the SOA Long-Term Care Experience Committee. The study examines longterm care insurance LTCI industry persistency experience by reporting on changes in both voluntary lapse and total termination activity for all participating companies during calendar years 2002 through 2004. Overall, the results indicate that LTCI persistency continues to increase. However, recent increases have occurred on the group side of the business more than the individual side.

Description: This panel discussion, which occurred at the April 1982 Society of Actuaries meeting in Orlando, presented a discussion on developments related to employer's accounting for pensions and other post-employment benefits.

Description: The standard for measuring retirement income adequacy has been the final earnings replacement rate (usually targeted at 70%). But - does it work?

Description: Frequently risk is portrayed as something to be avoided, especially in public retirement plans. This paper argues taking risk is likely the prudent choice.

Description: Pricing longevity swap reinsurance transactions consists of a number of different actuarial tasks, each of which hides potential pitfalls. The article outlines the pricing process, which includes a detailed analysis of current mortality experience of the portfolio to be transferred, choice and calibration of an appropriate model for mortality improvement trends and the calculation of a risk margin which reflects the uncertainty associated with the pricing best-estimate, which includes mis-estimation risk, model risk, longevity basis risk and stochastic uncertainty.

Description: Informal discussion of session 1A

Description: The selection of a discount rate is one of the most important assumptions for the calculations of present values. The paper presents the basic properties of the key measurements of investment returns and the discount rates associated with these measurements.