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: This article provides a summary of the Actuarial Standards Board work and hearing evaluating whether a new ASOP is needed for public sector pension plans.

Description: This article highlights the new offerings for online courses on the SOA web site as well as available audio tapes and on-line productions of meeting sessions.

Description: The Canadian Institute of Actuaries CIA–also known by its French name l'Institut Canadien des Actuaries l'ICA, with the bilingual logo on the right–has improved continuing professional development CPD for its members by strengthening the requirements, improving tracking and providing additional resources.