Description: Defined benefit DB pension plans continue to dominate the retirement landscape for the roughly 20 million state and local government workers in the United States. In most state and local plans, pension benefits are protected by constitutional, statutory, or common law guarantees. In many cases, these guarantees make the benefit promises to participants virtually free of risk. Finance theory is unambiguous that the discount rate used to value future pension obligations should reflect the riskiness of the liabilities.

Description: Risk management theory prescribes a few legitimate reasons for management to hedge corporate revenues and reduce income volatility. In this paper we will use the oil tanker industry to illustrate some of these strategic considerations and how management can account for them in their decisions regarding whether and how much to hedge. Further work is needed to incorporate these considerations into a broader theoretical framework. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: A checklist for treaty preparations and review of a standard life Reinsurance Agreement. This document covers the purpose of each provision, the common elements, common variations and problems that may arise.

Description: This paper defines Distributable Earnings as the generalized pricing and valuation framework for financial contracts containing the requirement to hold capital or reserves in support of the obligations. It examines the Market Value paradigm and its foundation arising from the pricing of fixed income securities. It reconciles these two methods, showing that market value methods ignore mandatory capital and reserve requirements, which carry both risk and cost. The paper makes the case for the Distributable Earnings framework, not Market Value, as the true basis for economic value for these financial contracts. Finally, it concludes that this framework must be employed in risk-management processes, else fail to recognize a significant source of risk.

Description: This paper discusses various types of risks within an Enterprise Risk Management framework, responses to risk, and the implementation of an ERM framework.

Description: These are the Discussion Comments by Jean-Marc Fix for the Disease and Longevity Session 6B of the January 13-15, 2020 Living to 100 Symposium in Orlando, Florida.

Description: This is the A Study into the Impact of Pre-Programmed Health Risks in Retirement Planning paper authored by N. V. Subramanyan for Session 1B of the January 13-15, 2020 Living to 100 Symposium in Orlando, Florida.

Description: This is the Trends in Life Expectancy and Lifespan Variation After Retirement abstract authored by Jesu´s-Adria´n A´ lvarez, Søren Kjærgaard, Malene Kallestrup-Lamb, James W. Vaupel for Session 1B of the January 13-15, 2020 Living to 100 Symposium in Orlando, Florida.

Description: This is a paper from the session on Climate Change Effects at the January 15-18, 2023, 2023 Living to 100 Symposium in Orlando, Florida.