Description: Part 5 addresses various purposes for measuring a public sector pension liability and which measures have the most practical usefulness.

Description: Argues that by shifting the risk from the insureds - financial institutions - to the insurer - the federal government, we affect the behavior of the insureds. Once the consequences of the risk are absorbed by someone else, the insureds can assume more risk. This must be changed.

Description: This paper asks the Modligliani-Miller question regarding the mortgage markets. The paper is essentially about the genesis of the credit crisis. The proposed answer is that the practice of risk should not be allowed without actuarial supervision.

Description: Abstract for the 2009 Housing Wealth monograph paper, “Modigliani, Miller and Mortgages.” This paper is essentially about the genesis of the credit crisis. The proposed answer is that the practice of risk should not be allowed without actuarial supervision.

Description: This is an article about the lack of savings by the baby boomers and how it will affect retirement and the ramifications for Social Security. The author believes that baby boomers will choose to continue to work and alleviate some of the burden on social security.

Description: Discussion of the US Social security system from the perspective of Asset Liability management theory. From Asset-Liability Integration, M-FI02-1.

Description: Part 4 presents an alternate approach to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: These essays encourage actuaries to share how they incorporate financial risks of environmental sustainability into their work for employers or clients.

Description: The abstract for paper Mortality Improvement Select Birth Cohorts and Their Effect on Pricing Survivor Bonds.

Description: Generally, the assets acquired by financial institutions have their values determined by established capital markets. However, the firm's liabilities become customer's' private placement assets and their value must be calculated by the firm. This monograph discusses the theoretical bases for modeling the liabilities consistently with the assets. From Asset-Liability Integration, M-FI02-1.