Description: This is an article from The Actuary that discusses the need to reform defined benefit plans. The number of defined benefit plans in the United States has declined significantly over the past 20 years. If Congress overlooks the interests of plan sponsors in its reform, we're likely to witness further erosion of an already weakened defined benefit system, and America's workers would be the ultimate losers.

Description: Based on work performed by Bob Howard, a former member of RPEC, the SOA developed a spreadsheet-based program that allows users to create a customized mortality improvement scale using the RPEC_2014 model. The RPEC_2014_v2018 model found here is a new version of the tool updated by the SOA and RPEC to reflect historical U.S. mortality experience through 2016. The tool can be used to model different assumption sets while utilizing the same methodology underpinning the development of Scale MP-2018.

Description: Chapter 2 compares regular, back, and self-directed DROPs, and examines the features of each. From Design and Actuarial Aspects of Deferred Retirement Option Programs, M-RS03-2.

Description: Chapter 7 raises a number of employer issues related to DROPs including: cost neutrality, estimating non-pension cost/savings, cost uncertainty, tax treatment uncertainty, the bargaining process, promotional opportunities, phase-in of coverage, human resources issues, appeal of DROPs to trustees, and mandatory retirement. From Design and Actuarial Aspects of Deferred Retirement Option Programs, M-RS03-2.

Description: The article discusses the Texas Pension Review Board's Guidelines for Actuarial Soundness applicable to Texas state public retirement systems (including the system's amortization period), and how these guidelines are consistent with and complementary to both the current GASB 27 ARC disclosure, and the imminent GASB 67 & 68 disclosures. The GASB requirements will change from a de facto funding standard to strictly disclosure requirements, with a focus on plans whose funding trajectory is the poorest.

Description: This presentation discusses the use of Conditional Tail Expectation CTE as an alternative to other pension valuation methods.

Description: Editorial that explores how underlying issues of the economic bubble were actuarial in nature.

Description: Over the last several decades, mortality trends and life expectancies in developed countries have been improving and are expected to continue to improve in the future. This paper discusses issues of longevity risk and volatility faced by small defined-benefit DB pension plans in Canada and outlines the opportunities available for entrepreneurial insurance companies interested in providing solutions to address these issues.

Description: Sound and Workable Pension Actuarial, Accounting, and Funding Approaches for those Interested in the Health of Public and Private DB Plans – Discussant Comments