Description: Paper discusses the issue of life expectancy of seniors tending to exceed the age at which they are no longer able to drive, hence an increasing number of years defined as mobility dependency. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: Expert discussion of two previous papers: Increased Longevity and the Challenge of Determining Qx at Extreme Ages - Part 2 Mortality at Advanced Ages in the U.K. Gallop and MacDonald, and Coping with Longevity - The New German Annuity Valuation Table DAV 2004 R Pasdika and Wolff. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: This paper discusses the details of a census for the elderly in Taiwan, and the difficulty in collecting accurate data. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: The Market Cost of Capital approach has emerged as the standard for estimating risk margins for insurers' fair value balance sheets. This paper takes some of the ideas developed for valuing life insurance liabilities and applies them to the problem of valuing credit risky bonds. The basic idea is that credit spreads should cover the cost a) best estimate defaults plus the cost of holding capital for b) contagion risk (e.g. a credit crunch) and c) parameter risk, this risk that the best estimate is wrong and must be revised. We argue that the margins required for parameter risk can capture liquidity issues. In addition, the models developed here allow the cost of capital rate itself to be a random variable which allows credit spreads to open and close stochastically. Finally, the paper argues that it is reasonable to include something like AA best estimate default rates and liquidity spreads when valuing insurance liabilities. The main rationale for doing so is the idea that there are elements of the total credit risk issue that can be hedged between the assets and liabilities.

Description: These are the discussant comments for the concurrent Session 3A: Mortality Inequality: Impact of Socioeconomic Factors

Description: Chapter 3 analyzes the sources of retirement income security within a system of three interdependent tiers of support: government, employer, and individual. Further, this chapter proposes that these three are part of a larger wealth transfer mechanism including other systems such a s health care and employment insurance. From Economic Security for an Aging Canadian Population, M-RS99-2.

Description: This paper examines the growing trend toward phased retirement in which workers move slowly into full-time leisure, and then the paper suggests alternative pension designs to accommodate the trend. From Retirement Needs Framework, M-RS00-1.

Description: This paper explores a range of public policy issues stemming from proposals to introduce some form of defined contribution system into Social Security in the U. S. and Canada. From In Defense of Pay-as-You-Go Paygo Financing of Social Security, M-RS99-1.

Description: This paper recommends a 'macroview' of the Social Security program that is related to the broader economic and social environment now and in the future. OASDI is not simply a private-sector pension plan on a large scale. Instead, it provides socially determined claims on the future economy. Demography cannot be ignored, but it is not the sole determinant of what is desirable or affordable. From The Old-Age Crisis - Actuarial Opportunities -The 1996 Bowles Symposium, M-RS99-1.

Description: Chapter 2 examines the long history of social security in Mexico, noting that for most of its history, Mexican social security was highly selective and never universal. From Retrospective and Perspective Analysis of the Privatized Mandatory Pension System in Mexico, M-RS02-1.