Description: This paper proposes a mandatory universal pension system MUPS which would be a system of fully portable IRA accounts piggy-backed on to existing Social Security withholding.

Description: This paper explores a proposed compulsory savings program combined with transparent investment vehicles designed to promote competition based on expense levels, fund performance and customer service. At retirement 50% of the account is annuitized in Participating Variable Annuity (PVA) backed by TIPS. All investment experience, expenses, and pooled longevity experience is passed to annuitants through periodic benefit adjustments. Annuities are priced uniformly based on age at commencement.

Description: The traditional defined-benefit (DB) plan is a type of plan structured to provide the greatest degree of retirement income security, designed to pay out a guaranteed retirement income for the life of the retiree (and, when applicable, a beneficiary). However, over the last several decades, the number of private-sector employees covered under these traditional plans has decreased dramatically and been replaced by defined contribution (DC) plans. In contrast, public-sector retirement plans, which are exempt from ERISA, have seen a much smaller decline in DB plans. There are many differences in the private and public sector that likely contributed to this phenomenon, but ERISA and the many amendments to it has been a major factor.

Description: In this video Steve Siegel, a Senior Practice Research Actuary at the Society of Actuaries Research Institute, discusses a study focusing on the retirement planning of 35 to 45 year olds. The study explores how income, family dynamics, and other factors influence retirement decisions. Despite the importance of retirement, many participants hadn’t deeply considered it, and obstacles such as financial stress and uncertainty hindered their saving efforts. The report offers recommendations for future research and tools to help individuals better envision their retirement lifestyles. Contributors: Steve Siegel, ASA, MAAA; Rose Northon; Jon Forster ASA, MAAA

Description: In this video, Steve Siegel, a Senior Practice Research Actuary at the Society of Actuaries Research Institute, introduces a report titled “What Retirement Plan Features Do Employees Really Want?” He discusses the methodology behind the research, which involved a survey and around 25,000 adults in the US using Conjoint Analysis. Siegel highlights key findings from the report, including preferences relating to retirement planning, availability of retirement plans, accessing benefits, risk tolerance, and leaving a legacy. He also mentions the Choice Simulator Tool, an Excel dashboard developed to explore benefit preferences further, and available for download. Contributors: Steve Siegel, ASA, MAAA; Rose Northon; Jon Forster ASA, MAAA

Description: This paper is a concept for U.S. pension reform.

Description: Review of paper describing Collective Defined Contribution Plans. the elimination of traditional pensions by many companies have left employees without easy access to reliable retirement income Collective Defined Contribution plans which are used to a small extent in the US but more broadly used elsewhere offer an option for consideration.

Description: In this video, Steve Siegel, introduces a report titled “Megatrends Impacting the Future of Retirement Plans.” He explains how to access the report on the SOA website and discusses its initiation during the COVID pandemic, aiming to inspire creative thinking about retirement. Siegel outlines key concepts from the reporting, including “Templosion” and “Non-Linear Life Trajectories”, which signify rapid changes and evolving life stages impacting retirement planning. He also discusses trends like “Diamonding” and “Gerontopogy” highlighting their implications for retirement and business opportunities. Finally, Steven emphasizes the ongoing nature of the conversation around retirement planning and invites viewers to explore the report for deeper insights. Contributors: Steve Siegel, ASA, MAAA; Rose Northon; Jon Forster ASA, MAAA