Description: Introduction and table of contents of essay collection.

Description: Summary sheet of the report, Tale of Two Pension Plans: Measuring Pension Plan Risk From an Economic Capital Perspective.

Description: The report studies the impact of unemployment and underemployment on insurance business, introducing concepts, theoretical background, and patterns of both.

Description: This paper uses stochastic simulation technology to present a risk metric for defined benefit pension plans that provides improved measures of the plan's solvency and provides a tool for pension plan managers to determine the value of risk mitigation activities. From 2006 Enterprise Risk Management Symposium, M-AS06-1.

Description: Ways for management to measure, integrate and use Enterprise Risk Management (ERM) information to analyze, compare, discuss, and monitor risks such that appropriate risk management decisions can be made.

Description: This essay explores the role that the emerging defined contribution retirement system may be playing in the growth of wealth inequality in the United States. The current system leaves many Americans with little or no retirement savings. Those with higher accumulation levels appear to invest proportionally more in equities, which may have an exponential effect of balances over long time periods. The author hypothesizes that willingness to take investment risk involves the relationship between the amount an investor has accumulated and what she/he needs in order to cover basic costs of living. This is one reason that investors with greater accumulation levels may be able to earn higher rates of return. The essay concludes by suggesting that the U.S. defined contribution system should include all workers and provide additional fiduciary guidance. Examples reforms, both in the U.S. and other countries, are provided.

Description: Argues that most retirees face multiple financial risks that need to be considered simultaneously so that limited resources can be applied in a manner that is rational and satisfying. A specific procedure for developing such an individualized risk strategy is described.

Description: This article discusses Life-Cycle Saving and Investing for retirement. The article reviews how actuaries can add to the discussion of what is wanted and needed in retirement and how traditional replacement ratios can be linked with consumption targets.

Description: This paper explores the advantages of annuitization as a protection against a long-lived retiree running out of money. From Retirement Needs Framework, M-RS00-1.

Description: In this paper, we derive three important longevity Greeks on the basis of an extended version of the Lee-Carter model that incorporates stochastic volatility.