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NCTR Annual Conference
October 2009, by John Garrett
Discussion of an approach to developing contribution rates that produce a pattern of rates from year to year that are counter-cyclical to the current approach. The approach recognizes the correlation to poor market performance with tightened state budgets commonly resulting in retirement systems requiring contribution increases simultaneously with necessary reductions in state budgets. The approach considers a method that would reduce or stabilize contribution rates in difficult economic times while requiring contribution increases after market recovery and better than expected investment performance — typically correlated with the periods when state budgets are less restricted.
NCTR Trustees' Workshop
July 2009, by John Garrett
Workshop provided to familiarize trustees with actuarial terms and concepts.
NCTR Directors' Meeting
June 2009, by John Garrett
Discussion of maintaining a long-term perspective on the funding of public employee retirement systems in light of recent significant market losses.
"Reducing Contribution Volatility"
Public Pension Financial Forum (P2F2)
October 2008, by Ed Macdonald
The root cause of contribution volatility is actuarial experience that varies from expected. And the main source of experience swings is actual investment returns compared to the long term expected rate. Good or great actuarial experience leads to contribution reductions and/or benefit improvements. Bad actuarial experience leads to increased contributions with limited ability to reduce benefits.
What if it would be possible to:
- Increase contributions during good economic times
- Reduce contributions during bad economic times
- Retain actuarial gains to offset losses
- Maintain actuarial soundness, and
- Comply with GASB and actuarial standards of practice?
It's possible with a patent-pending method for interest rate smoothing. Learn the details of the method and read two case studies demonstrating the impact the method has on pension plan contributions and funding status.
"Financial Economics"
Florida Public Pension Trustees Association
October 2009, by Jose Fernandez
Explains financial economics (a branch of microeconomics concerned with the workings of financial [capital] markets) and its potential impact on retirement systems.
"Making the Right Assumptions: Basic Actuarial Science"
Southeast Public Employee Retirement Systems (SEPERS) Forum
February 2007, by Ed Koebel
Explains the types of assumptions actuaries make in their work. Economic and demographic assumptions allow actuaries to predict future results, reflect past experience and future expectations, and develop a best estimate range. Also discusses what happens when assumptions are wrong and how changes in assumptions can impact liabilities and contributions.
"Understanding Actuarial Concepts"
National Council of Teachers Retirement
May 2006, by Ed Macdonald
A review of the principles of actuarial valuations and the impact of GASB 25 and 27. This presentation describes the work of actuaries; selecting benefit, investment, and funding policies; conducting experience investigations; and addressing unfunded liabilities.
After laying this groundwork, the presentation explains asset valuation options and the reporting requirements of defined contribution and defined benefit plans. A good overview for anyone new to retirement plan management.
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