BULLETIN Volume 19, Number 1, September 2008

The way I see it

By Mike Hale, FCIA

We all need to think about achieve the same position with respect appropriate environment for defined what’s going on outside of our to global actuarial standards as the benefit pension plans. This will provide profession and how it will impact International Accounting Standards better benefit adequacy and security us, both as individuals and as Board (IASB) enjoys with respect to for plan participants and better clarity members of the Canadian Institute global accounting standards. and flexibility regarding funding for of Actuaries (CIA). As the CIA’s Our members have led much of the plan sponsors. The goal is to retain new President, I would like to focus IAA work to date on the guidance defined benefit pension plans and their this article on a few of these things needed for IFRS. The projects in hybrids as viable options for Canadian and how the CIA and its members are responding. Canada over the next year will identify plan sponsors. areas where additional work would The CIA has made submissions, IFRS is coming elevate that guidance to the level based on our Pension Prescription, to The first phase of the International Financial Reporting appropriate for IASPs. CIA members every provincial review of pensions in Standards (IFRS) will apply in Canada beginning in 2011. on IAA task forces and committees will the last two years, and our Presidents A second phase that applies to contracts will continue to champion and support the have appeared in person at most of take effect around 2014. Pension solvency valuations effort for global standards. them. Retired Ontario Teachers’ CEO will be brought into the sponsor’s balance sheet during Claude Lamoureux has joined this effort that same period. Private Sector Defined Benefit as a Special Advisor. Our focus now is on For phase one, the implications for our Standards and Plans are disappearing achieving a National Pension Reform guidance have been identified. Working groups supporting We have been seeing a trend of Summit of all the ministers responsible the Actuarial Standards Board and the Practice Council disappearing defined benefit pension for pensions in every jurisdiction in are being formed and we have developed the plans to put plans in Canada, and the IFRS require- Canada. You will be seeing more about the needed Standards and guidance in place by the end of ments noted above will likely, in the this during the federal election campaign. 2009. This will require a great deal of volunteer effort absence of action along the lines of the and the enthusiastic response of our members has once CIA’s Pension Prescription, accelerate this “Actuary” will be redefined again demonstrated their commitment to high standards. process. This is particularly worrisome The reason “Actuary” will be redefined For the second phase, greater challenges exist. It at a time when improved longevity, is partly due to our own efforts to appears that IFRS will not permit much in the way of low investment returns, and declining move into enterprise risk management. national constraints on practice. The focus will shift to savings rates mean that Canadians are We have been working through both the International Actuarial Association (IAA) and its not saving enough for retirement. our own Enterprise Risk Management International Actuarial Standards of Practice (IASPs). The CIA’s public policy initiatives Applications Committee and The Joint The CIA sees this as an opportunity for the IAA to are primarily aimed at creating an Risk Management Section (sponsored Bulletin of the Canadian Institute of Actuaries

Canadian Institute of Actuaries

President Mike Hale President–elect Bob Howard by the CIA, Casualty Actuarial Society (CAS), members. To achieve this, the Continuing Immediate Past President and Society of Actuaries (SOA)) to educate Education Committee will need to move Jim Murta potential clients and employers about the beyond our own meetings and webcasts to significant contributions actuaries can make in joint initiatives both with our traditional Secretary–Treasurer ERM. At the same time, IFRS, new total balance education partners, the CAS and SOA, and James K. Christie sheet approaches to capital requirements, and with our emerging university partners. This Board Editor the commoditization of pension valuations are process will begin this year. Richard Bisson pushing us into more sophisticated techniques French Technical Reviewer and advisory activities. Join us to make it happen Marc–André Brunet Currently a number of actuarial associations These are the major forces shaping our future Executive Director around the world, including the CIA, CAS, today. As your President my role is to build the Daniel Lapointe and SOA, are working together on a global relationships and find the resources to achieve an actuarial designation in risk management, effective CIA response. The items mentioned Contributors temporarily labeled the XRX. Having this above are only a fraction of the necessary Mike Hale designation will create a great opportunity for activities of the CIA, and progress can only be Minaz Lalani the profession to market its members as made if individual members are prepared to Editor enterprise risk managers and, once again, CIA volunteer their time to make it happen. Brenda Warnes members are making a major contribution to this The CIA has a rich tradition of volunteerism French Editor development. and the challenges facing us today are greater Josée Gonthier To help our members keep pace with current than ever. Please join your CIA in advancing our Secretariat techniques and changing expectations, the CIA profession, in Canada and globally, through 800-150 Metcalfe St. has to move our continuing education offerings your volunteer efforts. If you would like to Ottawa, ON K2P 1P1 to new levels. We should seek to become the comment on this article, I would welcome your Tel.: 613.236.8196 major source of career-long learning for our feedback at [email protected] . Fax: 613.233.4552 [email protected]

The Bulletin is an official publication of the Canadian Institute of Changing Actuaries and is published monthly except for July and August. Presidents Subscription price is included in the annual CIA membership fee. Your comments and letters are welcomed. Opinions expressed At the CIA Annual Meeting in Québec are those of the author and City on June 20 th , Immediate Past not necessarily those of the President Jim Murta delivered his Institute. All contributions farewell address at a luncheon where he are subject to editing. highlighted the issues and challenges that © Copyright 2008 the CIA faced throughout his term in office. The luncheon concluded with the ISSN 1180-3681 passing of the chain of office to our new CIA President, Mike Hale (left) receives the chain of office from Document 208067 President, Mike Hale . former President, Jim Murta.

2 Bulletin Volume 19, Number 1, September 2008

Phelim Boyle Receives Gold Medal from UK Institute

The Institute of Actuaries in the United to other important quantitative finance Kingdom has awarded CIA Fellow, research during his career. He is a Phelim Boyle, with its prestigious Gold pioneer in the use of simulation for Medal for his 30 years of outstanding pricing derivatives and he has received contributions to actuarial science. This many awards for his actuarial papers. award was established in 1919 and only In 2005, Dr Boyle also received the 13 medals have been granted since its prestigious IAFE/SunGard Financial inception. Dr. Boyle was the first Engineer of the Year Award (the Nobel recipient in 10 years to be recognized Prize of finance). This award was for work that is of paramount presented to him in recognition of his Dr. Phelim Boyle importance to the actuarial profession. contribution to the advancement of Dr. Boyle is a professor at the School financial engineering technology. Committee. Among his many volunteer contributions of Business and Economics at Wilfred As a Fellow of the Canadian Institute to the CIA, Phelim started the annual Economic Laurier University in Waterloo, Ontario. of Actuaries, Dr. Boyle has served on the Statistics Report. He is best known for his paper on Monte Committee on Financial The CIA would like to congratulate Dr. Boyle on Carlo methods but he has also contributed Reporting and the Investment Practice receiving this prestigious award .

2008 Colin E. Jack Award

The CIA would like to congratulate actuarial students who have achieved the former President and Executive Director of the Canadian Frédéric Pilon and Zhe Zhu for being this highest marks on Course 4 of the joint Institute of Actuaries, has presented this generous award to year’s recipients of the Colin E. Jack Award. CAS/SOA examinations. This is the seventh outstanding actuarial students. The CIA would like to thank This award is presented to Canadian year that the family of the late Colin E. Jack, the Jack family for continuing to support this award.

Calendar of Events

Event Date Location Venue E-info

http://www.toronto.ca/ General Meeting November 13-14, 2008 Toronto Fairmont Royal York Hotel about_toronto/index.htm

Stochastic Modeling Montréal Bonaventure http://www.tourisme-montreal.org/ Symposium & December 1-2, 2008 Montréal B2C/00/default.asp Investment Seminar Hilton Hotel

Chicago, Sheraton Chicago http://www.ermsymposium.org/ 2009 ERM Symposium April 29-May 1, 2009 Illinois Hotel & Towers 2009/index.php

Note: Additional information on all CIA meetings can be obtained at: www.actuaries.ca/meetings/calendar_of_meetings_e.cfm , or contact Nancy Jenkinson at 613.236.8196.104, [email protected] .

Canadian Institute of Actuaries 3 Is CPI an appropriate metric to determine post-retirement indexing?

By Minaz Lalani, BSc, FCIA, FSA, CERA

Many plan sponsors of defined benefit the target population in a certain (DB) plans either have plan provisions reference period. The CPI is not a cost- for automatic post-retirement increases of-living (COL) index; the COL index (indexing), or ad-hoc indexing at the measures changes in expenditures to discretion of the plan sponsor, or maintain a constant standard of living. driven by indexing policy (Refer to The regularly published CPI is based Chart A). Typically, the indexing on the fixed basket concept rather than formulas to determine these post- the COL concept. retirement increases are linked to the Consumer Price Index (CPI). Consumption Patterns Since post-retirement increases are CPI Revisited typically paid to retirees (seniors), the The CPI is an indicator of the changes question is whether the fixed basket of in consumer prices experienced by a commodities applicable for the overall target population. The CPI measures population is equally applicable for price change by comparing, through retirees who may have a different time, the cost of a fixed basket of consumption pattern. Table 1 summarizes commodities. The basket is updated the fixed basket of commodities used for periodically to take into account the CPI and the data available for seniors. changes in the consumer expenditure The reader should note that there are pattern and is based on expenditure of many components in each of the

Chart A — Nature of Post-Retirement Adjustments

23%

34%

4%

39%

Source: Towers Perrin, Benefits Data Bank, Update on Benefit Trends. March 2008.

4 Bulletin Volume 19, Number 1, September 2008

Table 1 — Fixed Basket of Commodities Table 2 — Averages of CPI vs. RII Category Senior Basket CPI Basket Years CPI RII % of Consumption % of Consumption Food 18.30 16.85 Shelter 26.10 25.71 1994 – 2000 1.69% 1.63% Household Operation 6.60 7.14 Furnishings and equipment 3.80 4.27 2001 – 2007 2.17% 2.26% Clothing 5.00 5.58 Transportation 20.70 19.60 1994 – 2007 1.93% 1.94% Health Care 5.70 2.48 Personal Care 2.10 2.36 Recreation 7.50 9.66 Reading and Printed Material 0.80 3.28 was constructed for years 1994 to 2007 assuming the Tobacco and Alcohol 3.40 3.07 same price movements in the basket of commodities. Source: Adapted from Statistics Canada Data — Shifts in spending patterns of older Chart B compares the RII and CPI. Canadians (2005) by Raj Chawla for age groups 65 to 74 Chart B illustrates that the year-over-year increase of RII was lower than the CPI increases for years 1994 to categories and the categories in Table 1 general population is different; however, 2000. From 2001, the RII increases were higher than the have been grouped for consistency and the differences are not significant. CPI. The difference in the increases was close to 0.10% comparability between the senior rounded. Table 2 shows the compounded increases over basket and the CPI basket. Based on Comparing CPI and the period 1994 to 2007. any categorization, it is clear that the Retirement Increase Index It is important to realize that the analysis assumes the consumption pattern for the senior Using the senior basket data in Table 1, same price movements for the same basket of population (age 65 to 74) and the the Retirement Increase Index (RII) commodities; it is possible for seniors to experience a different price movement for the same commodity (for example, seniors may purchase household items at Chart B — Comparison of CPI and Retirement Increase Index (RII) cheaper outlets compared to the general population).

3.00% Conclusion

2.50% Based on the above analysis, it appears that CPI is an acceptable metric to determine post-retirement increase 2.00% as the RII increases derived from senior spending patterns are not material. This conclusion may change in 1.50% future years based on shifting of senior spending 1.00% patterns, and significant increases in CPI for specific categories that may make up the senior basket. Actuaries 0.50% should update and review this analysis when considering

0.00% future post-retirement increases from the DB plans . 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Minaz Lalani, BSc, FCIA, FSA, CERA, is a member of the Enterprise Risk Management Applications Committee.

Canadian Institute of Actuaries 5 Bulletin of the Canadian Institute of Actuaries

Board and Council Updates

Board The Board approved Donald Tettmar The MSC approved Louis Adam as The Board approved Julie Chambers as the Director of as a member of the Finance of the Communications Volunteer Initiatives (DVI) for 2008-2009. Gregg Committee. David Dickson left the Committee. Melnyk has finished his term as DVI for 2006-2008. Finance Committee. The MSC approved the recommendation The Board approved the membership of the Member The Board approved the appointment of the Research Committee that Marc Services Council (MSC) for 2008-2009 as follows: of Robert Brown as the CIA Tardif be appointed the CIA Richard Bisson, Jacques Lafrance, Bruce F.O. representative on the IAA International representative on the IAA Task Force Langstroth, Scott McGaire (Chairperson), Chris Education Program Committee. on Mortality. Townsend, Cathy Shum-Adams, Marc-André Melançon, Gregg Melnyk, Julie Chambers and Gary The Board approved the appointment The MSC instructed a subgroup Walters (Vice-Chairperson). Patrice Jean has left the of Beverly Margolian as the CIA composed of Gary Walters, John Dark, MSC. representative on the IAA Insurance and Daniel Lapointe to rewrite the Solvency Subcommittee. Listserver and Discussion Board Policy to The Board approved the membership of the Eligibility address the following four objectives: and Education Council (EEC) for 2008-2009 as Eligibility and follows: Barbara Addie, Shiraz Bharmal, David Education Council 1. that the general list be open to Dickson, Josephine Marks (Vice-Chairperson), David Joe Nunes was appointed as Chairperson members only; Oakden, Amy Pun (Chairperson), Michael Smith and of the Committee on Continuing 2. all posting must be identified Dean Stamp . Education. to a member; The Board approved the membership of the Practice Guy Poliquin resigned as Chairperson 3. mechanisms must be put into Council (PC) for 2008-2009 as follows: Jacques of the Committee on Continuing place to enforce the policy; Tremblay (Chairperson), Claudette Cantin, Patrick Education. 4. to clearly identify the Johnston, Marie-Hélène Malenfant, Ralph Ovsec and consequences of non-compliance. Josephine Robinson . Thomas Levy (Vice-Chairperson), Member Services Council Nancy Yake and Ted Steven finished their terms The MSC approved Peter Douglas as The MSC approved the appointment of effective June 30, 2008. Tyrone G. Faulds will join the the Chairperson for the Group Marc-André Melançon as the MSC liaison PC on January 1, 2009. Experience Committee. to the EEC’s WebcastCommittee .

The CIA’s New Fellows Receive Certificates

The CIA would like to congratulate the following new Fellows who received their certificates at the Annual Meeting in Québec City on June 19, 2008: Front Row (left to right) Allison Christine Thullner, Mélanie Blais, Erika Helen Schurr, Jenna Lessak, Heather Smith, Lisa Marie Vogt. 2nd Row (left to right) Mélissa Gendron, Isabelle Motard, Genevieve Gauvin, Julia Wu, Dominique Pilote, Kim Girard, Annie Latouche, Anna Louise Grebenc, Danita Pattemore, Yeh Ching Seto. 3rd Row (left to right) Louis Martin, Jean-François Bernard, Donald Howard Barrick, Geneviève Bourgeois, Dayna Schweizer, Sheldon Liu, Jean-François Therrien, Jacques Clouthier. Back Row (left to right) Jérôme Savard, Mark Mervyn, Xiaofeng Liu, John Bercsenyi, Nathan Fons, Jean-François Chevarie, Mathieu Laurendeau, Kristopher Ross Solar, Jean-François Trahan, Yacine Bara, Simon Deschênes, Nicolas Trépanier, Étienne Morin, Daniel Dionne, Scott McManus, Vincent Faucher, Francis Gauthier, Ghislain Beattie. Absent Blaise Garant, Benjamin Lee Marshall, Michael K. Reid, Nadeem Amin Rajabali.

6 Bulletin Volume 19, Number 1, September 2008

Announcements

The following announcements were sent to the CIA Announcements Listserver during the months of July and August 2008.

Report — behind these exposure drafts. Amongst Exposure Draft – Section 3800: http://www.actuaries.ca/ Risk Assessment Models other things, this memo describes why members/publications/2008/208044e.pdf The purpose of this report is to provide the ASB concluded that it was Exposure Draft – Section 4300: http://www.actuaries.ca/ guidance to actuaries and insurance appropriate to have a spread (over members/publications/2008/208045e.pdf regulators/supervisors regarding risk Government of Canada bond yields) Contact with Questions: Charles McLeod, assessment model practices primarily for liquidity when determining the Chairperson, Actuarial Standards Board commuted value of a pension in for the purposes of capital assessment. at Section 3800. As stated on page 6 of The objective of this guidance is to the memo, “Pensions resemble a fixed promote: accuracy of results; compara bility SOA Call for Papers on income instrument with virtually no between companies; consistency between “Public Pension Plan Finance” liquidity — the pension is liquid only valuation dates and between risks; The Society of Actuaries' Pension Section Council has in a very limited number of situations. issued this Call for Papers to explore public pension plan transparency of models; reliability of Thus when (if) a pension is liquidated finance. The organizers are interested in papers that results; and practicality of the model’s upon termination, the plan participant address various elements of public pension plan finance implementation and use. receives a benefit.” and/or the differences between public and private plans, Link: http://www.actuaries.ca/members/ As stated in the memo, the ASB publications/2008/208061e.pdf favoured a spread in the range of their roots, and their implications. Please submit an abstract Contact with Questions: 75 bps to 100 bps to reflect the or outline of your proposed paper by October 15, 2008 William Beatty, Chairperson, liquidity premium. This range was to Sue Martz at . Solvency Framework Sub-Committee influenced by a letter written by Link: http://www.soa.org/research/other-research-projects/ Model Working Group of the Damon Williams, FCIA, CFA; Jim data-requests/cfp-2008-public-plans.aspx Committee on Risk Management Cole, FCIA, CFA; and Graeme Contact with Questions: and Capital Requirements at Robertson, FCA, who provided their Steve Siegel, Research Actuary, [email protected] views regarding the size of a spread Society of Actuaries at 847-706-3578 to Government of Canada bond or e-mail at [email protected] Exposure Drafts for Revised yields. Some people have asked for Standards of Practice for a copy of this letter so, with the 2009 ERM Symposium Call for Papers Pension Commuted Values permission of the authors, it is being The 2009 ERM Symposium, sponsored by the Society made available upon request to Lynn (Section 3800) and of Actuaries, Casualty Actuarial Society, Canadian Blackburn at [email protected] . Capitalized Values of Institute of Actuaries and Professional Risk Manager's Members are reminded that any Pension Plan Benefits for Association, offers an opportunity for professionals from comments on the exposure drafts a Marriage Breakdown many disciplines to gather and discuss the latest developments should be sent to Rob Smithen at (Section 4300) in enterprise risk management. In conjunction with the [email protected] with a copy ERM Symposium, a call for papers has been issued for The above exposure drafts were to Lynn Blackburn. Following the papers that explore risk management topics, with a focus approved by the Actuarial Standards comment deadline, the Working on the analysis and practical tools related to financial Board (ASB) on June 13, 2008 and Group will review all comments distributed on June 27, 2008. Please received and report to the full Actuarial risks, operational risks, interaction between the risks, click the links below to access the Standards Board. integrated ERM and creating value through ERM. exposure drafts and the corresponding Links: Selected papers will be presented at the Symposium, cover memo. Memorandum: April 29-May 1, and prizes for best papers will be The cover memo provides the http://www.actuaries.ca/members/ awarded. For details on paper submissions, please visit thinking and rationale of the ASB publications/2008/208043e.pdf the following link.

Canadian Institute of Actuaries 7 Bulletin of the Canadian Institute of Actuaries

Link: http://www.ermsymposium.org/2009/papers.php The CIA Announces Enclosed are the new CPD QS and Contact with Questions: New Resident Actuary CPD Monitoring Policy. For answers Steven Siegel, SOA research actuary, at [email protected] On April 25, 2008, the Canadian to some of the most frequently asked Institute of Actuaries announced to questions, please visit “My CPD” Illustrations of Members that it was seeking applications section of the CIA members website. Commuted Value Proposals for a newly-created Resident Actuary To better assist you with entering Attached are some numerical examples of the impact of position. In total, thirteen applications and tracking your CPD, the online the changes to pension commuted value standards, both were received and the selection process, CPD Tracking Tool has been upgraded pensions and marriage breakdown, that are reflected in headed by Executive Director, Daniel to improve its functionality. the Exposure Drafts issued at the end of June 2008. The Lapointe, has now been completed. Link: examples were prepared by Doug Chandler at the We are very pleased to announce Memorandum: request of the Actuarial Standards Board (ASB). The that Christopher Fievoli has been http://www.actuaries.ca/members/ ASB gratefully recognizes Doug Chandler’s work in selected as the CIA’s new Resident publications/2008/208054e.pdf preparing these examples. Qualification Standard: Actuary. We wish to congratulate Chris Any questions/comments on these examples, or on http://www.actuaries.ca/members/ who joined the staff team in Ottawa on the exposure drafts themselves, should be sent to publications/2008/208055e.pd f September 2, 2008. [email protected] and [email protected] . CPD Monitoring Policy: Contact with Questions: Link: http://www.actuaries.ca/members/ Daniel Lapointe, Executive Director, http://www.actuaries.ca/members/publications/ publications/2008/208053e.pdf at (613) 236-8196 or at 2008/208060e.pdf Contact with Questions: [email protected] Contact with Questions: Amy Pun, Chairperson, Eligibility and Rob Smithen, CV Project Manager reporting to the ASB Continuing Professional Education Council or Guy Poliquin, at [email protected] or Lynn Blackburn, Development — New CPD Chairperson, Committee on CIA Director, Volunteer and Member Services at Requirements and Upgraded Continuing Education at [email protected] Tracking Tool [email protected] Member's Paper: The Total Career Following a lengthy process of Notice of Reprimand Benchmark Process — A First Step in modification and consultation with A Notice of Reprimand is hereby provided Redefining Canadian Pension Plans members, on June 11, 2008, the Board to inform members of the Institute about This member’s paper by Thomas J. Walker is being adopted a new Continuing Professional the decision of a Disciplinary Tribunal presented to members for comments. Written Development Qualification Standard hearing held on June 23, 2008. comments on this paper received at the Secretariat by (CPD QS) and a CPD Monitoring Link: September 1, 2008 will be published in the Proceedings Policy. The New CPD QS is effective http://www.actuaries.ca/members/ along with the paper. June 11, 2008, with the first filing publications/2008/208056.pdf Link: http://www.actuaries.ca/members/publications/ based on the requirements of the QS Contact with Questions: 2008/208058e.pdf and CPD Monitoring Policy due in Robert Smithen, Chairperson of the Contact with Questions: early 2009, for the calendar years 2007 Committee on Professional Conduct at Thomas J. Walker at [email protected] and 2008. [email protected] .

In Memoriam Mario Brault, ASA David Bryan, FCIA, FSA Karen Long, FCIA, FSA

8 Bulletin Volume 19, Number 1, September 2008

Career Opportunities

LEADERSHIP OPPORTUNITY: This job is more than just the technical University and the Royal Military College, offers all the amenities Vice-President and Corporate skills. Not only will you apply complex and conveniences of a large city centre without the hectic pace or Actuary — Empire Life valuation methods, analyze financial long commutes. Here’s your opportunity to join the strategic information and utilize the AXIS actuarial Celebrating its 85th anniversary in 2008, Empire Life leadership team of one of Canada’s top ten applications, but you will also be a leader, continues to grow with offices across the country. Our success is life insurance companies, Empire Life. We’re communicator and a team player to work as based on a commitment to being approachable and responsive to looking for a Vice-President and Corporate a member of the strategic leadership team and the needs of our clients and distribution partners, on consistently Actuary to lead the Company’s corporate as a mentor and coach for other actuaries, solid investment performance and on faith in our employees as actuarial department and participate in associates and analysts in the Company. future leaders. setting strategic plans and objectives. As the Empire Life is based in Kingston, Ontario Check out the Careers section of our Web site www.empire.ca successful applicant, you will be in compliance which was ranked 4th in MoneySense to learn more about Empire Life and this position. You are also with the CIA’s draft qualification standards for magazine’s “Canada’s Best Places to Live” welcome to discuss this opportunity confidentially by contacting Appointed Actuary Certificates. Your influence (May 2008). A charming city located on the Edward Gibson, Senior Vice-President and Chief Actuary at and knowledge will be critical to helping our shores of Lake Ontario and centrally located 1-877-548-1881 (extension 3210) or at [email protected]. Executive Team and make between Toronto, Ottawa, Montreal and the decisions about the Company’s future. U.S. border, Kingston, the home of Queen’s Relocation assistance is available to qualified candidates.

Canadian Institute of Actuaries 9 Bulletin of the Canadian Institute of Actuaries

Career Opportunities

Mercer is a leading global provider of candidates for the positions of The chosen candidate will be comfortable in working consulting, outsourcing and investment Consultant / Senior Consultant, as part of a close-knit team. Knowledge sharing and services, with more than 25,000 clients Retirement Practice. open communication is an integral part of Mercer’s worldwide. Mercer consultants help The Senior Consultant will work culture. clients maximize the effectiveness of with a team of professionals to deliver Candidate with less experience will be considered for their benefit programs and optimize customized retirement solutions to the position of Consultant. workforce performance. The firm is also clients and address complex issues. a leader in benefit outsourcing solutions. Responsibilities will include: Qualifications Mercer’s investment services include • Working on a wide range of • Actuarial Associate/Fellowship or significant investment consulting, retirement plan retirement related projects including progress towards qualification design and governance, and multi- funding/expensing valuations, • Degree in mathematics, statistics, actuarial manager investment management. benefit audits, plan design and science or a related field Mercer’s 18,000 employees are based restructure, compliance work, • 8-10 years' relevant consulting experience in more than 40 countries worldwide. merger and acquisition issues and • Good technical ability, proficiency in project employee communications. management and excellent interpersonal skills SENIOR CONSULTANT / • Working independently, creating • Recent successful client relationship experience CONSULTANT project work plans and monitoring and strong presentation skills RETIREMENT AND timelines and budgets • Proven leadership skills and demonstrated ACTUARIAL CONSULTING • Managing existing client initiative (based in Hong Kong) relationships and developing • Proficiency in spoken Cantonese new clientele • Excellent spoken and written English To support the growth of the business, • Mentoring and developing • Good command in written and spoken Chinese we would like to invite high caliber junior staff (Mandarin) is an advantage

Important Information for Bulletin Readers Our Bulletin is going electronic We are pleased to announce that the next edition of the that energy is generated. It also includes will most certainly be a positive Bulletin will be published as an electronic newsletter. the carbon used to produce all the things feature for both our members and Our mission is to provide CIA members and stake- that are consumed by that organization. stakeholders. holders with the latest news from the Institute in an In examining the CIA’s practices, eliminating We hope you enjoy the new format of environmentally friendly format. We will be providing all of some of our paper consumption is a our e- Bulletin , and if you have any questions the information that you have come to anticipate from the positive step in reducing our carbon or comments, please send me an e-mail Bulletin but in a paperless format, which is in keeping with footprint. message at [email protected] , or the CIA’s Green Program to reduce the Institute’s carbon An electronic version of the Bulletin give me a call at 613-236-8196 Ext. 112. footprint. will not only do this but will also The carbon footprint of an organization measures not add value by providing links directly Brenda Warnes only the energy that is used by that organization, but how to our advertisers’ websites. This Editor, Bulletin

10 Bulletin