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Pension Section News, Issue 91, May 2017

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Pension Section News, Issue 91, May 2017 PENSION SECTION Pension Section ISSUE 91 FEBRUARY 2017 91 FEBRUARY ISSUE News 3 Chairperson’s Corner 20 How the American Retirement 50 Dealing with Multiple By Grace Lattyak Savings System Magnifies Wealth Post-Retirement Risks in the Inequality Middle Market 4 A View from the By Karl Polzer By Charles S. Yanikoski SOA’s Staff Fellow for Retirement 55 Understanding Reverse Mortgages: By Andrew Peterson 27 A Better Public-Private Approach to Resolving LTSS Financing An Interview with Shelley Giordano 5 Perspective on the Diverse Risks Dilemma— Catastrophic Shared 62 Getting Employees to Improve Project: Are We Done or Where Do Stop-Loss: Adapting Life Insurance Their Financial Management: We Go from Here? to Meet Long-Term Care Needs An Interview with Liz Davidson By Anna M. Rappaport By Morris Tenenbaum 65 Bringing Economics and Actuarial 31 Diverse Risks and Considerations in 6 Management of Post-Retirement Science Together: An Interview Retirement Finances for the Age 85 and Over with Joseph Goodman Population: Some Advice and By Zenaida Samaniego Lessons from Personal Experience 67 An Update from the Retirement By Anna M. Rappaport and Sally Hass 36 Women and Retirement Risk: What Plans Experience Committee Should Plan Sponsors, Planners, 14 Wrapping This Up or Moving to Software Developers and Product the Next Stage? Risk Strategies Developers Know? Pertaining to the Many and Diverse By Anna M. Rappaport Risks Found in Retirement By John Cutler 41 Enhanced Risk Sharing Savings Accounts 16 News Flash: Retirement By Martin Bauer Takes Over Long-Term Care By John Cutler News Flash: Retirement Takes Over Long-Term Care Page 16 By John Cutler 2017 SECTION Pension LEADERSHIP Officers Grace Lattyak, FSA, EA, FCA, Chairperson Randall Dziubek, ASA, EA, MAAA, Vice Chairperson Section Nathan Zahm, FSA, EA, Secretary/Treasurer Laurie Alook, FSA, FCIA, Treasurer Council Members News David R. Cantor, ASA, EA Issue Number 91 • February 2017 Bonnie Mudd Twohig, FSA, MAAA, EA Judy Ocaya, FSA, EA, FCA Deborah Tully, FSA, MAAA, EA, FCA Published three times a year by the James D. Anderson, FSA, MAAA, EA Pension Section of the Drew Luchies, FSA, FCIA, Appointed Member Society of Actuaries. Dylan Porter, FSA, MAAA, EA, FCA, Appointed Member Faisal Siddiqi, FSA, FCIA, Appointed Member 475 N. Martingale Road, Suite 600 Schaumburg, Ill 60173-2226 Newsletter Editor Phone: 847-706-3500 Fax: 847-706-3599 Faisal Siddiqi, FSA, FCIA www.soa.org [email protected] This newsletter is free to section Program Committee Coordinators members. Current issues are available Drew Luchies, FSA, FCIA on the SOA website (www.soa.org). 2016 SOA Annual Meeting & Exhibit Coordinator To join the section, SOA members and SOA Staff non-members can locate a membership Andy Peterson, Staff Partner form on the Leadership & Development [email protected] Section Web page at https://www.soa. org/pension/ Jane Lesch, Section Specialist [email protected] This publication is provided for informa- tional and educational purposes only. Julia Anderson Bauer, Publications Manager Neither the Society of Actuaries nor the [email protected] respective authors’ employers make any endorsement, representation or guar- Kathryn Baker, Staff Editor antee with regard to any content, and [email protected] disclaim any liability in connection with the use or misuse of any information provided herein. This publication should Julissa Sweeney not be construed as professional or [email protected] financial advice. Statements of fact and opinions expressed herein are those of the individual authors and are not neces- sarily those of the Society of Actuaries or the respective authors’ employers. Copyright © 2017 Society of Actuaries. All rights reserved. Publication Schedule Publication Month: May 2017 Articles Due: Feb. 3, 2017 2 | FEBRUARY 2017 PENSION SECTION NEWS Chairperson’s Corner A couple of highlights: • Research: During our meeting, Marc Des Rosiers walked By Grace Lattyak through his recently published paper and framework1 that he developed for evaluating DC plans. I would recommend checking it out, particularly if you are helping clients design DC plans. The research team is committed to continuing to produce research that can both help you in your job today and further the capabilities of retirement actuaries in the future. recently interviewed some college students for a potential • Communication: In this issue of the Pension Section News you new hire position in Aon’s retirement practice and was asked will be able to read our last installment of the Diverse Risk the inevitable question “Is there a future in retirement with essays—some of which I heard presented at the annual meet- IDB plans going away?” I actually love being asked this ques- ing. I think these essays help move our thinking as retirement actuaries forward and challenge us to tackle retirement plan tion, because it allows me to share my point of view on why it risk in creative ways. Our communication team will con- is a really exciting time to be a retirement actuary. Even if DB tinue to make accessible the thought-provoking ideas being plans were eliminated (which I don’t think is in our future), discussed in our community through the Pension Forum, the there would still be a retirement “problem” and we, as retire- Pension Section News and podcasts. ment actuaries, are best positioned to help solve it. We may have to be more creative if our work is less mandated by IRS • Continuing Education: Fresh off a very successful annual or accounting requirements, but our actuarial skills, specific meeting, the continuing education team is finalizing the depth in understanding retirement programs, and ability to webinar schedule for 2017. It promises to be another great problem solve are needed by those providing retirement ben- year combining training applicable to our day to day work efits to their employees or citizens. Attending the 2016 SOA with sessions focused on research and how our practice may Annual Meeting & Exhibit in Las Vegas this October ener- evolve in the future. gized me and underscored my confidence in the ability of I am very excited to dive into 2017 with the new council. We are retirement actuaries to adapt to a changing landscape through going to miss our outgoing council members greatly—Carol Bogo- innovative thinking. sian, Julie Curtis and Larry Pollack. All three have made significant contributions to the Pension Section and our profession. Luckily Shortly before the annual meeting, our 2017 Pension Section they are all going to stay engaged in volunteering with the SOA! Council met as a group for the first time and discussed our priorities for the upcoming year. We spent time brainstorming Throughout the upcoming year, I welcome any feedback on the about the topics we want to make into concrete projects next work of the Pension Section Council. We are also always seeking year and will be narrowing down that list and taking action in new volunteers. Feel free to reach out to me or any of the council future months. Topics included: members, we would be happy to discuss opportunities with you. • Public sector plans Warm wishes for a successful 2017! n • Retiree medical issues • Retirement adequacy and lifetime income • Pension risk transfer Grace Lattyak, FSA, FCA, EA, is associate • Communicating risk partner at Aon Hewitt. She can be reached at • New plans like state-sponsored plans [email protected]. If you have suggestions for other areas where you would like to see us focus–let us know! ENDNOTES We also have our communication, continuing education and 1 https://www.soa.org/Research/Research-Projects/Pension/system-evalu- ate-contributions.aspx research teams already hard at work planning content for 2017. FEBRUARY 2017 PENSION SECTION NEWS | 3 The anticipation of the new administration has already had an A View from the impact on the markets with positive equity returns boosting port- folio values while increases in interest rates are lowering liabilities SOA’s Staff Fellow at a particularly opportune time for calendar year plans. How and whether these economic conditions will persist in the next few months and years is not something I will venture to predict, but For Retirement they are welcomed by defined benefit pension (DB) plan stake- By Andrew Peterson holders. Nevertheless, there continue to be a number of challenges facing the retirement system. In the U.S. there are challenges with key plans in the multiemployer pension system and public plans continue to make the news in certain cities and jurisdictions (i.e., Dallas) and I expect these financial challenges are not just a U.S. issue. At the same time, defined contribution plans are going through growing pains as work is being done to make them true his newsletter is scheduled to be published in February retirement plans, not just savings/wealth accumulation plans. 2017, likely coinciding closely with when the Trump Overlaid on all this are challenges related to managing longevity, presidential term will start (for those of us based in the including questions about long-term expectations, differential TU.S.). While I will steer clear of any political views, it is a near mortality in different subpopulations, and so on. certainty that the Trump administration will bring new oppor- So what does this mean for pension actuaries? As Grace Lat- tunities for actuaries. This is perhaps most obvious for health tyak discusses in her chair column, even though we anticipate actuaries who are anticipating yet to be determined changes to an evolving role, the fact is that providing good solutions for the Affordable Care Act. maintaining financial health in retirement is difficult and an area where our actuarial skillset should be applied. While change is The implications of a Trump administration for pension often challenging, it also brings new opportunities.
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