The Nature of the Pension "Promise"
Wednesday, July 16, 2008
The meeting will discuss a recent paper, ’The Nature of the Pension "Promise"’ authored by Brian Jones. It is available on the Society website and argues that actuaries have failed to communicate, and perhaps even to understand themselves, the basic nature of DB pension plans. The paper is available at:

http://soa.org/research/pension/research-pension-promise.aspx

This paper suggests a route to avoid or minimize many of the problems besetting Defined Benefit pension plans. It proposes introducing an element of flexibility into benefit design comparable to that produced by terminal bonuses in British life-insurance practice (also designed to eliminate the tension between equity investment and fixed benefit commitments). It recommends that minimum funding standards then be applied only to basic (as defined in the paper, not in the PBGC sense) benefits."

Dave Langer will critique the paper from the point of view of whether its proposal solves the problems that DB plans face, the extent to which workers will be helped by it, and whether actuaries have to bear some responsibility for the problems.

This session is non-core credit for EAs. Snacks and beverages will be served at this meeting.

Consumer Driven Health Plans
Friday, July 18, 2008
This session will be an update on Consumer Driven Health Plans. Presentation will be provided by Milliman and Carefirst Blue Cross Blue Shield. Session will provide updates in the CDHP market and include results of recent studies by Milliman and trends in the marketplace.

Milliman will present final results of Milliman’s consumer driven health plan experience, including the actuarial adjustment techniques based on risk scores, geography, plan design, side funds, and demographics necessary for the evaluation of the success of consumer driven plans. The actual experience of 11 large national employers will be used as context for the discussion. Part of the goal of the session will be to identify what conclusions that we can learn from the Milliman study.

ASNY YANKEES BASEBALL BASH
Monday, July 21, 2008
YANKEES VS MINNESOTA TWINS
JULY 21, 2008 7:05 PM
YANKEE STADIUM