The conventional view held by many is that the historical increase in life expectancy will continue throughout this century in most parts of the world. Some scientists even contend that most babies born today will reach 100 years of age. Yet, empirical evidence demonstrates that neither of these scenarios is likely. Rather, evidence has emerged indicating that two subgroups of the population are forming -- one that will experience more rapid increases in life expectancy than anticipated by conventional forecasting methods, and another that has already experienced declines in life expectancy or are is about to do so.

Given the vast differences in longevity prospects among subgroups of the population across the globe, questions have arisen about the appropriateness of forced retirement at ages near 65 years of age. Dr. Olshansky will illustrate the significance of these trends by exploring what the retirement age should be today, hypothetically, given the secular changes in survival and longevity that have occurred since Social Security (or its equivalent in other countries) came into existence in the 20th century.

An important new effort is now underway to secure what has become known as the Longevity Dividend -- the social, economic and health benefits that would accrue to individuals and populations with as a consequence of a successful effort to slow the aging process in people. Why is this initiative taking off now? How might it come about? And, what are the implications for the future course of health and longevity?

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Mortality trends play a key role in projecting the financial health of retirement systems. This session will explore the need for more sophisticated analyses and disclosures as well as techniques and outcomes.

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Both public and private retirement systems are continually facing new challenges from regulators, markets, and legislators. Join leaders of actuarial organizations from around the globe to explore issues facing pension actuaries in this shifting environment.

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The switch from defined benefit to defined contribution plan is now prevalent worldwide. Retirement adequacy in a world of defined contribution plans has resurrected the notion of Target Benefit Plans. This session will discuss approaches for making target benefit pension plans a successful delivery system.

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For many years, actuaries have based liability projections on the assumption of steady, long-term growth. Now that volatile economies are more the norm, actuaries must be prepared to build more complex models. This session will provide discussion points to help isolate and utilize refined assumptions.

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Policy makers rely on pension actuaries to make decisions that affect the retirement well-being of workers. This session will help you enhance the modeling you provide to your clients.

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Retirement systems must adapt to changing demographics and attitudes. This session considers this challenge through the experience and decision-making of retirees in the United Kingdom and United States.

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Across the world, recent financial scandals and crises highlight the need for more ethics and accountability in today's business environment. Corporate Social Responsibility (CSR) is a new term important in the world today. The presenters will focus first on the responsibility of the corporation and then the role of the consulting actuary in creating an ethical atmosphere in a competitive world. This is expected to be a highly interactive session as the presenters discuss the paper on CSR and the profession’s challenges in the balance between responsibilities between the corporate world, the public and the profession to make concepts like CRS a reality.

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What is "adequate" retirement income? And in a defined contribution world, how can one optimize investments to provide that income security? This session provides thoughtful analysis of these timely issues.

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Every day, an increasing number of retirees and beneficiaries are challenged to make sure their retirement savings last through their lifetime. Actuaries are in a prime position to help create sustainable plans. Join us at this session for a discussion of the challenges to be considered in this critical planning phase.

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In today's world there exists a need to fully manage longevity risk and develop models that are practical for specific purposes. The authors of the papers discuss their thoughts on managing longevity as it applies to resolving conflict between the need for complexity for the individual populations versus the requirement for robustness in future forecasts and the development of risk transfer in capital and risk management.

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With the increasing globalization of business, more actuaries find themselves operating internationally, while still other may be without realizing it. This three-hour limited attendance session will consider implications of the IAA’s Principles of Professionalism for actuaries practicing in these situations. This discussion will consider the Principles of Professionalism and application of International Standards of Actuarial Practice (ISAPs); the governance of international actuarial work; various codes of conduct around the actuarial world; the profession's response to business ethics; the need for continuing professional education and development; professional discipline; and the matter of the public interest. Attendees will participate in case studies and join in the discussion.

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