2008 annual meeting ● assemblée annuelle 2008 québec 2008 annual meeting ● assemblée annuelle...
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2008 Annual Meeting ● Assemblée annuelle 2008
Québec
2008 Annual Meeting ● Assemblée annuelle 2008
Québec
Envisioning the FutureRetirement 20/20
Martine SohierSociety of Actuaries
June 2008
Envisioning the FutureRetirement 20/20
Martine SohierSociety of Actuaries
June 2008
Agenda
• Goal • Overview of Conferences• Highlights• Next Steps
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Retirement 20/20 Goal
• Initiative to rethink retirement systems • Go beyond limitations of today’s
environment• Achieve best outcome for most people
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2006 Conference
• First step• What does the system need to achieve?
• Four key stakeholders • Society• Individuals• Markets• Employers
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2006 Conference
• Asked fundamental questions for key stakeholders • Who has what needs?• Who can bear what risk?• Who can play what role?
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2006 Conference Headlines
• Retirement systems should • Self-adjust• Align stakeholders’ roles with their skills • Consider new norms for work and
retirement• Better align with markets• Clarify role of employer
• No success without improvements in the health and long-term care systems
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2007 Conference
• Focus on aligning roles with skills
• Stakeholders playing the right role is critical to success • Use knowledge and talent optimally
• Definition of stakeholder roles shapes new designs
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Role of Society
• Provide structure to the retirement system • Help individuals make right decisions• Set some guidelines • Provide consumer protection
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How does society provide structure?
• Encourage lifetime income• Help accumulation of funds• Facilitate creation of groups (markets)• Provide oversight
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Role of markets
• Need structure to work best• Create large groups with competition • Provide proper incentives for agents• Offer standardized products • Encourage market innovation
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Role of employer
• Opening possibilities • Facilitate savings• Elect to play other roles
• Purchasing agent • Facilitating • Guarantor
• Educate and influence employees• Rethink second tier20
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Next Steps
• 2008 Symposium • Research focus
• 3 calls for papers
• November 2008 in Washington DC • By invitation
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2008 Symposuim
• Calls for papers• Changing individuals’ retirement
behaviour by changing signals• Adopting self-adjusting mechanism to
ensure long-term retirement plan health• Structuring default distributions to benefit
most retirees
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Where do we go from here?
• Retirement 20/20 is a process• For more information
• www.retirement2020.soa.org
• If you want to volunteer, let us know• Contact Sandy Kruszenski, Pension
Section Council Chair, at [email protected]
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