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Actuaries Group Seeking Alternatives to Pension System

Convinced that the current retirement plan landscape, featuring traditional defined benefit and defined contribution plans, has serious "shortcomings," the Society of Actuaries (SOA) is looking for ideas for a better system. Up to $100,000 in compensation may be available to pay for good ideas, according to a recent "call for models" announcement by the SOA.

The effort is part of the SOA's "Retirement 20/20" project, described as "a strategic initiative . . . to find new retirement systems that meet the needs of stakeholders better than the existing defined benefit (DB)/defined contribution(DC) models" and "generate a better understanding of how adequate and affordable retirement income can be generated . . . over the next century."

Proposed alternative systems "can assume significant changes in regulatory structure," according to the announcement. SOA has also issued a framework for evaluating proposals. Details on the competition can be found here.

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