Wednesday, November 23, 2016

Upcoming event: “35 Years After the Greenspan Commission, Is It Time for a New Social Security Commission?”

Committee for a Responsible Federal Budget

35 Years After the Greenspan Commission, Is It Time for a New Social Security Commission?

35 years ago, President Ronald Reagan appointed the National Commission on Social Security Reform, whose recommendations set the stage for bipartisan legislation to extend the life of the Social Security program by 50 years. With Social Security’s trust fund on a rapid path toward insolvency, is it time for another bipartisan commission to shore up its finances?

Join us on as we gather lawmakers and Social Security experts to discuss the Social Security programs past, as well as its future.

Date and time: Wednesday, December 7, 9:15 am - 10:30 am. Breakfast will be served at 9:00 am.

Location: Room HVC - 201AB, United States Capitol Building, Washington D.C. 20004. This is on the House Side of the Capitol Building so please use the South entrance.

Keynote:

  • Congressman Tom Cole (R-OK)
  • Congressman John Delaney (D-MD)*

Panel Participants Include:

  • Dr. Edward Berkowitz, Professor of History and Public Policy and Public Administration, George Washington University
  • Jim Kessler, Senior Vice-President for Policy, Thirdway
  • Dr. Sylvester Schieber, former Chairman, Social Security Advisory Board
  • Maya MacGuineas, President, Committee for a Responsible Federal Budget
  • Moderator: Scott Horsley, White House Correspondent, NPR

*Invited Speaker

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Saturday, November 19, 2016

Presentation: "Comparing CBO’s Long-Term Projections With Those of the Social Security Trustees"

This can be a bit wonky, but given the large differences between the CBO and Social Security Trustees' projections for the program's finances, it's worth taking a look. One thing that strikes me is that, while most of the gap can be explained through differences in economics and demographic assumptions, there's still a significant difference even after differing assumptions are accounted for. That residual presumably comes down to either more deeply embedded assumptions that CBO didn't analyze or differences in how the two teams put their models together.

Comparing CBO’s Long-Term Projections With Those of the Social Security Trustees

Presentation by Julie Topoleski, Chief of the Long-Term Analysis Unit in CBO’s Health, Retirement, and Long-Term Analysis Division, to the Social Security Advisory Board.

November 18, 2016





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Monday, November 14, 2016

Savings & Retirement Foundation: "How Same Sex Marriage Affect Retirement Income and Government Budgets"

Please join us for a meeting of the Savings and Retirement Foundation with guest speakers
Stephen Rose
And
Karen E. Smith
on
"How Same Sex Marriage Affect Retirement Income and Government Budgets"

They will discuss their new paper on using DYNASIM to estimate the impact of legal same-sex marriage on retirement income and government budgets.
Tuesday, November 15, 2016
Noon-1:00 p.m.
RSVP
Location:  
Tax Foundation
1350 G Street #950
Washington D.C.
(Lunch will be provided)


Dr. Stephen J. Rose is a Research Professor at the George Washington Institute of Public Policy and a nationally-recognized labor economist who has been doing innovative research and writing about the interactions between formal education, training, career movements, incomes, and earnings for the last 35 years. 


Karen Smith is a senior fellow in the Income and Benefits Policy Center at the Urban Institute, where she is an internationally recognized expert in microsimulation. Over the past 30 years, she has developed microsimulation models for evaluating Social Security, pensions, taxation, wealth and savings, labor supply, charitable giving, health expenditure, student aid, and welfare reform.  

Stephen Rose
Research Professor
GW Institute of Public Policy

Karen Smith
Senior Fellow,
Urban Institute

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New paper: “The Affordable Care Act as Retiree Health Insurance: Implications for Retirement and Social Security Claiming”

The Affordable Care Act as Retiree Health Insurance: Implications for Retirement and Social Security Claiming

by Alan L. Gustman, Thomas L. Steinmeier, Nahid Tabatabai - #22815 (AG HE LS PE)

Abstract:

Using data from the Health and Retirement Study, we examine the effects of the Affordable Care Act (ACA) on retirement. We first calculate retirements (and in related analyses changes in expected ages of retirement and/or Social Security claiming) between 2010, before ACA, and 2014, after ACA, for those with health insurance at work but not in retirement. This group experienced the sharpest change in retirement incentives from ACA. We then compare retirement measures for those with health insurance at work but not in retirement with retirement measures for two other groups, those who, before ACA, had employer provided health insurance both at work and in retirement, and those who had no health insurance either at work or in retirement. To complete a difference-in-difference analysis, we make the same calculations for members of an older cohort over the same age span. We find no evidence that ACA increases the propensity to retire or changes the retirement expectations of those who, before ACA, had coverage when working but not when retired.

An analysis based on a structural retirement model suggests that eventually ACA will increase the probability of retirement by those who initially had health insurance on the job but did not have employer provided retiree health insurance. But the retirement increase is quite small, only about half a percentage point at each year of age. The model also suggests that much of the effect of ACA on retirement will be realized within a few years of the change in the law.

http://papers.nber.org/papers/w22815?utm_campaign=ntw&utm_medium=email&utm_source=ntw

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Thursday, November 10, 2016

New working papers from the Center for Retirement Research.

The Center for Retirement Research at Boston College has recently released eight working papers:

The Mortality Effects of Retirement: Evidence from Social Security Eligibility at Age 62

Maria D. Fitzpatrick and Timothy J. Moore

The Labor Supply of Disabled Veterans: 1995-2014

Matthew S. Rutledge, Geoffrey T. Sanzenbacher, and Caroline V. Crawford

How Does Student Debt Affect Early-Career Retirement Saving?

Matthew S. Rutledge, Geoffrey T. Sanzenbacher, and Francis M. Vitagliano

What Are the Effects of Doubling Up on Retirement Income and Assets?

Deirdre Pfeiffer, Katrin B. Anacker, and Brooks Louton

An Overview of the Pension/OPEB Landscape

Alicia H. Munnell and Jean-Pierre Aubry

Cognitive Impairment and Social Security’s Representative Payee Program

Anek Belbase and Geoffrey T. Sanzenbacher

Do Late-Career Wages Boost Social Security More for Women than Men?

Matthew S. Rutledge and John E. Lindner

Calculating Expected Social Security Benefits by Race, Education, and Claiming Age

Geoffrey T. Sanzenbacher and Jorge D. Ramos-Mercado

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Thursday, October 27, 2016

Upcoming Webinar, Nov. 17: “Replacing the Replacement Rate: How Much is ‘ENOUGH’ Retirement Income?”

Live Webinar Thursday, November 17th with expert instructor Bonnie-Jeanne MacDonald.

 

 

LIVE WEBINAR with Dr. Bonnie-Jeanne MacDonald, PhD FSA
Replacing the Replacement Rate: How Much is "ENOUGH" Retirement Income?
Thursday, November 17, 2016, 1:00 – 2:15 PM EST
1.5 Hours SOA CPD, CAS CE, Core EA CE Credit
This webinar can fulfill requirements for organized credit.
The “final earnings replacement rate” (where 70% is often advocated as the “right” target) has been the longstanding and widespread measure of retirement income adequacy - financial planners use this benchmark, as do actuaries (and other pension plan advisors), academics, and public policy analysts.  It underlies our pension systems, drives the research that determines whether populations are prepared or not prepared for retirement, and is the backbone of retirement planning software. But does it do the job that it is supposed to do? Will 70% of a worker’s final annual employment earnings sustain living standards after retirement?
This presentation examines whether workers who hit this target actually can expect to maintain their living standards in retirement.  I also discuss an alternative, more accurate, basis for assessing how well a worker’s living standards are maintained after retirement - the Living Standards Replacement Rate.
Based on ten years of research and analysis in industry, academia, and government, this presentation answers the often posed but never answered question "how much is ENOUGH retirement income?"
This award-winning work has been published in a prestigious peer-reviewed academic journal, which can be downloaded without fee: http://dx.doi.org/10.1017/asb.2016.20
Learning Objectives

  1. Learn an alternative, and more accurate, way to measure retirement income adequacy
  2. Discover the validity of the conventional final earnings replacement rate
  3. Understand Retirement Income Adequacy

Who Should Attend?
Actuaries, public policy analysts, pension plan sponsors, financial planners, and academics who work within the field of pensions, state retirement income systems or retirement financial planning

Register for this Webinar >

Can't attend the live webinar? Email us and we'll notify you when a recording is available.

Instructor Bonnie-Jeanne MacDonald, PhD, FSA is a Fellow of the Society of Actuaries and an academic researcher in Halifax, Canada. Her research focuses on financial security for an aging population, asking pertinent questions from a holistic perspective by incorporating and integrating the often-ignored elements such as home ownership, medical expenses, the financial circumstances of family members, and the government's complex tax and transfer system.

Building on best practices from the academic world, while combining innovative research with industry need, her goal is to improve the retirement financial security of people in practice (and not just in theory). She received the 2001 Gold Medal in Actuarial Science (Hon BSc) at the University of Western Ontario in Canada, a PhD in Actuarial Mathematics at Heriot-Watt University in Scotland, a Postdoctoral Fellowship in Actuarial Sciences at the University of Waterloo, and a Postdoctoral Fellowship in Economics at Dalhousie University. In 2011, she was selected as one of the top 'young economists' by the Canadian government to attend the Lindau Nobel Laureate Meeting in Germany. She is a regularly invited guest speaker, and her ideas are increasingly being adopted by industry, government, and academia, in both Canada and abroad. The work that she will be presenting won the 2014 Pension, Benefits and Social Security Scientific Committee Award Prize for Best Paper at the 30th International Congress of Actuaries in April 2014.

Pricing
Early pricing ends on Thursday, November 3rd 2016 for this webinar.
The registration fee includes access to the webcast recording and supplemental materials for up to 180 days.

Participants

Terminals

Early Registration

Regular Registration

1-2

1 Terminal

$59.00

$69.00

3-9

1 Terminal

$169.00

$199.00

10+

1 Terminal

$249.00

$289.00

10+

2-100 Terminals

$499.00

$499.00

EA Credit Information:
The Joint Board for the Enrollment of Actuaries (JBEA) has approved ACTEX as a qualifying sponsor of continuing professional education (CPE) programs for enrolled actuaries.
ACTEX believes in good faith that you may earn continuing professional education (CPE) non-core non-ethics credits under the Joint Board for the Enrollment of Actuaries (JBEA) rules for attending this webinar. The JBEA makes the final determination about what constitutes core, non-core, ethics, or non-ethics CPE and the number of CPE credit hours allocated.

Discount for Full-Time Students
Students with current enrollment as a full-time student at any college/university are eligible for a 50% discount. In order to access this discount, please email proof of enrollment using your college/university e-mail address to Support@ActexMadRiver.com. Examples of enrollment proof would be a copy of your registration information, or an unofficial transcript.

Discount for Educators
Faculty members of any accredited higher-education institution are eligible for a 20% discount. In order to access this discount, please contact us via email (Support@ActexMadRiver.com) using your college/university e-mail address.

Discount for Regulatory Actuaries
Regulatory Actuaries (Regulators) are eligible for a 30% discount. In order to access this discount, please contact us via email (Support@ActexMadRiver.com) using your government email address.

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Wednesday, October 26, 2016

Research Funding Opportunity: 2017 Sandell Grant Program and 2017 Dissertation Fellowship Program

Boston College Center for Retirement Research
2017 Sandell Grant Program and 2017 Dissertation Fellowship Program


2017 Sandell Grant Program and 2017 Dissertation Fellowship Program
The Center for Retirement Research at Boston College announces the 2017 Sandell Grant Program and 2017 Dissertation Fellowship Program for research in areas such as retirement income, older workers, or well-being in retirement. These programs are funded by the U.S. Social Security Administration.

2017 STEVEN H. SANDELL GRANT PROGRAM:
- Provides the opportunity for junior scholars to pursue projects on retirement income and policy issues. The program is open to scholars in all academic disciplines.
- Awards up to five grants of $45,000 for one-year projects.
- The submission deadline for grant proposals is January 31, 2017. Grant award recipients will be announced by April 2017.
- Visit the Sandell Program website to view the proposal guidelines: http://crr.bc.edu/about-us/grant-programs/steven-h-sandell-grant-program-2

2017 DISSERTATION FELLOWSHIP PROGRAM:
- Supports doctoral candidates writing dissertations on retirement income and policy issues. The program is open to scholars in all academic disciplines.
- Awards up to five fellowships of $28,000.
- The submission deadline for proposals is January 31, 2017.
- Visit the Dissertation Fellowship website to view the proposal guidelines: http://crr.bc.edu/about-us/grant-programs/dissertation-fellowship-program-2

FURTHER INFORMATION: For questions, please contact: Marina Tsiknis tsiknis@bc.edu, 617-552-1092

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