The National Institute on Retirement Security and the Conference of Consulting Actuaries have launched a new public pension funding competition and award: Innovative Public Pension Funding Strategies.
An esteemed panel of judges will select up to three funding strategy submissions for the award, and each winning submission will receive $5,000.1
Submissions are due online by Monday, January 10, 2022, at 11:59 PM ET, and the winners will be announced by March 2022.
An informational webinar was held on October 21, 2021, at 2:00 PM ET to review the competition process and guidelines and respond to any questions. Watch the replay here. Review the webinar slide presentation here.
Why THis InnovatiVE Funding Competition & AWard?
This competition seeks to encourage and share innovative thinking around the funding of state and local pension plans. The vast majority of pension plans are well-funded, but costs can vary over time due to a number of factors. Public pension plans are currently reporting excellent investment returns from the past year, but stock market volatility, demographic changes, and other factors can affect future costs.
Broadly, the competition seeks innovative ideas on funding policies that can reduce cost volatility, promote intergenerational equity, and assure that plans remain on a strong fiscal path over time in a manner that is consistent with the CCA white paper, Actuarial Funding Policies and Practices for Public Pension Plans.
For this competition, entrants are given a hypothetical pension scenario and asked to design a funding policy that will address the goals detailed above over the long-term. The competition guidance is available here.
1 $5000 is awarded for each winning submission. If there are multiple authors, the award will be divided evenly among the authors. Each award recipient is fully responsible for all applicable taxes. For any award recipients precluded from accepting a financial award, the winnings will be donated to The Actuarial Foundation, a non-profit dedicated to strengthening math education and financial literacy through the talents and resources of actuaries.