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Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities
Pension Research Council, The Wharton School of The University of Pennsylvania Link to more items from this source
Mar. 2, 2014
Working paper. "[The authors] develop stylized and realistically-calibrated models of participating lifetime annuities, an insurance product that pays retirees guaranteed lifelong benefits along with variable nonguaranteed surplus. [The authors'] goal is to illustrate how accounting and actuarial techniques for this product shape policyholder wellbeing as well as insurer profitability and stability.... [S]moothing adds value to both the annuitant and the insurer, so curtailing smoothing could undermine the market for long-term retirement payout products."

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