Press Release

Competition Opens for Innovative Public Pension Funding Strategies Award

Issued by National Institute on Retirement Security [NIRS]

Sept. 23, 2021

National Institute on Retirement Security and Conference of Consulting Actuaries Co-Sponsor New Award

Webinar on October 21st to Review Award Process and Timeline

WASHINGTON, D.C. – The National Institute on Retirement Security (NIRS) and the Conference of Consulting Actuaries (CCA) have launched a new award competition: Innovative Public Pension Funding Strategies.

While the vast majority of pension plans are well-funded, costs can vary over time due to a number of factors. Public pension plans currently are reporting strong investment returns, but stock market volatility, demographic changes and other factors can affect future costs. Accordingly, this competition seeks innovative ideas on state and local pension funding policies that can reduce cost volatility, promote intergenerational equity and assure that pension plans remain on a strong fiscal path over time.

An esteemed panel of judges will select up to three funding strategies for a $5,000 award for each winning submission. Award submissions are due online by Monday, January 10, 2022, at 11:59 PM ET, and the winners will be announced by March 2022.

For the competition, entrants are given a hypothetical pension scenario and asked to design a funding policy. The award guidelines are available here.

An informational webinar is scheduled for Thursday, October 21, 2021, at 2:00 PM ET to review the award competition and to respond to questions about the award and process. Register here.

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. The selection of winners is at the sole discretion of NIRS and CCA.

More information about the award is available here.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

The Conference of Consulting Actuaries provides quality education and facilitates networking among established and aspiring leaders in the actuarial consulting community. Founded in 1950, the CCA is dedicated to supporting the professional needs and career success of consulting actuaries. More information is available at www.ccactuaries.org.

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