Office of Communications create your futurewww.utdallas.edu DEPARTMENT OF MATHEMATICS create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu JOKES ABOUT ACTUARIES… create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu QUESTIONS TO ANSWER create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu WHO ARE ACTUARIES? create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu WHAT DOES THE WORK INCLUDE: GENERAL? create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu WORK OF P&C ACTUARIES (CONT.) create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu LIFE AND HEALTH ACTUARIES (CONT.) create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu LIFE AND HEALTH ACTUARIES (CONT.) create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu WHAT ACTUARIES DO: GENERAL create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu WHAT ACTUARIES DO: GENERAL (CONT) create your futurewww.utdallas.edu

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Office of Communications create your futurewww.utdallas.edu WHAT ACTUARIES DO: CONSULTING ACTUARIES (CONT) create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu Financial Security at retirement Main concern of retiring employees Vehicles used to obtain it Differences between defined benefit and defined contribution plans Incentives employers and employees have for contributing to employees retirement.

Office of Communications create your futurewww.utdallas.edu COMPONENTS OF FINANCIAL SECURITY AT RETIREMENT SOURCES OF RETIREMENT INCOME Government = Social Security Individual = Personal Savings Employer = Employer- Provided Retirement Plans

Office of Communications create your futurewww.utdallas.edu SOCIAL SECURITY MEDICARE Provides most basic level of retirement income Emphasis on lower- income earning individuals Basic level of post- retirement medical coverage Significant out of pocket costs for enrollees Prescription Drugs Deductibles Coinsurance

Office of Communications create your futurewww.utdallas.edu ENCOMPASSESWAYS TO INVEST Establishing retirement income goals Maintaining a standard of living consistent with those goals Contributing to an individual retirement vehicle Contribute to an IRA account or 401(k) plan Purchase life, disability, or medical insurance SAVE, SAVE, SAVE!!!

Office of Communications create your futurewww.utdallas.edu Defined Contribution (DC) Plan Defined Benefit (DB) Plan Post-Retirement Medical Plan

Office of Communications create your futurewww.utdallas.edu DEFINED CONTRIBUTION PLANS DEFINED BENEFITS PLANS An individual account is established for each employee Employers can contribute by matching the ee contribution The future value is indeterminable due to unknown investment returns and contributions Promises to pay a specified benefit at retirement age. Can provide benefits payable upon death, disability, or prior to retirement. Benefits based on pay, service, expected SS benefits.

Office of Communications create your futurewww.utdallas.edu An employee who is planning to change employers every 3 to 5 years

Office of Communications create your futurewww.utdallas.edu A 55 years old expecting to work to age 65 and expecting for the market over the next 10 years to be a bear market

Office of Communications create your futurewww.utdallas.edu A company starting a retirement plan and wishing to control costs associated with the plan.

Office of Communications create your futurewww.utdallas.edu REFERENCES create your futurewww.utdallas.edu

Office of Communications create your futurewww.utdallas.edu MORE INFORMATION? create your futurewww.utdallas.edu