Session: Mind the Gap: Disability Risk in a Defined Contribution World
Speaker: Carol Bogosian, ASA, and Andrew J. Peterson, FSA, EA, MAAA, FCA

FIND PRESENTATION HERE: Disability in DC-SOA Project-20160323

Historically, traditional defined benefit (DB) plans often included provisions so that employees continued to earn pension credit during periods of long-term disability. However, defined contribution (DC) plans have gradually become the primary retirement plan offered by many employers. As a result of that transition, the connection of disability protection linked to the pension benefits was often forgotten. Today there is usually no disability protection linked to DC retirement plans. The impact is that retirement security is derailed by becoming disabled during the working years. This session will evaluate opportunities to fix this gap and will provide an overview of disability coverage-related issues.

Carol Bogosian, President of CAB Consulting, has over 30 years of experience as an actuary providing advice on defined benefit and defined contribution pension plans and retirement planning issues. Before starting her own firm, she was a principal in a major consulting firm as a senior actuary and consultant providing retirement services to individuals and corporate clients. She completed the Financial Planning Certificate program, gaining her perspective of the employee’s overall financial needs. Her current interests are in improving financial education and literacy in the U.S. She has published articles for the Plan Sponsor Council of America and WISER. She has spoken publicly at various professional associations on retirement and financial planning topics. She currently serves on the Pension Section Council and the Post Retirement Needs and Risk Committee of the Society of Actuaries and the Chicago Bar Associations’ Joint Task Force on Women and Aging. She also serves on the Employee Benefits Advisory Board for The John Marshall Law School.

Andrew J. Peterson is the Senior Staff Fellow for Retirement at the Society of Actuaries (SOA) working to develop and support better retirement systems. In this capacity, Andy serves as a staff partner to the Pension Section and the Social Insurance and Public Finance Section of the SOA directing volunteer activities in these two areas. In addition, he provides retirement expertise to the SOA’s education (including both basic and continuing education programs) and research functions. He also serves as a liaison between the SOA and other organizations in the retirement arena, works to facilitate the intellectual capital development of retirement actuaries and provides leadership on various SOA initiatives including a current focus on longevity issues. Andy received a BS degree in mathematics from Taylor University in 1992. He is a member of the National Academy of Social Insurance.