Resume Jeremy Gold, FSA, CERA, MAAA, PhD Jeremy Gold Pensions

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1 Resume Jeremy Gold, FSA, CERA, MAAA, PhD Jeremy Gold Pensions Employment 1989-present Proprietor, Jeremy Gold Pensions, pension finance consulting Principal, Morgan Stanley, head of Morgan Stanley Pensions, first pension actuary on Wall Street Consulting Actuary/Account Executive, Buck Consultants (Xerox), actuarial and benefit consulting services Consulting Actuary/Assistant Vice President, Alexander & Alexander (now AON Hewitt), actuarial and benefit consulting services Benefit Consultant, Kwasha Lipton (now Buck Consultants, Xerox) Earlier Actuarial Student/Trainee/Computer Programmer in Life Insurance Industry Education PhD, 2000 MA, 1999 BBA, 1969 The Wharton School, University of Pennsylvania, pension finance The Wharton School, University of Pennsylvania, pension finance Pace University, accounting, economics, data processing Professional Organizations FSA 1977 Fellow of the Society of Actuaries (SOA) Board of Directors, Issues Advisory Council, Board Partner, Education and Research Council, Board Partner, Research, Chair, Pension Risk Management Task Force, Public Pension Reputational Risk Task Force, 2011 Risk Committee, Knowledge Management Strategic Action Team, Nominating Committee, Centers of Actuarial Excellence, Evaluation Committee, Centers of Actuarial Excellence, Appeals Committee, Financial Economics Advisory Group on SOA Education, SOA Exam Committee, Exam 7, Investments, FCA Fellow of the Conference of Consulting Actuaries (CCA) Board of Directors, MAAA 1978 Member of the American Academy of Actuaries (AAA) 1

2 Member, Vice-Chair, Chair, Joint AAA/SOA Pension Finance Task Force, Member, Vice-Chair, AAA Pension Practice Council, SOA/CCA Organizer of Sessions/Recruiter for meetings/seminars, frequently SOA/CCA Presenter at meetings/seminars, frequently FASB Ad hoc Advisory Group on Cash Balance Accounting, GASB Advisory Group on Pension Accounting (PEB), Wharton/SOA Instructor, Seminar on Asset Liability Management, Nexus/SOA Instructor, Seminar on Asset Liability Management, 2007 NAAJ/SOA Associate Editor, then Co-Editor, North American Actuarial Journal, AFA Member, American Finance Association, 1999-present ARIA Member, American Risk and Insurance Association, 1999-present Testimony House Ways & Means U.S. House of Representatives, Committee on Ways and Means, 1988, 2011 Oversight Subcommittee, healthcare and pension disclosures Finance Committee U.S. Senate, Written Testimony on Request of Committee, 2003 ERISA Advisory U.S. Department of Labor, 2003 Council FASB Financial Accounting Standards Board, 1989 GASB Governmental Accounting Standards Board, 2009 Courts Have testified by affidavit once, by expert report three times, in person once, and assisted counsel on approximately ten occasions since 1989 Presentations February 22, 2011 October 26, 2010 October 20, 2010 October 18, 2010 October 7, 2010 September 13, 2010 June 29, 2010 April 15, 2010 November 10, 2009 October 27, 2009 New York University, Stern School of Business, Public Pension Plans, Agency, Governance, Liability Measurement Queens College, CUNY, Fair Value for Public Pension Plans Society of Actuaries, Pension Enterprise Risk Management Society of Actuaries, Public Finance Middle Atlantic Actuarial Club, Financial Economics Simple Market Ideas Applied to Public Pension Plans bgc3 (Bill Gates), Kirkland, Washington, Public Pension Funding/Accounting Milken Institute, Financial Innovations Lab, Pension Funding University of Buffalo Law School, Pension Plan Investing Queens College, CUNY, Response to GASB Invitation to Comment SOA, Market Consistent Valuation of Pension Plans 2

3 October 24, 2008 July 10, 2008 May 1, 2008 March 25, 2008 February 8, 2008 October 8, 2007 May 7, 2007 April 23-27, 2007 March 22, 2007 October 25, 2006 September 28, 2006 April 25, 2006 April 3, 2006 November August 17, 2005 July 15, 2005 June 1, 2005 May 23, 2005 March 31, 2005 November 18, 2004 Boston University, Discussant, Rational Plans for Irrational People Governmental Accounting Standards Board, Fair Value for Public Pension Plans Pension Research Council, Wharton, The Case for Marking Public Pension Plan Liabilities to Market SOA Investment Symposium, Why Do Financial Intermediaries Take ALM Risk? Board of California State Teachers Retirement Systems, Discounting Public Pension Plan Liabilities National Council on Teacher Retirement, Financial Economics: Bogeyman or Benefactor? American Academy of Actuaries, Pension Committee, Actuarial Asset Values Better Than Market? Society of Actuaries, Nexus Generations, Asset Liability Management, Three Lectures. De Nederlandsche Bank/Netspar/IOPS Conference, Amsterdam, Frontiers in Pension Finance and Reform, The Intersection of Pensions and Enterprise Risk Management Conference of Consulting Actuaries, ERM Symposium for Employee Benefits Practitioners, ERM for Value Society of Actuaries, Retirement 20/20, Capital Markets ERM Symposium, Scientific Papers, ERM for Value New York University, Stern School of Business, Financial Economics and Actuarial Science SOA Annual Meeting, Value Added : Value Destroyed Actuarial Society of New York, The Actuary's Professional Responsibility to the Public, Setting Standards for Setting Standards Society of Actuaries, The Future of Pension Plan Funding and Disclosure: Envisioning a Better System, Never Again: A Transition to a Secure Private Pension System International Centre for Pension Management at the Rotman School of Business at the University of Toronto, Plan Design, Risk and Sustainability Workshop, Discussant, The Value of Intergenerational Transfers within DB Plans. Pimco Symposium on U.S. Pensions, Pension Plan Effect on Shareholder Value Wharton School, Rosen-Huebner-McCahan Lecture Series, Postretirement Benefits, Accounting and Economics: Moral Hazard and Frail Benefit Designs Joint SOA, AAA, ASB actuarial leadership group education day. Extensive presentation on the accounting, funding, investment, and 3

4 November 10, 2004 October 26, 2004 May 19, 2004 December 9, 2003 December 1, 2003 November 21, 2003 November 5, 2003 June 24, 2003 May 2003 March 18, 2003 June 26, 2002 April 8, 2002 April 22, 2002 May 30-31, 2001 October 30, 2000 benefit design implications of financial economics for U.S. defined benefit pension plans. SOA Investment Symposium, Financial Economics and Actuarial Science SOA Annual Meeting, i) Pension funding, ii) Pension accounting SOA Spring Pension/Health Meeting, Pension plan design workshop SOA Webcast, Financial Economics, Minimum Funding Issues University of Vienna, Austria, Gutmann Symposium, Accounting/Actuarial Bias Enables Equity Investment by Defined Benefit Pension Plans AON Consulting, Montreal, Financial Economics and Actuarial Science Institutional Investor Fixed Income Forum, Boston, The Changing Pension Framework SOA Symposium on Financial Economics and the Actuarial Model, Periodic Cost of Employee Benefits Financial Accounting Standards Board, Pension Accounting after FAS 87 Enrolled Actuaries Meeting, General Session, New Paradigms for Actuarial Management SOA Spring Pension/Health Meeting, i) Interest Rates, Current Liability, ii) Actuarial Myths Ryan Asset Conference, i) Actuarial Bias, ii) Boots for Everyone Pension Research Council, Wharton, Risk Transfer in Public Pension Plans SOA Spring Pension/Health Meeting, i) Does an Actuarial Bias Enable Equity Investments, ii) Economic Design of Cash Balance Plans CCA Annual Meeting, Financial Engineering: Implications for Pension Actuaries Press Quotes/Mentions 2011 St. Petersburg Times, Wall Street Journal, Crain s NY Business, Chicago Tribune, Associated Press 2010 NY Times, Pensions & Investments, Wall Street Journal, Newsday, Philadelphia Inquirer, Morristown Daily Record, Chicago Tribune, Carolina Journal, Knowledge@Wharton 2009 NY Times, Pensions & Investments, Paul Solman Blog (Online PBS News Hour), Rick Bookstaber Blog, Tampa Bay Times, Baltimore Sun, Bloomberg News, Financial Post, National Post, Cincinnati Enquirer 2008 NY Times, Institutional Investor, Pensions & Investments, WebCPA, Financial Week, Bloomberg News, Market Place Radio, Financial Post 4

5 2007 American Public Media Newstalk, Chicago Business, Fundfire, Financial Week, National Journal 2006 Fortune Magazine, Minnesota Public Radio, CFO Magazine, The News Hour with Jim Lehrer, NY Times, The Bond Buyer, Plan Sponsor Magazine, Fundfire, Life & Pensions (U.K.), Global Finance Magazine 2005 CFO Magazine, Dallas Fort Worth Star Telegram, Fundfire, Treasury Risk Management, Business Insurance, NY Times, Gannett Newspapers, Business Week, Financial Analysts Journal, Institutional Investor, 2004 New York Times, Crain s Chicago Business, Pensions and Investments, Fortune 2003 New York Times, Los Angeles Times, Financial Times, Financial Post of Canada 2002 Forbes, Institutional Investor, Los Angeles Times Published Articles 2009 The Case for Marking Public Plan Liabilities to Market, Book Chapter, The Future of Public Employee Retirement Systems, Olivia Mitchell & Gary Anderson, Eds., Oxford Press, with Gordon Latter Congress Should Resist the Push to Delay Pension Contributions, Pensions & Investments, Crain Communications Inc., November, with Daniel Cassidy Pension Fix-Up, Financial Post, April, with Lawrence N. Bader The Intersection of Pensions and Enterprise Risk Management, Book Chapter, Frontiers in Pension Finance, Edward Elgar. The Case Against Stock in Public Pension Plans Financial Analysts Journal, Jan. Feb., with Lawrence N. Bader Pension Actuary s Guide to Financial Economics Society of Actuaries, with Gordon Enderle, Gordon Latter, Michael Peskin. Reducing a Company s Beta A Novel Way to Increase Shareholder Value Journal of Applied Corporate Finance, Fall Never Again: A Transition to a Secure Private Pension System Journal of Portfolio Management, Fall. Accounting/Actuarial Bias Enables Equity Investment by Defined Benefit Pension Plans North American Actuarial Journal, July. What s Wrong with ASOP 27? with Lawrence N. Bader, SOA Pension Forum, April. Post-Retirement Benefits, Accounting and Economics: Moral Hazard and Frail Benefit Designs North American Actuarial Journal, January. The Times They Are A-Changin, Editorial, North American Actuarial Journal, January. 5

6 2004 Comments on Efficient Gain and Loss Amortization and Optimal Funding in Pension Plans, a paper by Owadally & Haberman, North American Actuarial Journal, April Gentlemen Prefer Bonds with Nick Hudson, Journal of Applied Corporate Finance, Fall. What Should We Do About the PBGC with Zvi Bodie, Pensions & Investments, October. What Next? DB Plans for the Long Run SOA The Actuary, October. Stopping the Insanity in Pension Funding Contingencies, September October. Periodic Cost of Employee Benefits SOA Monograph, June. How to Stop the Insanity SOA Pension Section News, June. Expensing Executive Stock Options, An Economic Middle Ground SOA Risks and Rewards, February. Reinventing Pension Actuarial Science with Lawrence N. Bader, SOA Pension Forum, January. Comments to the ERISA Advisory Council of the D.O.L SOA Pension Section News, September The Impact of Fair Value Accounting on the Normal Rate Curve A Speculation SOA Risks and Rewards, October. Pension Obligation Bonds and Ohio s 7.75% Defined Contribution Return Guaranty Two Bad Schemes One Underlying Theme Pensions & Investments, October. Fair Value of Liabilities: The Financial Economics Perspective with David F. Babbel and Craig B. Merrill, North American Actuarial Journal (Best Paper 2002), January. Risk Transfer In Public Pension Plans Pension Research Council, Wharton, April Fair Value of Liabilities: The Bullet GIC as an Example with David F. Babbel and Craig B. Merrill, SOA Risks and Rewards, January. Economic Design of Cash Balance Plans, SOA Monographs, June Actuarial Assumptions for Pension Plans Invite Arbitrage The Case of Pension Obligation Bonds SOA Risks and Rewards, September. Some Financial Implications of U.S. Pension Actuarial Methods and Assumptions Dissertation in Insurance and Risk Management, University of Pennsylvania. 6