Jeremy Gold
Jeremy Edward Gold (November 28, 1942 – July 6, 2018) was an American actuary and economist. He was noted for his advocacy of the application of financial economics to pension actuarial practice and his criticism of actuarial standards and professionalism.[1][2]
Biography
Gold was born on November 28, 1942, in Brooklyn, New York, to Sarah and Edward Gold, both high-school English teachers. He grew up on the Lower East Side of Manhattan. After graduating from Stuyvesant High School at age 16, he was accepted at the Massachusetts Institute of Technology, where he studied mathematics. After three years, he dropped out with failing grades to play pool and drive across the United States. Eventually, he earned a bachelor's degree from Pace College (now known as Pace University) in 1969.[1][2]
Gold became a
Gold began to wonder how the plans had built up such big surpluses. Every pension plan had an actuary who calculated its annual contribution. He started to ask whether the advice pension actuaries were giving their clients was appropriate. He noticed that the principles of financial economics, in which the cost of a transaction to the buyer and the seller are carefully measured and tracked, were being applied to many areas of finance—except pension plans. Bankers were measuring pension liabilities using financial economic tools, but actuaries were measuring them using tools that had been developed decades earlier, and they seemed unconcerned about swings in asset values and interest rates.[1][2]
This prompted Gold to return to school. In 1995, at the age of 53, he enrolled at the
Pension actuaries and companies and governments that sponsor pension plans had mixed reactions to Gold. Slowly, however, his ideas have gained influence.
Gold died on July 6, 2018, of myelodysplastic syndrome and leukemia. He was 75 years old.[1][2]
See also
References
- ^ a b c d e f g h Gillers, Heather (July 13, 2018). "Jeremy Gold Shook Up Pension World With Warnings About Risks". The Wall Street Journal. Retrieved July 15, 2018.
- ^ a b c d e f g Walsh, Mary Williams (July 13, 2018). "Jeremy Gold, Actuary Who Warned of Pension Crisis, Dies at 75". The New York Times. Retrieved July 15, 2018.
External links
By Gold
- Papers and presentations by Jeremy Gold
- Jeremy Gold, "Where Are the Screaming Actuaries?", 2015.
About Gold
- Elizabeth Bauer, "Public Pension Funding Crisis: Who Was Jeremy Gold and Why Should You Care?", Forbes.com, July 17, 2018.
- Mary Pat Campbell, "RIP, Jeremy Gold: An Actuarial Memorial", STUMP, July 15, 2018.
- Mark Glennnon, "A 'Nonlinear' Life: R.I.P., Jeremy Gold", July 13, 2018.
- Evan Inglis, "In Memory of Dr. Jeremy Gold", Society of Actuaries, July 2018.
- "In Memoriam: Jeremy Gold", Conference of Consulting Actuaries.