Pension funding with moving average rates of return. Scand. Actuarial J. 2001; 1: 1-17.In the context of the model of pension funding introduced by Dufresne in 1986, explicit expressions are found for the rst two moments of fund level and total contributions, when (1) actuarial gains and losses are amortized over N years, and (2) arithmetic rates of return on assets form a moving average process. The results are obtained via a Markovian representation for the bilinear process obtained for the actuarial losses. One conclusion is that the dependence between successive rates of return may have very signi cant effects on the nancial results obtained.

In this paper, we find explicit expressions for the moments of the fund level and the value of the total contribution when arithmetic or geometric rates of return are modeled by a moving average process of order q and when a proportional control is applied to the contributions. Our approach is based on the bilinear Markovian representation.

Dans la littérature de recherche, notamment en actuariat et en démographie, il a été largement démontré que l’espérance de vie de la population québécoise s’était sensiblement améliorée, surtout depuis les dernières décennies. Pour l’actuaire, cette question revêt une importance capitale quand vient le temps d’évaluer les coûts futurs des régimes de retraite qui sont sous sa responsabilité. Or, certains administrateurs des régimes de retraite des universités québécoises estiment que les professeurs de ces universités ont des statistiques démographiques bien différentes de celles des autres corps d’emploi universitaires. Nous vérifions cette hypothèse en construisant des tables de mortalité, de cessation d’emploi et de prise de retraite pour les professeurs et les employés « non professeurs » des universités québécoises, confondues ou non, selon le cas. Nous illustrons ces tables par différents graphiques, nous en analysons les aspects démographiques et examinons enfin quelques implications « actuarielles » tirées de nos observations.Throughout the research papers, such as done by actuaries and demographers, it has been largely proved that the life expectation of the Quebec population has appreciably increased, especially since last decades. For an actuary, this question takes on a great importance when time comes to evaluate the future cost of pensions on his responsibility. However, some administrators of Quebec universities pension plans believe that demographic statistics for professors are quite different from those of the other university employees. We verify this hypothesis by constructing withdrawal, mortality and retirement tables for professors and « non professors » of Quebec universities, mixed or not as the case may be. We illustrate graphically those tables, we analyze the demographic aspects, and finally we underline the « actuarial » consequences drawn of our observations

The prohibition of pyramidal lotteries was introduced in the Criminal Code in 1935. Yet, such activities have increased since the beginning of the 1970's, especially in the province of Quebec. One should distinguish between pyramidal lotteries prohibited by the Criminal Code and pyramidal sales. Distinctions between these two concepts brought the courts to deal with nuances. Each case relates to its own facts. Considering the ingenuity of promoters of such schemes, the courts have had to unmask different forms of operations, in order to detail the constituent elements of the offence and to decide upon the validity of different defences. One might think that the question has been covered, but it will be necessary to wait and see what will be the effect of the new article 190 of the Criminal Code, which authorizes a provincial license to operate a pyramidal lottery