Retirement Income Industry Association

The View Across The Silos


Welcome to the home of the Retirement Management Journal and the RIIA Virtual Learning Center.

In this section of the website, you’ll find everything you need to know a out the RMJ and the VLC, both of which are designed to promote and expand the body of retirement-income knowledge.

Retirement Management Journal
Launched in October 2011, the Retirement Management Journal (RMJ) is the first professional journal designed to promote research, scholarship and innovative thinking on retirement-management and retirement-income topics that contribute to the profession’s and industry’s body of knowledge as well as to the curriculum for RIIA’s Retirement Management AnalystSM (RMASM) designation.Founded in large part by the financial support of Allianz Global Investors, this peer-reviewed journal centralizes retirement-income and retirement-management papers and in doing so serves the needs of a wide cross section of professionals, including financial advisers, executives, and scholars.The RMJSM also serves to help those who have achieved the RMASM advanced designation fulfill their continuing education requirement. Learn more about the RMA.

The Virtual Learning Center is the industry’s premier resource for web-based live as well as archived lectures and presentations on retirement-income research, products, and strategies for the benefit of personnel at home offices and institutions and financial advisors.

Bank of America/Merrill Lynch – Exclusive sponsor of the Virtual Learning Center – Read the press release.

Learn more about the Virtual Learning Center

The publication’s goals are to:

  1. Become a leading source on retirement-income and retirement-management topics for wide-cross section of professionals.
  2. Create a forum on the emerging and promising field of retirement income not sufficiently addressed by existing silo-based industry groups, professionals, and publications

The Retirement Management JournalSM is a publication of RIIA.


This issue marks a continuation of our best practices journey, providing you with an explicit mapping of the papers in the context of RIIA’s Retirement Management Analyst℠ curriculum framework. This framework is outlined in The Retirement Management Analyst℠ (RMA℠) Designation: Curriculum Book for RMA Candidates (5th Ed.).

It is why this issue opens up with an RMA Update Bulletin, which RMAs received earlier this year. In addition to the Best Practices charts in the RMA Curriculum Book, this Update Bulletin provides 10 practical questions that will help advisers build Retirement Policy Statements (RPS) for their clients.

As you read the Update Bulletin you will find the complete expression of the RMA framework combining the seven chapters with the 10 RPS questions. This guides us in RIIA’s Mission to “Discover the New Realities of Retirement” from our unique perspective of “The View Across the Silos. This framework also provides the structure for our Essential Readings list, which you can find at as well as in this issue.

The Best Practices books, award-winning Retirement Management Journal℠ (RMJ℠) papers and other critical sources are identified and classified in the framework to help you place the papers you read in this issue of the RMJ in the context of what you should know and the process of what you already do for your clients. It also helps us ensure that our choice of RMJ papers and authors provides appropriate balance across the framework.

For those of you who are new to RIIA, the RMA, or the RMJ, it will help you to know that the RMA Curriculum can be summarized in four parts:

  • The Client Diagnostic Kit (Chapters 1, 2, 3)
  • The Retirement Allocations (Chapter 4)
  • The RMA Toolbox (Chapters 5, 6)
  • Practice Management (Chapter 7)

For all the details and how to use the most objective Client Diagnostic Kit and Implementation Toolbox in the industry, read the Curriculum Book for RMA Candidates (5th Ed.) as well as previous issues of the RMJ, which are all available on, providing access to non-members, worldwide.

Of note, RIIA members receive the pdf copy of all RMJ issues for free. If you are not a member, join RIIA today as an individual member or ask your employer to join as an institutional member so that you can take advantage of the free, opt-in institutional membership available to all employees of institutional members.

François Gadenne
Chairman and Executive Director, RIIA


Welcome to the Spring 2014 issue of the Retirement Management Journal℠ (RMJ), a special double issue that features both academic and practitioner peer-reviewed papers.

As you will read, this issue features papers that continue to expand the body of retirement-planning knowledge and, equally if not more importantly, challenge conventional wisdom.

Chief among the contributions is the winner of our third annual Academic Thought Leadership Award – The True Impact of Single Premium Immediate Annuities On Retirement Sustainability: A TotalWealth Perspective co-written byMichael Kitces,MSFS,MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, a partner
and director of research at Pinnacle Advisory Group and Wade Pfau, Ph.D., CFA, a professor of retirement income at the American College.

Mr. Kitces and Dr. Pfau examine how to finance a particular spending goal, which is an inflation-adjusted amount equal to either 4% or 6% of initial retirement date assets, and how to sustain that income stream for as long as possible in retirement.

In their paper, the authors examine the relative success of static portfolios, stock/single premium income annuity (SPIA) portfolios, and dynamic stock/bond portfolios that match the glide path of a stock/SPIA strategy, in order to separate the impact of the glide path and the impact of mortality credits into their component parts.

Robert J. Powell, III
Editor & Publisher,

Summer 2013 Issue

The Summer 2013 issue of the Retirement Management Journal (RMJ), Vol. 3, No. 2, features the work of the Retirement Income Industry Association’s (RIIA) Research Committee and is now available to members and subscribers.


Led by Elvin Turner, RIIA’s Research Committee Chair – Research Committee members include principals from Depository Trust & Clearing Corporation (DTCC), PricewaterhouseCoopers (PwC), Strategic Business Insights, and Morningstar, to name but a few – continues to break new ground and the papers in this issue – the RMJ’s second-ever Research Committee issue – bear that out.