Glossary

Ergodicity economics is the analytical framework, developed primarily by Ole Peters, that examines economic systems through the distinction between time-average outcomes — what a single agent experiences over time — and ensemble-average outcomes — what a population experiences at a single moment.

Ergodicity restoration is the process by which a longevity pool eliminates the path-dependency of individual survival outcomes, allowing the pool's aggregate experience to converge on the actuarial expectation in a way that no individual member's experience can.

An ERISA fiduciary is any person or entity that exercises discretionary authority over a covered employee benefit plan's management, its assets, or the administration of the plan, and who is therefore subject to the standards set by Title I of the Employee Retirement Income Security Act.

The ERISA fiduciary standard is the standard of conduct imposed by the Employee Retirement Income Security Act of 1974 on plan fiduciaries, requiring them to act with prudence, loyalty, and exclusive purpose in the administration of a covered retirement plan.

ERISA preemption is the doctrine under the Employee Retirement Income Security Act that supersedes state laws to the extent those laws "relate to" any employee benefit plan covered by ERISA, with specified exceptions preserving state authority over insurance, banking, and securities regulation.