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- Opting Out: The Galveston Plan and Social Security
- "We begin with a description and comparison of various plan components including: finance, investments, types of benefits offered, coverage and portability, dependent's benefits, pay-out options and retirement age, taxation of benefits, treatment of earnings from employment, the effect of inflation on benefits, and the progressivity of benefit...
- White papers 1999-09-02
- Retirement Guarantees in Mandatory Defined Contribution Systems
- Most public pension systems, whether they are of the predominant pay-as-you-go defined benefit type or of the defined contribution type, include guarantees for retirement income.The paper reviews the design of such guarantees in a large set of countries and discusses the economic rationale and incentive structure resulting from these designs....
- White papers 2002-10-15
- Retirement Guarantees in Voluntary Defined Contribution Plans
- "Defined contribution plans are providing an increasing share of retirement income in a number of countries around the world. With this type of plan, concern has been raised as to the amount of risk that workers bear. One response has been to incorporate rate of return guarantees in the...
- White papers 2002-10-15
- Securitized Risk Instruments as Alternative Pension Fund Investments
- "Recent years have seen the introduction of a new class of derivative securities based on ""exotic underlyings"" such as natural catastrophes and weather. This paper analyzes the pros and cons of these new securities as assets for institutional investors. It is argued that the underlyings on which these derivatives trade...
- White papers 2003-03-11
- Credit Implications of the Payout Annuity Market
- "Our paper will examine the growth prospects and accompanying risks for the insurance industry in the payout annuity marketplace. By answering market demands in the payout annuity market and providing equity market participation with downside protection over the life of an annuitant, an insurance company exposes itself to a...
- White papers 2002-10-15
- Retirement Responses to Early Social Security Benefit Reductions
- This paper evaluates potential responses to reductions in early Social Security retirement benefits. Using the Health and Retirement Study HRS linked to administrative records, we find that Social Security coverage is quite uneven in the older population: one-quarter of respondents in their late 50's lacks coverage under the Disability Insurance...
- White papers 2001-03-08
- Accounting/Actuarial Bias Enables Equity Investment
- "Defined benefit pension plans earnings expense are computed using actuarial methods and economic assumptions that systematically anticipate expected equity returns and strongly dampen the volatility of actual equity returns. Thus, corporations whose plans invest in equity overstate the financial value of their earnings and understate the volatility of such...
- White papers 2001-03-08
- Assumed Rates of Discount for Valuations of
- This paper uses arbitrage principles to show that the use of expected returns including equity premia is biased in favor of early generations at the expense of later generations, a wealth transfer disguised as risk diversification over time. It is shown that unbiased results can be developed, with no wealth...
- White papers 2001-03-08
- Shareholder-Optimal Design of Cash Balance Pension Plans
- " This paper extends this analysis into the cash balance plan arena, concluding that additional shareholder gains arise when plan liabilities mimic equities. A numerical example demonstrates that the present value of riskless gains to shareholders can exceed the entire after-tax value of plan assets. Lack of transparency in...
- White papers 2001-03-08
- Retirement Investing: A New Approach
- This paper proposes a new approach to investing for retirement that takes advantage of recent market innovations and advances in finance theory to improve the risk/reward opportunities available to individual investors before and after retirement. The approach introduces three new elements: ยท It uses inflation-protected bonds to hedge a...
- White papers 2001-03-08
- Eligibility for Social Security Disability Insurance
- In order to understand whom among the non-disabled older population experiences a health problem later in life and applies for Social Security Disability Insurance DI, it is necessary to investigate patterns of coverage and reasons for non-coverage. While the safety net program covers most American workers, we use linked data...
- White papers 2001-03-08
- New Trends in Pension Benefit
- Private sector pension plans have undergone substantial change in form and structure in the United States over the last two decades. This paper explores and evaluates these changes using information on pension plan characteristics gathered by the U.S. Department of Labor DOL since 1980 in their periodic Employee Benefits Survey...
- White papers 2002-02-22
- Developments in Retirement Provision
- If pensions are to continue to meet the needs of an aging world, it is imperative to prepare for emerging challenges as these systems evolve through time.In these remarks we first show how global demographic change is driving pension change throughout the world. Next we describe and compare developments in...
- White papers 2002-02-22
- Securing Public Pension Promises through Funding
- "Abstract Many pension schemes mandated by governments have accumulated large reserves. The management of these funds has a direct effect on financial sustainability and potential benefit le vels. It also has important indirect effects on the overall economy, especially when the funds are large relative to...
- White papers 2002-10-08
- Risk Transfer in Public Pension Plans
- "Actuaries and sponsors of public sector defined benefit pension plans agree that each generation of taxpayers should bear its fair share of the long term plan cost. Actuarial methods and assumptions are designed to equate expected costs across generations. This paper uses arbitrage principles to show that equating expected costs...
- White papers 2002-12-02
- International Models for Pension Reform
- The article explore recent international developments in pension plan type, examine issues pertinent to pension investments, and evaluate the global trend toward social security privatization. The goal of the discussion is to assess how these new pension models will respond to the demographic, political, and financial challenges of the next...
- White papers 1999-05-20
- The Defined Benefit Approach.
- "The article is not oopposed to individuals investing in the stock market and might even be receptive to a proposal -- such as that made nearly 20 years ago by the President's Commission on Pension Policy, to require individuals to make their own investments -- so long as...
- White papers 1999-05-07
- For Better or For Worse: Default Effects and 401(k) Savings Behavior
- "The article shows that in the last several years, many employers have decided to automatically enroll their new employees in the company 401k plan. Using several years of administrative data from three large firms, we analyze the impact of automatic enrollment on 401k participation rates, savings behavior,...
- White papers 2002-03-04
- Defined Contribution Pensions
- The article assess the impact on savings behavior of several different 401k plan features, including automatic enrollment, automatic cash distributions, employer matching provisions, eligibility requirements, investment options, and financial education. We also present new survey evidence on individual savings adequacy. Many of our conclusions are based on an analysis...
- White papers 2002-03-04
- Company Stock and Retirement Plan Diversification
- "This article explores several aspects regarding the role of company stock in U.S. pension plans. After surveying the legal and fiduciary status of company stock, we briefly review the role of Employee Stock Ownership Plans ESOPs and combined 401k/ESOP or KSOP plans. Second, we analyze holding patterns of company...
- White papers 2002-03-04
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