The Evolving Pension System
The Evolving Pension System

Author: William G. Gale

Publisher: Rowman & Littlefield

Published: 2006-01-10

Total Pages: 244

ISBN-13: 0815797990

DOWNLOAD EBOOK

The Evolving Pension System examines the foundations and the future of the private pension system. It provides a broad overview of the underlying assumptions, characteristics, and effects of existing pension policy, as well as alternative views on how public policy toward pensions should evolve in the future. Contributors include Robert Clark (North Carolina State University), Eric Engen (Federal Reserve Board), William G. Gale (Brookings Institution), Theodore Groom (Groom Law Group, Chartered), Daniel Halperin (Harvard), Alicia Munnell (Boston College), Leslie Papke (Michigan State University), Joseph Quinn (Boston College), Sylvester Schieber (Watson Wyatt), John B. Shoven (Stanford), and Jack Vanderhei (Temple University and EBRI). William G. Gale is the Joseph A. Pechman Fellow in the Economic Studies program at the Brookings Institution. John B. Shoven is Charles R. Schwab Professor at Stanford University. Mark J. Warshawsky is director of research at the TIAA-CREF Institute.

An Evolving Pension System
An Evolving Pension System

Author: David Rajnes

Publisher:

Published: 2002

Total Pages: 0

ISBN-13:

DOWNLOAD EBOOK

This Issue Brief examines trends in employment-based defined benefit (DB) and defined contribution (DC) pension plans since 1975. The analysis relies extensively on Form 5500 reports submitted by plan sponsors and published by the Department of Labor, although other sources of information are used. The Issue Brief goes beyond a general description of trends in the number of qualified private-sector plans, participants, and plan contributions and assets to examine why DB plans have steadily lost ground as the preferred plan type in recent decades. It explores several explanations for the increased use of DC plans and cites the research and lines of reasoning used to support them. These reasons include government regulation; changes in the work place; business environment and risk associated with funding and managing pension plans; firm size; increased global competition; and the successful marketing efforts of consultants and DC plan service providers. Developments in the public sector--on the federal and state and local levels--are discussed. The report addresses public policy implications raised by the movement away from DB toward DC (and hybrid) plan designs. Important issues in this context include possible sources of future retirement income; the impact of job stability on the portability of retirement benefits as well as benefit preservation and decumulation; and the extent to which alternative retirement plan designs satisfy the needs of both employer and employee. A closing section examines two topics of importance to retirement plans: changes in the tax code resulting from the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 and recent developments in corporate governance reform and financial disclosure. The report updates information contained in a 1997 EBRI analysis of the same subject, and includes sections on plan design and operational issues that are combined into an appendix to provide basic background on how retirement plans work.

The Evolution of Supplementary Pensions
The Evolution of Supplementary Pensions

Author: Kolaczkowski, James

Publisher: Edward Elgar Publishing

Published: 2022-01-18

Total Pages: 488

ISBN-13: 1800372981

DOWNLOAD EBOOK

Presenting the evolution of supplementary pensions over the past 25 years, this comprehensive book introduces the origin of pensions as a concept and explores the role that international organisations play within the field. It draws comparisons between different welfare states, reflecting upon current research and identifying new directions and ideas.

Assessing Chile's Pension System: Challenges and Reform Options
Assessing Chile's Pension System: Challenges and Reform Options

Author: Samuel Pienknagura

Publisher: International Monetary Fund

Published: 2021-09-10

Total Pages: 52

ISBN-13: 151359611X

DOWNLOAD EBOOK

Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Experts Track Continuing Evolution of U.S. Pension System
Experts Track Continuing Evolution of U.S. Pension System

Author: John A. MacDonald

Publisher:

Published: 2007

Total Pages: 0

ISBN-13:

DOWNLOAD EBOOK

The Employee Benefit Research Institute's spring 2007 policy forum, held in Washington, DC, focused on how retirement plan sponsors are reacting to and dealing with major developments in the pension world: Enactment of the Pension Protection Act (PPA) of 2006, which imposed new funding rules on pension plans (among other things), and major new accounting rules issued by the private-sector Financial Accounting Standards Board (FASB) and the public-sector Government Accounting Standards Board (GASB). This paper recaps the experts' reactions -- at EBRI's spring 2007 policy forum -- to these major developments. Change has been a near-constant in the U.S. pension system, the experts noted. One theme emerged at the policy forum: New accounting rules -- rather than new pension funding laws by Congress -- may be the determining factor that triggers the next big shake-up in pension coverage.

The School of Hard Knocks
The School of Hard Knocks

Author: Russell L. Olson

Publisher: RIT Cary Graphic Arts Press

Published: 2005

Total Pages: 122

ISBN-13: 9781933360010

DOWNLOAD EBOOK

"Most books about pension fund investing are theory. Rusty Olsons book is fact. Its a report from the frontlines of the management of pension fund assets at a time when new investment vehicles were being developed on a regular basis. Rusty and his crew at the Kodak fund were the pioneers who tried many of these new ideas, some of which flew while theirs crashed. This is a blow-by-blow account of the learning experience, the successes and failures (mostly successes), and the ultimate investment success of the Kodak fund. It should be read by anyone managing assets in a fiduciary capacity. Michael J. Clowes

Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World
Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World

Author: Robert Holzmann

Publisher: World Bank Publications

Published: 2012-11-01

Total Pages: 535

ISBN-13: 0821394797

DOWNLOAD EBOOK

Nonfinancial Defined Contribution (NDC) schemes are now in their teens. The new pension concept was born in the early 1990s, implemented from the mid-1990s in Italy, Latvia, Poland and Sweden, legislated most recently in Norway and Egypt and serves as inspiration for other reform countries. This innovative unfunded individual account scheme created high hopes at a time when the world seemed to have been locked into a stalemate between piecemeal reforms of ailing traditional defined benefit schemes and introducing pre-funded financial account schemes. The experiences and conceptual issues of NDC in its childhood were reviewed in a prior anthology (Holzmann and Palmer, 2006). This new anthology published in 2 volumes serves to review its adolescence and with the aim of contributing to a successful adulthood. Volume 1 on Progress, Lessons, Implementation includes a detailed analysis of the experience and the key policy lessons in the old and new pilot countries and the implementation of NDCs elements in other reform countries. This volume 2 on Gender, Politics, Financial Stability includes deeper and new analyses of these issues that found little or no attention in the 2006 publication. The gender perspective includes 5 chapters with, perhaps, the most complete discussion on gender and pension issues available to date. The financial stability perspective addresses in 6 chapters critical micro- and macroeconomic aspects such as the balancing mechanism, the use of a reserve fund, the handling of legacy costs, and technicalities related to the management of the longevity risk when designing annuities. While the 2 volumes address many issues it also opens a number of new questions for which good answers are not yet readily available.