Read and Download eBook Full
Author: Robert Louis Clark
Publisher: University of Pennsylvania Press
Published: 2003-05-12
Total Pages: 280
ISBN-13: 9780812237146
DOWNLOAD EBOOKFrom the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.
Author: Peter F. Drucker
Publisher: Transaction Publishers
Published: 1992
Total Pages: 245
ISBN-13: 1560006269
DOWNLOAD EBOOKIn The Pension Fund Revolution, originally published nearly two decades ago under the title The Unseen Revolution, Peter F. Drucker reports that institutional investors, especially pension funds, have become the controlling owners of America's large companies, the country's only capitalists. He maintains that the shift began in 1952 with the establishment of the first modern pension fund by General Motors. By 1960 it had become so obvious that a group of young men decided to found a stock-exchange firm catering exclusively to these new investors. Ten years later this firm (Donaldson, Lufkin & Jenrette) became the most successful, and one of the biggest, Wall Street firms. Drucker's argument, that through pension funds ownership of the means of production had become socialized without becoming nationalized, was unacceptable to the conventional wisdom of the country in the 1970s. Among the predictions made by Drucker in The Pension Fund Revolution are: that a major health care issue would be longevity; that pensions and social security would be central to American economy and society; that the retirement age would have to be extended; and that altogether American politics would increasingly be dominated by middle-class issues and the values of elderly people. While readers of the original edition found these conclusions hard to accept, Drucker's work has proven to be prescient. In the new epilogue, Drucker discusses how the increasing dominance of pension funds represents one of the most startling power shifts in economic history, and he examines their present-day impact.
Author: United States. Government Accountability Office
Publisher:
Published: 2012
Total Pages: 49
ISBN-13:
DOWNLOAD EBOOKAuthor: Gordon L. Clark
Publisher: OUP Oxford
Published: 2003-11-20
Total Pages: 308
ISBN-13: 0191532150
DOWNLOAD EBOOKFuture pension provision is highly controversial; it juxtaposes the challenges of old age security with the exigencies of global finance. Clearly, demography, finance and public accountability are crucial to current political debate. But there are other important issues. The problems of paying for the retirement of the baby boom generation has exposed profound differences in the advanced economies in terms of their financial institutions and infrastructure. Pension security has been re-conceptualised, in part, as an issue of global finance and international comparative advantage bringing with it a re-definition of risk and pension security. This book examines how major continental European and Anglo-American countries are dealing with these pressures, to what extent these responses are beginning to redraw the boundaries between public and private responsibility for pension security, and what the implications of public-private partnerships are for the financial organisation and infrastructure of European and global financial markets, and the nation-based welfare state. The contributors, all involved in policy development in their respective countries, assess the comparative strengths and weaknesses of recent pension initiatives in the light of continuing fiscal constraints and current market instabilities. Using a tight comparative framework, the book questions assumed divisions between states and markets, as new divisions between public and private spheres of pension responsibility require new regulatory machinery to guarantee future security. This book provides a vital reference point in understanding pension security in the 21st century for academics and postgraduates in the social sciences, economics and finance, geography, politics and social policy, policy makers in OECD countries and industry professionals.
Author: Gordon L. Clark
Publisher: Oxford University Press, USA
Published: 2006-07-20
Total Pages: 954
ISBN-13: 9780199272464
DOWNLOAD EBOOKThis handbook draws on research from a range of academic disciplines to reflect on the implications for provisions of pension and retirement income of demographic ageing. it reviews the latest research, policy related tools, analytical methods and techniques and major theoretical frameworks.
Author: Ronald B. Davis
Publisher: UBC Press
Published: 2009-01-01
Total Pages: 254
ISBN-13: 0774858311
DOWNLOAD EBOOKThis book will spark a debate concerning the need for democracy and accountability in the governance of trillions of dollars of plan members' pension plan assets and the legitimacy of the present, mostly unaccountable, corporate governance decisions made by these plans. The author analyzes the reasons for this passivity, pointing to conflicts of interest with respect to corporate governance activity in pension plans and also to limitations in corporate, securities, and pension law. He argues that plan members should be given a voice in pension plan governance and the plans made accountable, and he outlines the legal reforms necessary.
Author: Peter F. Drucker
Publisher: Elsevier
Published: 2013-09-11
Total Pages: 223
ISBN-13: 1483221059
DOWNLOAD EBOOKThe Unseen Revolution: How Pension Fund Socialism Came to America covers the principles and concepts of the American pension fund socialism. This book is composed of five chapters, and begins with the history and developments of pension fund socialism in the United States. The next chapter deals with the fundamental problems of economic structure, policy, and, as well as the problems of authority, legitimacy, and control of the so-called Social Security. The discussion then shifts to involved social institutions and issues, along with the political lessons and issues of pension fund socialism. The last chapter considers the American politics realignments and readjustments.
Author: Gordon L. Clark
Publisher:
Published: 1993
Total Pages: 344
ISBN-13:
DOWNLOAD EBOOKIn this first book to systematically evaluate the Employee Retirement Income Security Act (ERISA) of 1974, Gordon Clark argues that the law has failed to project workers' pension rights in situations where it was expected to be most effective: when corporations restructure in the face of enhanced market competition and technological change. Pensions and Corporate Restructuring in American Industry examines recent trends in corporate behavior and government policymaking in the United States and finds that the moral and ethical foundations of regulation are under attack. As a result of intense competitive pressures, Clark argues, some of America's major corporations have begun to flout government regulations designed to protect workers - and to treat the attendant law suits as just another cost of doing business. He finds evidence that some have even used restructuring as the means to avoid statutory obligations to workers. In a series of case studies - including the bankruptcy of the LTV Corporation, the radical restructuring of International Harvester Corporation into Navistar Corporation, and the sale and restructuring of Continental Can Corporation - Clark evaluates the effectiveness of current regulations and the role of government agencies such as the Internal Revenue Service and the Pension Benefit Guaranty Corporation. His analysis shows that many of the problems of enforcing ERISA can be traced to the act itself - the product of compromises among overlapping and competing interests that fatally limited its effectiveness. Clark concludes that any new regulatory framework must clarify the connections between restructuring and the welfare of workers, connections generally ignored inthe litigation that dominates corporate life today.
Author: Samuel Pienknagura
Publisher: International Monetary Fund
Published: 2021-09-10
Total Pages: 52
ISBN-13: 151359611X
DOWNLOAD EBOOKChile’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.
Author: Katherine S. Newman
Publisher: Metropolitan Books
Published: 2019-01-29
Total Pages: 336
ISBN-13: 1250119464
DOWNLOAD EBOOKA sharp examination of the looming financial catastrophe of retirement in America. As millions of Baby Boomers reach their golden years, the state of retirement in America is little short of a disaster. Nearly half the households with people aged 55 and older have no retirement savings at all. The real estate crash wiped out much of the home equity that millions were counting on to support their retirement. And the typical Social Security check covers less than 40% of pre-retirement wages—a number projected to drop to under 28% within two decades. Old-age poverty, a problem we thought was solved by the New Deal, is poised for a resurgence. With dramatic statistics and vivid portraits, acclaimed sociologist Katherine S. Newman shows that the American retirement crisis touches us all, cutting across class lines and generational divides. White-collar managers have seen retirement benefits vanish; Teamsters have had their pensions cut in half; bankrupt cities like Detroit have walked away from their commitments to municipal workers. And for Generation X, the prospects are even worse: a fifth of them expect to never be able to retire. Only the vaunted “one percent” can face retirement without fear. Other countries are confronting similar demographic challenges, yet they have not abandoned their social contract with seniors. Downhill From Here makes it clear that America, too, can—and must—do better.
