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| Description | | - The latest volume in the PRC/OUP series focuses on retirement security
- Retirement secruity is a key issue with the generation of 'Baby Boomers' on the verge of retirement, and pension systems under severe pressure
- Contributors to this volume examine the new risks and rewards in pensions, and what paths are open to stakeholders to solve these problems
- A leading group of international pensions and retirement academics and experts consider the issues
| This book posits that retirement security is the central policy concern of our time. A generation of 'Baby Boomers' is on the verge of retirement, yet pension systems confront crushing challenges, and governments often appear confused about which direction they should move in.
Contributors to this volume clarify the discussion by addressing the question: 'What are the new risks and rewards
in pensions, and what paths can stakeholders chose to solve these problems?'. The chapters set their sights on employees' needs and expectations, employers' intentions and realizations, and policymakers' efforts to resolve the many challenges. Despite the fact that retirement systems face deep stresses exacerbated by volatile capital markets, poor corporate earning streams, weak macroeconomic
performance, and international turmoil, nevertheless, contributors in this volume show courage and creativity in plotting the course over uneven terrain.
In the book, three aspects of the evolution of risk and reward-sharing in retirement are evaluated, to offer guidance to pension fiduciaries, plan participants, and policymakers. First, it formulates new perspectives for assessing retirement
risks and rewards. Second, it evaluates efforts to insure retirement plans. Third, it proposes several new strategies for managing retirement system risk. The volume represents an invaluable addition to the Pension Research Council/Oxford University Press series. It will be especially useful for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize
pension design effectiveness; and to actuaries and tax specialists concerned with pension regulation.
The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden public
understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits. |
Readership: Economists, actuaries, pension and benefits consultants, pension policymakers, human resource/ industrial relations specialists, public and private employers, and benefits lawyers.
| Contents |
Part I. Perspectives on Pension Risks and Rewards
Understanding the Uncertainties of Retirement
,
David Blitzstein, Olivia S. Mitchell, and Stephen P. Utkus
Who Bears What Risk? An Intergenerational Perspective
,
Henning Bohn
he Role of 401(k) Accumulations in Future Retirement Income
,
Sarah Holden and Jack VanDerhei
Changing Risks Confronting Pension Participants
,
Phyllis C. Borzi
Part II. Pooling Pension Risks and Rewards
A Regulatory Framework for Strengthening Defined Benefit Pensions
,
Mark Warshawsky, Neal McCall, and John D. Worth
The Influence of PBGC Insurance on Pension Fund Finances
,
Julia Coronado and Nellie Liang
The UK Approach to Insuring Defined Benefit Pension Plans
,
David McCarthy and Anthony Neuberger
Risk-Sharing in Retiree Medical Benefits
,
George Wagoner, Brian Fuller, Frank Yeager and Anna Rappaport
Part III. New Strategies for Managing Retirement Risk
Restructuring the Defined Benefit Pension
,
P. Brett Hammond and Douglas Fore
Dimensions of 401(k) Plan Design
,
Olivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang
Understanding and Allocating Investment Risks in a Hybrid Pension Plan
,
Peter Albrecht, Raimond Maurer, Joachim Coche, and Ralph Rogalla
Market Innovations to Better Allocate Generational Risk
,
Salvador Valdés-Prieto
|
| Authors, editors,
and contributors |
Edited by David Blitzstein, Director of the United Food and Commercial Workers Union (UFCW) Negotiated Benefits Department,
Olivia S. Mitchell, International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, the Executive Director of the Pension Research Council, and the Director of the Boettner Center on Pensions and Retirement Research at the Wharton School, University of Pennsylvania, and
Stephen P. Utkus, Director of the Vanguard Center for Retirement Research
| Contributors:Peter Albrecht, Chair for Business Administration, Risk Theory, Portfolio Management and Insurance, and Managing Director of the Institute for Insurance Science, both at the University of Mannheim,
David Blitzstein, Director of the United Food and Commercial Workers International Union (UFCW) Negotiated Benefits Department,
Henning Bohn, Professor of Economics at the University of
California at Santa Barbara,
Phyllis C. Borzi, Research Professor, Department of Health Policy, School of Public Health and Health Service, The George Washington University Medical Center and Of Counsel, O'Donoghue & O'Donoghue LLP, Washington, DC,
Joachim Coche, Senior Economist, Risk Management Division, at the European Central Bank, in Frankfurt, Germany,
Julia Lynn Coronado, a Senior
Research Analyst at Watson Wyatt Worldwide,
Douglas Fore, Principal Research Fellow at the TIAA-CREF Institute,
Brian J. Fuller, Principal and actuary in Mercer's Richmond health care and group benefits practice,
P. Brett Hammond, head of the Investment Analytics Group at the Teachers Insurance Annuity Association-College Retirement Equities Fund (TIAA-CREF),
Sarah A. Holden, Senior Economist
in the Research Department of the Retirement, Tax and International Division at the Investment Company Institute,
J. Nellie Liang, Assistant Director of the Division of Research and Statistics of the Federal Reserve Board's overseas Capital Markets and Flow of Funds sector,
Raimond Maurer, Chair and Full Professor for Investment, Portfolio Management and Pension Finance, Finance Department,
Goethe University Frankfurt,
Neal McCall, economist in the Office of Financial Institutions Policy, U.S. Treasury,
David McCarthy, faculty member at the Tanaka Business School, Imperial College, London,
Olivia S. Mitchell, International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, the Executive Director of the Pension Research Council, and the Director of the
Boettner Center on Pensions and Retirement Research at the Wharton School,
Anthony Neuberger, Professor of Finance at Warwick Business School, University of Warwick, England,
Anna Rappaport, independent consultant, advocate, writer and speaker,
Ralph Rogalla, research assistant at the Goethe University Frankfurt, Finance Department,
Stephen P. Utkus, Director of the Vanguard Center for
Retirement Research,
Salvador Valdés-Prieto, Professor of Economics at the Catholic University of Chile,
Jack VanDerhei, faculty member at Temple University's Fox School of Business and Management in the Department of Risk, Insurance, and Healthcare Management,
George Wagoner, Principal and Chief Healthcare Actuary at Mercer Human Resource Consulting,
Mark J. Warshawsky, Assistant Secretary
for Economic Policy of the U.S. Treasury,
John D. Worth, Director at the Office of Microeconomic Analysis of the U.S. Treasury,
Tongxuan (Stella) Yang, researcher at the Radian Guaranty Inc.,
Frank Yeager, actuarial analyst in Mercer's Healthcare and Group Benefits practice. |
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