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Fundamentals of Private Pensions

Eighth Edition

Dan M. McGill, Kyle N. Brown, John J. Haley, and Sylvester J. Schieber

Price: £75.00 (hardback)
ISBN-13: 978-0-19-926950-1
Publication date: 9 December 2004
902 pages, 71 figures, 246x189 mm

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Description

The authoritative text and reference book on private pensions in the US for professionals and academics
This eighth edition is revised and updated, including sections on the conversion of some tradition pensions to new hybrid forms, and the growing pehnomenon of phased retirement.
Organized into six main sections to enable the reader to use the voume as a text, research tool, or a general reference work.
Of relevance to all pensions scholars

New to this edition

Sections on the conversion of tradition pensions to new hybrid pensions forms (including cash balance and pension equity plans)
Sections on the growing phenomneon of phased retirement and the issues for employer-sponsored pensions.

For almost five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on private pensions in the US in the world. The revised and updated eighth edition adds to past knowledge while providing exciting new perspectives on the provision of retirement income.

This new edition is organized into six main sections dealing with a variety of separable pension issues. Section I provides an introductory discussion on the historical evolution of the pension movement and how pensions fit into the patchwork of the whole retirement income security system in the United States. It includes a discussion about the economics of the tax incentives that have played a role in stimulating pension offerings and in the structure of the benefits provided. Section 2 lays out the regulatory environment in which private pension plans operate. Section 3 investigates the various forms of retirement plans that are available to workers to determine how they are structured in practical terms. Section 4 focuses on the economics of pensions. Several of the chapters in this section update and refine material from the prior. New chapters in this volume describe the conversion of some traditional pensions to new hybrid forms, including cash balance and pension equity plans, and the growing phenomenon of phased retirement and the issues raised for employer-sponsored pensions. Section 5 explores the funding and accounting environments in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as the insurance provision behind the benefit promises implied by the plans.

This latest edition of Fundamentals of Private Pensions will prove invaluable reading for both academics and professionals working in the area of pensions and pension management.

Readership: Fundamentals of Private Pensions is, quite simply, the authoritative text for pension plan design and management. Authored originally in 1952 by Dan McGill, Professor of Insurance at the University of Pennsylvania's Wharton School, this book has instructed generations about pensions and other employee benefits. McGill's co-authors for the 8th edition are also luminaries in the pension field, offering some of the clearest thinking and creative ideas in modern pension thought. The revision includes all-new perspectives on how pensions are used in the human resource management context, evidence of new hybrid plans, and valuable insights on how pensions can be shaped to better secure the retirement income promise. Those seeking an understanding of how pensions shape and in turn are shaped by employees, management, shareholders, and national expectations should consult this classic yet completely updated reference.

Contents

Section I: Introduction

1. Underlying Forces

2. Public Pensions Programs

3. Economics of Tax Preferences for U.S. Retirement Plans

Section II: The Regulatory Environment

4. Historical Review of Pension Regulation

5. Basic Regulatory Environment and Plan Qualification Requirements

6. Coverage, Nondiscrimination, and Integration with Social Security

7. Tax Consequences--Distributions and Contributions

8. Form of Doing Business and Transactional Considerations

9. Fiduciary Responsibility and Participation Rights

Section III: The Structure of Private Retirement Plans

10. Defined Benefit Design: Retirement and Ancillary Benefits

11. Defined Contribution Plan Design Features

12. Hybrid Defined Benefit Plan Designs

13. Individual Tax-Favored Savings Plans

Section IV: Design and Delivery of Retirement Benefit Plans

14. Overall Objectives in Designing a Retirement Program

15. Financing of Employer-Sponsored Retirement Plans

16. Total Retirement Income: Setting Goals and Meeting Them

17. Dealing with Risks of Outliving Retirement Resources

18. Human Resource Incentives In Employer-Sponsored Retirement Plans

19. Motivations and Ramifications for the Shift to Hybrid Pensions

20. Changing the End of Work--Phased Retirement

Section V: Pension Funding and Accounting

21. Actuarial Cost Factors

22. Benefit Allocation Actuarial Cost Methods

23. Cost Allocation Actuarial Cost Methods

24. Pension Cost Illustrations And Forecasts

25. Approaches to Meeting the Financial Obligations of a Defined Benefit Plan

26. Pension Accounting

Section VI: Assets and Insurance

27. Management of Pension Plan Assets: Policy

28. Management of Pension Plan Assets: Operations

29. Plan Termination and Plan Benefits Insurance

Authors, editors, and contributors

Dan M. McGill, Professor of Insurance and Risk Management, The Wharton School of the University of Pennsylvania (Emeritus),
Kyle N. Brown, Watson Wyatt Worldwide Research and Information Center,
John J. Haley, Vice President, Watson Wyatt Worldwide, and
Sylvester J. Schieber, Vice President of Watson Wyatt Worldwide and Director, Watson Wyatt's Research and Information Center

Links to web resources and related information

More in the same subject area:
Pensions
Business & management
Economics

The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.