Download or read book Hybrid Pension Schemes written by Roger Baumann and published by Sudwestdeutscher Verlag Fur. This book was released on 2008-11 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis' focus is on risks aspects evolving from a defined contribution pension plan including a guarantee (or quasi-guarantee). In general the guarantee is assumed to be higher than the riskless yield. From this incomplete market setting evolves a non-hedgeable shortfall risk. The thesis considers in different continuous-time settings the risk allocation between the plan sponsor and the employee and analyzes the investment strategy of the plan sponsor.
Download or read book Hybrid Pension Schemes written by Roger Titus Baumann and published by . This book was released on 2005 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Fund Risk Management written by Marco Micocci and published by CRC Press. This book was released on 2010-01-25 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr
Download or read book Risk Management for Pension Funds written by Francesco Menoncin and published by Springer Nature. This book was released on 2021-02-09 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a consistent and complete framework for studying the risk management of a pension fund. It gives the reader the opportunity to understand, replicate and widen the analysis. To this aim, the book provides all the tools for computing the optimal asset allocation in a dynamic framework where the financial horizon is stochastic (longevity risk) and the investor's wealth is not self-financed. This tutorial enables the reader to replicate all the results presented. The R codes are provided alongside the presentation of the theoretical framework. The book explains and discusses the problem of hedging longevity risk even in an incomplete market, though strong theoretical results about an incomplete framework are still lacking and the problem is still being discussed in most recent literature.
Download or read book The Valuation and Risk Management of a DB Underpin Pension Plan written by Kai Chen and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restructuring Retirement Risks written by David Blitzstein and published by Oxford University Press, USA. This book was released on 2006-08-03 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting retirement security as a major policy concern, this book addresses the question 'What are the risks & rewards in pensions, & what paths can stakeholders chose to solve these problems?'. It deals with employees' needs & expectations, employers' intentions & realizations, & policymakers' efforts to resolve the many challenges.
Download or read book Risk Sharing and Hybrid Pension Plans written by and published by . This book was released on 2005 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hybrid Retirement Plans written by Brandes Institute and published by . This book was released on 2015 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americans are rapidly losing their pensions -- replaced by savings plans disguised as retirement plans.Many sponsors view defined contribution (DC) plans as the best option for retaining some of the features of a pension plan without bearing all of the costs and risks of DB. This paper explores how hybrid plans offer a more flexible approach to retirement plans by bringing together the best features of both DB and DC.This paper explores how:• Hybrid plans offer a flexible third option -- taking advantage of the best features of DB and DC plans, including:• A shared-risk approach• Stable cost• Guaranteed lifetime benefits• Professional management• Hybrid plans -- and how they balance sponsor and beneficiary responsibilities -- differ materially and hence provide flexibility.• A hybrid plan can limit participant biases and may help increase contributions and reduce investment risk.• Hybrid plans use professional management that can look beyond short-term volatility to focus on maximizing return potential (e.g., greater exposure to equities and higher yielding bonds).• Hybrids pool individual participants' assets, helping counter longevity risk.
Download or read book Private Pensions and Public Policies written by William G. Gale and published by Rowman & Littlefield. This book was released on 2004-04-21 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private pension system, together with Social Security, has provided millions of Americans with income security in retirement. But over the past thirty years, pension coverage has stagnated, leaving behind some vulnerable groups. Defined contribution plans have exposed workers to greater investment risk, while cash balance and other hybrid plans may have adverse effects on older workers caught in the transition. Pension regulations, infamous for their complexity, can be bewildering to policy analysts and policymakers. Private Pensions and Public Policies sheds timely and much-needed light on specific issues within the broader context and framework of pension reform. Contributors focus on topics that must be addressed in any reform effort, including the effects of the shift in emphasis toward defined contribution plans (after the 1974 Employee Retirement Income and Security Act) and hybrid plans (from the 1990s); regulatory issues such as nondiscrimination rules and contribution limits; how to increase the information available to participants and improve financial education; how participants in defined contribution plans make choices on questions such as asset allocation, back-loaded versus front-loaded saving, and annuities versus lump sum distributions; and the interaction of the private pension system with Social Security. Contributors include Robert L. Clark (North Carolina State University), Sylvester J. Schieber (Watson Wyatt Worldwide), Richard A. Ippolito (George Mason University School of Law), Alan L. Gustman (Dartmouth College), Thomas L. Steinmeier (Texas Tech University), John Karl Scholz (University of Wisconsin), Dean M. Maki, (JPMorgan Chase), William Even (Miami University of Ohio), Jagadeesh Gokhale (American Enterprise Institute), Laurence J. Kotlikoff (Boston University), Mark J. Warshawsky (TIAA-CREF Institute), Annika Sunden (Boston College), Andrew A. Samwick (Dartmouth College), David A. Wise (Harvard University), Joel Dickson (T
Download or read book The Optimal Allocation of Pension Risks in Employment Contracts written by David McCarthy and published by . This book was released on 2005 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investment Risks and Returns of Hybrid Pension Plans written by Peter Albrecht and published by . This book was released on 2006 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes pension plan costs and investment strategies in the context of alternative hybrid pension plans which are optimal either from the perspective of the plan sponsor or the beneficiaries. The focus is in particular on how the introduction of minimum and maximum limits for pension benefits as well as minimum guarantees and caps on the return of the members' individual investment accounts affect investment decisions and plan costs. Within a comparative static analysis framework, it is shown that for low to medium risk portfolios, minimum benefit guarantees tend to be more expensive than minimum return guarantees while for the latter costs increase exponentially with investment risk. The study also finds that the portfolio choice of the sponsor and the beneficiaries shows substantial differences depending on the exact plan design and the beneficiaries' risk aversion. Combining minimum return guarantees and caps on investment returns emerged as a possible means to reduce such differences, to share investment risks and returns more equally between sponsor and beneficiaries, and to keep pension plan costs under control.
Download or read book Understanding Risks in a Hybrid Pension Plan with Stochastic Rates of Return written by Tingting Wen and published by . This book was released on 2014 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: The solvency risk, contribution rate risk, and benet risk of a hybrid pension plan with stochastic investment returns are studied in this project. Gaussian, autoregressive and moving average processes are used to model the rate of return. The rst two moments of the funding level, the contribution rate and the benet payment are presented both at the stationary status and during evolution. Three investment strategies are considered and the risks generated in the hybrid pension plan are compared. Dierent sets of valuation rates of interest are used to understand the impact of regulative environmental change on the hybrid pension plan. The trade-o between the contribution and benet risks and the optimum region of risk sharing are discussed to provide an insight of the relationship between plan sponsors and employees under a hybrid pension plan.
Download or read book Social Security Policy in a Changing Environment written by Jeffrey R. Brown and published by University of Chicago Press. This book was released on 2009-12-15 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate. It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options. In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population. The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
Download or read book Favorable Determination Letter written by United States. Internal Revenue Service and published by . This book was released on 2001 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Pension Management written by Keith P. Ambachtsheer and published by John Wiley & Sons. This book was released on 2016-02-23 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: A real-world look at the pension revolution underway The Future of Pension Management offers a progress report from the field, using actual case studies from around the world. In the mid-70s, Peter Drucker predicted that demographic dynamics would eventually turn pensions into a major societal issue; in 2007, author Keith Ambachsheer's book Pension Revolution laid out the ways in which Drucker's predictions had come to pass. This book provides a fresh look at the situation on the ground, and details the encouraging changes that have taken place in pension management concepts and practices. The challenges identified in 2007 are being addressed, and this report shows how design, management, and investment innovation have led to measurably better pension outcomes. Pensions have become an everyday news item, and people are rightly concerned about the security of their retirement in light of recent pension scandals and the global financial crisis. This book provides a note of encouragement, detailing the ways in which today's pensions are becoming more and more secure, and the new ideas and practices that are chipping away at the challenges. Learn how pension management practices are improving Examine the uptick in positive outcomes over recent years Discover why pension investing is turning toward the long-term Consider the challenges that remain and their possible solutions Drucker's vision of a needed pension revolution is unfolding in real time. Better pension designs, more effective pension governance, and more productive pension investing are mitigating many of the issues that threatened collapse. The Future of Pension Management provides a real-world update on the state of pensions today and a look forward to the changes we still need to make.
Download or read book Economic Challenges of Pension Systems written by Marta Peris-Ortiz and published by Springer Nature. This book was released on 2020-03-20 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
Download or read book Innovations in Retirement Financing written by Olivia S. Mitchell and published by University of Pennsylvania Press. This book was released on 2002-02-26 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Wharton School
