EP: Pension Type (Defined Benefit/Defined Contribution) (Topic)最新文献

The Gompertz - Makeham Coupling as a Dynamic Life Table 动态生命表中的Gompertz - Makeham耦合

EP: Pension Type (Defined Benefit/Defined Contribution) (Topic) Pub Date : 2011-01-12 DOI: 10.2139/ssrn.1739205

Abraham Zaks

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引用次数: 0

Pricing Risk in Corporate Pension Plans: Understanding the Real Pension Deal 企业养老金计划的定价风险:了解真正的养老金交易

EP: Pension Type (Defined Benefit/Defined Contribution) (Topic) Pub Date : 2009-02-12 DOI: 10.2139/ssrn.1341576

R. Hoevenaars, Theo P. Kocken, Eduard H. M. Ponds

引用次数: 9

A Lifecycle Analysis of Defined Benefit Pension Plans 固定收益养老金计划的生命周期分析

EP: Pension Type (Defined Benefit/Defined Contribution) (Topic) Pub Date : 2003-02-01 DOI: 10.2139/ssrn.1091483

David Mccarthy

{"title":"A Lifecycle Analysis of Defined Benefit Pension Plans","authors":"David Mccarthy","doi":"10.2139/ssrn.1091483","DOIUrl":"https://doi.org/10.2139/ssrn.1091483","url":null,"abstract":"This paper employs a lifecycle model from the consumption-savings literature to examine the tradeoffs between defined benefit and defined contribution pension plans. We examine the effects of varying risk aversion, varying initial income and financial wealth, and varying wage processes (that may be correlated with returns on the risky asset). Results indicate that wage-indexed claims are not an optimal vehicle for retirement policy if the decision to participate is made early in life, because individuals hold most of their wealth in their human capital and would not wish to increase their exposure to income shocks. Later in life, after most of a worker’s human capital has been converted to financial assets, defined benefit pension plans help increase diversification by reducing exposure to financial market risk. The access that defined benefit plans provide to annuities markets and possible guaranteed rates of return over the risk-free rate increase the value of defined benefit plans to workers. The model also predicts that wage-indexed claims will be more valuable when equity markets provide low expected returns or are highly variable and when annuity markets are inefficient. The model illustrates two economic functions performed by defined benefit plans. Firstly, DB plans pool individual wage risks. This allows older workers to buy a wagelinked security that increases their exposure to wage risks. Secondly, they create a group annuities market that reduces the cost of adverse selection.","PeriodicalId":307788,"journal":{"name":"EP: Pension Type (Defined Benefit/Defined Contribution) (Topic)","volume":"233 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115839971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

Pension Developments and Reforms in Transition Economies 转型经济体的养恤金发展和改革

EP: Pension Type (Defined Benefit/Defined Contribution) (Topic) Pub Date : 1998-10-01 DOI: 10.5089/9781451922912.001.A001

M. Cangiano, C. Cottarelli, Luis M. Cubeddu

引用次数: 50

Resurrecting the Defined Benefit Pension Plan: A New Perspective 固定收益养老金计划的复兴:一个新的视角

EP: Pension Type (Defined Benefit/Defined Contribution) (Topic) Pub Date : 1900-01-01 DOI: 10.2139/SSRN.830047

D. Fore, P. Hammond

引用次数: 2