Journal of Retirement最新文献_第10页

Combining Conventional Investing with a Lifetime Income Guarantee: A Blueprint for Retirement Security 结合传统投资与终身收入保障:退休保障蓝图

Journal of Retirement Pub Date : 2019-03-22 DOI: 10.3905/jor.2019.1.047

T. Totten, Laurence B. Siegel

引用次数: 4

Conflicts of Interest in Mutual Fund Sales: What Do the Data Tell Us? 共同基金销售中的利益冲突：数据告诉我们什么？

Journal of Retirement Pub Date : 2019-02-09 DOI: 10.3905/jor.2019.1.044

Jasmin K. Sethi, Jake Spiegel, Aron Szapiro

{"title":"Conflicts of Interest in Mutual Fund Sales: What Do the Data Tell Us?","authors":"Jasmin K. Sethi, Jake Spiegel, Aron Szapiro","doi":"10.3905/jor.2019.1.044","DOIUrl":"https://doi.org/10.3905/jor.2019.1.044","url":null,"abstract":"Conflicts of interest can arise when financial advisors and brokers have a financial incentive to recommend certain products to investors. Identifying the effects and quantifying the costs of conflicted advice is a challenge for researchers and regulators alike. In this article, the authors build on the methodology developed by Susan Christofferson, Richard Evans, and David Musto and employed by the US Department of Labor (DOL) in its regulatory impact analysis of the fiduciary rule, a package of rules finalized in 2016 that has since been vacated in a court challenge. The authors examine data from public filings and Morningstar to quantify how payments to brokers drive fund flows and affect investor returns and to determine the extent to which regulation has been effective in mitigating conflicts of interest. Earlier research found that funds that paid higher-than-expected loads to brokers reduced investors’ returns, but the authors’ research finds that after the passage of Dodd–Frank, this relationship weakened, and advisors and brokers are more rigorously screening the products they recommend to investors. Funds that pay higher-than-expected loads to brokers continued to see higher inflows, but this effect diminished around the time the DOL proposed the fiduciary rule, likely because firms took additional steps to facilitate recommendations of lower-cost funds (generally without loads) to retail retirement savers in anticipation and as a result of the rule. The authors interpret this evidence to suggest that the passage of Dodd–Frank and the proposal of the fiduciary rule prompted changes that mitigated the distortionary effects of conflicted advice. They conclude that targeted regulation of financial advice has benefited investors, even if it has not been fully implemented.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"6 1","pages":"46 - 59"},"PeriodicalIF":0.0,"publicationDate":"2019-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47797695","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: 0

Irrational Expectations, Future Social Security Benefits, and Life Cycle Planning 非理性预期、未来社会保障福利和生命周期规划

Journal of Retirement Pub Date : 2019-02-09 DOI: 10.3905/jor.2019.6.3.060

J. Turner, Saisai Zhang, G. Hughes, D. Rajnes

{"title":"Irrational Expectations, Future Social Security Benefits, and Life Cycle Planning","authors":"J. Turner, Saisai Zhang, G. Hughes, D. Rajnes","doi":"10.3905/jor.2019.6.3.060","DOIUrl":"https://doi.org/10.3905/jor.2019.6.3.060","url":null,"abstract":"An extensive amount of literature examines the impact of expectations on economic behavior at both the micro and macro level. In the area of individual financial security, research taking into account the difference between rational expectations and actual behavioral expectations regarding asset returns, inflation, savings, and spending has contributed to better understanding and improved program design. In contrast, relatively little attention has been paid to workers’ expectations of their future Social Security benefits. Because Social Security benefits are an important source of retirement income for most workers in many countries, future Social Security benefit expectations presumably play an important role in their consumption, saving, labor supply, and portfolio investment decisions. This article surveys the literature relating to these expectations and presents evidence of workers’ expectations of future Social Security benefits in Canada, Ireland, and the United States. In all three countries, with differing systems of financing and differing politics concerning the programs, surveys find a surprising degree of pessimism and lack of trust in Social Security programs. Although rhetoric in the United States about Social Security being “broken” may be part of the explanation there, such rhetoric is not present in Canada and Ireland.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"6 1","pages":"60 - 68"},"PeriodicalIF":0.0,"publicationDate":"2019-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42654988","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: 3

Correlation between 401(k) Plans and Corporate Financial Performance 401（k）计划与公司财务业绩之间的相关性

Journal of Retirement Pub Date : 2019-02-09 DOI: 10.3905/jor.2019.6.3.034

Sudipto Banerjee, Brian Bankert, Joshua Dietch, Sudhir Nanda, Anthony Zhu

引用次数: 1

Assessing Fee Fairness: Characteristics of an Effective Plan Fee Structure 评估费用公平性:有效计划费用结构的特征

Journal of Retirement Pub Date : 2019-02-09 DOI: 10.3905/jor.2019.6.3.023

Benjamin Goodman, David P. Richardson

{"title":"Assessing Fee Fairness: Characteristics of an Effective Plan Fee Structure","authors":"Benjamin Goodman, David P. Richardson","doi":"10.3905/jor.2019.6.3.023","DOIUrl":"https://doi.org/10.3905/jor.2019.6.3.023","url":null,"abstract":"This article develops a four-part framework for assessing the effectiveness of a retirement plan administrative fee structure. An administrative fee structure should satisfy three efficiency standards: (1) adequacy, (2) transparency, (3) administrative. It should also satisfy (4) a fairness standard based on both horizontal equity—participants with similar levels of assets pay similar levels of fees—and vertical equity—participants with a higher level of assets pay at least the same proportion in fees as those with lower asset balances. Using administrative data from a large plan, we demonstrate that an administrative fee structure charging a flat pro rata fee can satisfy all four standards. By contrast, we show that a pure per capita administrative services fee can satisfy the three efficiency standards but will fail the fairness standard. Indeed, our plan analysis shows that a flat per capita fee is highly regressive, with the lowest-asset participants paying equivalent pro rata fees that may be thousands of times larger than the highest-asset participants. A hybrid fee structure that uses a combination of per capita fees and pro rata fees, or capitates total fees paid by any individual, can reduce the unfairness of a pure per capita fee but will also weaken the efficiency standards because it is more complex to understand and administer.","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"6 1","pages":"23 - 33"},"PeriodicalIF":0.0,"publicationDate":"2019-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43287873","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: 0

Editor’s Letter 编者的信

Journal of Retirement Pub Date : 2019-02-09 DOI: 10.3905/jor.2019.6.3.001

Brett Hammond

引用次数: 0

Optimizing Social Security Benefits Is Still Complicated 优化社会保障福利仍然很复杂

Journal of Retirement Pub Date : 2019-02-01 DOI: 10.3905/JOR.2019.1.043

William R Reichenstein, W. Meyer

引用次数: 0

Employer Concerns and Responses to an Aging Workforce 雇主对劳动力老龄化的关注和回应

Journal of Retirement Pub Date : 2019-02-01 DOI: 10.3905/JOR.2019.1.049

R. Clark, Steven A. Nyce, Beth M. Ritter, J. Shoven

{"title":"Employer Concerns and Responses to an Aging Workforce","authors":"R. Clark, Steven A. Nyce, Beth M. Ritter, J. Shoven","doi":"10.3905/JOR.2019.1.049","DOIUrl":"https://doi.org/10.3905/JOR.2019.1.049","url":null,"abstract":"Economists and public policy analysts have devoted considerable research to examining the work and retirement decisions of employees. Much less effort has been spent on understanding the concerns and challenges of employers if their workers delay retirement and remain on the job until older ages. In this study, we report findings from three employer surveys with the objective of learning how organizations are responding to the aging of their workforces. The surveys provide several important observations. First, employer concerns about workforce aging vary considerably across the economy. To some firms, these demographic changes are of immediate concern and are viewed as a significant risk to the organization, while other firms remain more concerned about the potential productivity and cost effect of an older labor force. Second, most employers expect the importance of workforce aging to increase in the next five years. In response, a significant proportion of organizations are making changes to working conditions and compensation policies. Third, firms remain reluctant to adopt formal phased retirement policies but are more willing to offer part-time employment, return to work, and other policies on a case-by-case basis. TOPICS: Retirement, legal/regulatory/public policy","PeriodicalId":36429,"journal":{"name":"Journal of Retirement","volume":"6 1","pages":"82 - 99"},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46951511","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: 12

Toward Determining the Optimal Investment Strategy for Retirement 决定最佳退休投资策略

Journal of Retirement Pub Date : 2018-12-14 DOI: 10.3905/jor.2019.1.052

Javier Estrada, M. Kritzman

引用次数: 15

Do Unpaid Caregivers Save Less for Retirement? 无偿护理人员为退休储蓄少吗？

Journal of Retirement Pub Date : 2018-10-31 DOI: 10.3905/jor.2018.6.2.061

C. Weller, M. Tolson

引用次数: 3