PSN: Pensions & Retirement (Topic)最新文献

{"title":"The Impact of Expected Pensions on Consumption: Evidence from China","authors":"Wei Zheng, Youji Lyu, Ruo Jia, Katja Hanewald","doi":"10.1017/s147474722100041x","DOIUrl":"https://doi.org/10.1017/s147474722100041x","url":null,"abstract":"\u0000 We study how pension participation and expected pension benefits affect working-age adults’ consumption based on a nationally representative dataset from the China Health and Retirement Longitudinal Study (CHARLS) during the period 2011–2018. We find that the consumption of working-age adults who participate in China's Residents' Basic Pension is 15.4% higher than that of non-participants. Furthermore, we find that if working-age adults' expected pension benefits increase by RMB 1, their consumption will increase by RMB 0.34. Overall, our findings suggest that pension expectations are critical to the consumption decisions of working-age adults and can, therefore, positively affect total domestic consumption.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115135849","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}

{"title":"Pension Reform in the Netherlands","authors":"E. Westerhout","doi":"10.2139/ssrn.3565091","DOIUrl":"https://doi.org/10.2139/ssrn.3565091","url":null,"abstract":"During the last decade, the Dutch have debated intensively reforming their second-pillar pension scheme. Meanwhile, ten years turned out to be a too short period for pension funds to bring their funding ratios to sound levels, due to among others the worldwide decline of interest rates. Currently, the Dutch government and the social partners have come up with a quite concrete reform plan. The plan includes three main points: i) make the move towards actuarially fair pension accruals, ii) strengthen the link between benefit levels and capital market rates of return and iii) introduce the option to take up part of accrued pension wealth at retirement. This paper reviews and interprets the plan for pension reform.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130122739","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}

{"title":"Extending the Retirement Age for Preserving the Costitutive Pension System Mission","authors":"Mauro Visaggio","doi":"10.2139/ssrn.3488982","DOIUrl":"https://doi.org/10.2139/ssrn.3488982","url":null,"abstract":"This paper examines some issues relating to the establishment of defined contribution pension system. First, it shows that the defined benefit pension system could successfully counteract the financial un-sustainability of the pension system, such as defined contribution pension system. Second, it notes that defined contribution pension system re-quires the pension amount to be endogenous and, as a consequence, the abandonment of the constitutive aim of the pension system e.g., consumption smoothing. Third, it argues that the extending of the retirement age may counteract the aging of the population and achieve financial sustainability, along with the individual well-being.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130854122","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}

{"title":"Does Automatic Enrollment Increase Contributions to Supplement Retirement Programs by K-12 and University Employees?","authors":"R. Clark, Denis Pelletier","doi":"10.3386/w26263","DOIUrl":"https://doi.org/10.3386/w26263","url":null,"abstract":"This study examines the impact of the adoption of automatic enrollment provisions by schools and universities in the state of South Dakota for its supplemental retirement saving plan (SRP). In South Dakota, educational personnel are also covered by a defined benefit pension plan and by Social Security. Thus, career public employees in South Dakota can expect a life time annuity from these two programs of around 75 percent of their final salary. Prior to the introduction of automatic enrollment, the proportion of newly hired educators who were contributing to the SRP was less than two percent in their first year of employment. After the introduction of automatic enrollment, over 90 percent of newly hired workers who were auto enrolled were participating in the plan. Thus, auto enrollment is shown to have the same powerful impact on contributions to a retirement saving plan for educational employees even when they also can expect life annuities from a defined benefit pension plan.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124553870","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}

{"title":"Latent Work Capacity and Retirement Expectations","authors":"Italo Lopez Garcia, Nicole Maestas, Kathleen J. Mullen","doi":"10.2139/ssrn.3489371","DOIUrl":"https://doi.org/10.2139/ssrn.3489371","url":null,"abstract":"U.S. Social Security Administration Award RDR18000002, UM19-02; National Institute on Aging Award R01AG056239","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129073645","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}

{"title":"Social Security Benefit Valuation, Risk, and Optimal Retirement","authors":"Yassmin Ali, Ming Fang, P. A. A. Sota, Stephen Michael Taylor, Xun Wang","doi":"10.2139/ssrn.3438080","DOIUrl":"https://doi.org/10.2139/ssrn.3438080","url":null,"abstract":"We develop valuation and risk techniques for the future benefits of a retiree who participates in the American Social Security program based on their chosen date of retirement, the term structure of interest rates, and forecasted life expectancy. These valuation methods are then used to determine the optimal retirement time of a beneficiary given a specific wage history and health profile in the sense of maximizing the present value of cash flows received during retirement years. We then examine how a number of risk factors including interest rates, disease diagnosis, and mortality risks impact benefit value. Specifically, we utilize principal component analysis in order to assess both interest rate and mortality risk. We then conduct numerical studies to examine how such risks range over distinct income and demographic groups and finally summarize future research directions.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128594561","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}

{"title":"Measuring Household Wealth in the Panel Study of Income Dynamics: The Role of Retirement Assets","authors":"Daniel H. Cooper, Karen E. Dynan, Hannah Rhodenhiser","doi":"10.29412/RES.WP.2019.06","DOIUrl":"https://doi.org/10.29412/RES.WP.2019.06","url":null,"abstract":"While the Panel Study of Income Dynamics (PSID) has much to offer researchers studying household behavior, one limitation is that its summary measure of wealth is not as broad as those of other commonly used surveys, such as the Survey of Consumer Finances (SCF), because it does not include the value of defined-contribution (DC) pensions. This paper describes the pension data available in the PSID and shows how they can be used to create a more comprehensive picture of household finances. We then compare various measures derived from these data with their counterparts from the SCF. Along a number of dimensions, the PSID data line up fairly well. Notably, an augmented summary measure of PSID wealth that includes the value of DC pensions is considerably closer to the SCF summary measure than to the standard measure for the median household. We conclude by presenting several examples of research areas where using a broader measure of wealth might be important.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"558 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125313160","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}

{"title":"Retirement Security: Trends in Corporate Restructurings and Implications for Employee Pensions","authors":"Charles A. Jeszeck, D. Lehrer, Charles J Ford, Jessica Moscovitch, James Bennett, Lilia Chaidez, Michelle Munn, J. Orr, C. Panetta, Rhiannon Patterson, Rachel R. Stoiko, F. Todisco, Weigle Hannah, Adam Wendel","doi":"10.2139/ssrn.3420150","DOIUrl":"https://doi.org/10.2139/ssrn.3420150","url":null,"abstract":"Over the past 20 years, corporate restructurings, particularly mergers and acquisitions (M&A) tended to happen more frequently during periods of economic expansion. GAO's analysis found that from 1999 through 2018, M&A activity comprised the largest share of corporate restructurings. In terms of dollar value of completed deals, M&A activity experienced relative peaks in 2000, 2007, 2015-2016, and 2018. The number of M&A deals followed a similar trend. Further, GAO found that company takeovers comprised the largest share of completed M&A activity during the time period, and many completed deals included private equity involvement, that is generally a transaction involving equity capital not quoted on a public exchange. \u0000 \u0000Since 2009, M&A deals, on average, have tended to be completed in shorter time frames. In contrast, large bankruptcies — those $305 million or more in 2018 dollars — occurred during periods of economic distress and peaked during the two most recent recessions. \u0000 \u0000The effects of corporate restructuring on retirement plans are generally unclear. Limited data make it difficult to understand or determine the effects, if any, of corporate restructurings on pension benefits. Two key sources of data we analyzed, the Bloomberg Terminal and the UCLA LoPucki Bankruptcy Research Database, may not contain the full array of restructuring events and do not include data or other key information on pension plans. In addition, pension benefit changes may be made with or without regard to any underlying restructuring event and such restructurings could result in business and economic efficiencies. One expert stated that, as with corporate restructuring events, the acquiring firm will often harmonize their benefits so the target firm's benefits are made similar to the acquiring firm. Thus, some employees could obtain access to another company's pension and benefit programs. Other experts told GAO that a restructuring may prompt a company to re-think its employee benefit structures. Moreover, a few experts said there is less time for some stakeholders, including employees and retirees, to determine how the restructuring will impact their pension plan. As a consequence, these experts said affected stakeholders, including retirees and the Pension Benefit Guaranty Corporation may be excluded from certain negotiations. \u0000 \u0000As noted in previous GAO work, bankruptcy transactions may have adverse effects for employees as bankruptcy can be a contentious process where stakeholders compete for assets that are often diminishing in size. On average, firms that emerge from bankruptcy do so with over one-quarter fewer employees than they had prior to filing for bankruptcy.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128846338","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}

{"title":"Reparations: An Estimate of the Consequences of Denying Social Security to Agricultural and Domestic Workers","authors":"D. Stoesz","doi":"10.2139/ssrn.3364315","DOIUrl":"https://doi.org/10.2139/ssrn.3364315","url":null,"abstract":"Initial provisions of the 1935 Social Security Act excluded disproportionately minority agricultural and domestic workers, occupational groups not enrolled in Social Security until the early 1950s. This article estimates the economic value of the exclusion of these workers, in addition to considering subsequent policy developments, especially welfare reform in 1996 and healthcare reform in 2010. The exclusion of unskilled workers in the South and Southwest from a public pension during the early years of Social Security not only reflects a pattern of denying benefits that continues, but also contributes to the call for reparations.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134328591","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}

{"title":"العجز في صناديق التقاعد السعودية: الأسباب والحلول (Deficits in the Saudi Pension Funds: Causes and Solutions)","authors":"Omar Almania, Ayth Al Mubarak","doi":"10.2139/SSRN.3328122","DOIUrl":"https://doi.org/10.2139/SSRN.3328122","url":null,"abstract":"Arabic Abstract: \u0000بلغت العجوزات الإكتوارية للصناديق السعودية مستويات غير مسبوقة، مما يدفع للبحث عن أسباب وحلول المشكلة. استعرضنا في المبحث الأول كيفية عمل صناديق التقاعد السعودية للتعريف بمشكلة العجز. ثم تطرقنا للأسباب التي تدفعنا لتبني الرأي القائل بضرورة إصلاح أنظمة التقاعد في السعودية. ثم أفردنا المبحث الثاني لمناقشة الأسباب التي أدت إلى العجز المالي. ورأينا بأن الأسباب الرئيسية لمشكلة العجز في السعودية تعود إلى التغييرات الديموغرافية، وكرم الأنظمة المحلية، وأحكام التقاعد المبكر. وفي المبحث الأخير؛ استرشدنا بالدراسات السابقة وبتجارب الدول الأخرى في معالجة العجوزات المالية لصناديق التقاعد، واستعرضنا مجموعة من الحلول ومنها إعادة النظر في أحكام التقاعد المبكر، ورفع السن التقاعدي، وتحسين حوكمة الصناديق ومراجعة سياساتها الاستثمارية. \u0000 \u0000English Abstract: The deficits in the Saudi pension funds have reached unprecedented levels, motivating the search for the causes and solutions. To introduce the problem, we begin by providing a brief background on how the Saudi pension systems are designed. The following section discusses the possible reasons that might have caused the deficit, including demographic changes, generosity of the current systems, and early retirement provisions. We argue that the existing systems are unsustainable and that reforms are long overdue. Hence, we survey prior studies and other countries’ experiences in dealing with pension deficits to identify possible solutions that may fit the Saudi context. These solutions include revising the early retirement provisions, raising the retirement age, and improving the governance and investment policies of the Saudi funds. Collectively, this paper contributes to the ongoing debate on reforming the Saudi pension funds.","PeriodicalId":430314,"journal":{"name":"PSN: Pensions & Retirement (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131142219","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}