Employee benefits journal最新文献_第10页

Social Insurance: Connecting Theory to Data 社会保险:理论与数据的联系

Employee benefits journal Pub Date : 2012-10-01 DOI: 10.1016/B978-0-444-53759-1.00003-0

Raj Chetty, Amy N. Finkelstein

引用次数: 144

Investment Decisions in Retirement: The Role of Subjective Expectations 退休投资决策:主观预期的作用

Employee benefits journal Pub Date : 2012-10-01 DOI: 10.2139/ssrn.2188403

M. Angrisani, M. Hurd, Erik Meijer

{"title":"Investment Decisions in Retirement: The Role of Subjective Expectations","authors":"M. Angrisani, M. Hurd, Erik Meijer","doi":"10.2139/ssrn.2188403","DOIUrl":"https://doi.org/10.2139/ssrn.2188403","url":null,"abstract":"The rapid transition from defined benefit (DB) pension plans to defined contribution (DC) plans has a potential benefit of offering pension holders greater control over how their pension accumulations are invested. If pension holders are willing to take some risk, investments in the stock market could increase their economic preparation for retirement, and, indeed, economic theory as well as the typical advice of financial advisors calls for stock market investments. Yet, the rate of stock holding is much below what theory suggests it should be, undoing any benefit associated with the greater control coming from DC plans. The leading explanations for this under-investing include excessive risk aversion, costs of entry, and misperceptions about possible returns in the stock market. We show that excessive risk aversion is not able to account for the low fraction of stock holding. However, a model with heterogeneous subjective expectations about stock market returns is able to account for low stock market participation, and tracks the share of risky assets conditional on participation reasonably well. Based on the model with subjective expectations, we estimate a welfare loss of up to 12% compared to investment under rational expectations, if actual returns follow the same distribution as in the past 50 years. The policy implication is that there is considerable scope for welfare improvement as a result of consumer education regarding stock market returns. However, the welfare loss is much smaller if individuals are not very risk averse or if actual returns follow the same distribution as in the past 10 years.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"2017 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86758151","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: 2

The Impact of Investment Behavior for Individual Welfare 投资行为对个人福利的影响

Employee benefits journal Pub Date : 2012-09-14 DOI: 10.2139/ssrn.1129143

Thomas Post, Helmut Gründl, Joan T. Schmit, Anja Zimmer

引用次数: 2

Workplace Characteristics and Employment of Older Workers 工作场所特征与老年工人就业

Employee benefits journal Pub Date : 2012-09-01 DOI: 10.2139/ssrn.2205216

Chinhui Juhn, Kristin McCue

{"title":"Workplace Characteristics and Employment of Older Workers","authors":"Chinhui Juhn, Kristin McCue","doi":"10.2139/ssrn.2205216","DOIUrl":"https://doi.org/10.2139/ssrn.2205216","url":null,"abstract":"As aging of the U.S. population places increased demands on public programs such as Social Security, an important question is how long older Americans are willing and able to work before they retire from the labor force. While studies based on household surveys have provided information on the role of savings, health status, pension and health insurance coverage, there is relatively little information on how workplace and employer characteristics affect the employment of older workers. In this study we use linked employer-employee data to explore the relationship between the characteristics of jobs held at age 55 and early retirement. We focus on a sample of 63-year-olds drawn from the 2005-2008 American Community Survey. We match this sample to information on their earnings, employment, employers and coworkers drawn from the Longitudinal Employer-Household Dynamics data for the years in which they age from 55 to 63. We use employment status as reported in the ACS to split the sample into those who have retired by age 63 and those who continue to work. We then examine differences between early retirees and continuing workers in the characteristics of their employment at age 55, and at how these characteristics change as they approach age 63. We find that early retirees are more likely to be employed by larger employers at age 55 than are continuers. They work for employers with somewhat higher pay than do continuers, and are less likely to have young coworkers.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75231819","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: 1

Growth in Health Consumption and Its Implications for Financing OASDI: An International Perspective 健康消费的增长及其对OASDI融资的影响:国际视角

Employee benefits journal Pub Date : 2012-09-01 DOI: 10.2139/SSRN.2149134

B. Bosworth, Gary T. Burtless

{"title":"Growth in Health Consumption and Its Implications for Financing OASDI: An International Perspective","authors":"B. Bosworth, Gary T. Burtless","doi":"10.2139/SSRN.2149134","DOIUrl":"https://doi.org/10.2139/SSRN.2149134","url":null,"abstract":"The rising cost of U.S. health care has reduced the share of compensation that is taxable by Social Security. Between 1960 and 2010, non-taxable employer premiums for worker health plans increased from 1 percent of employee compensation to 7 percent. We use international data to examine the determinants of trends in health care spending and the reasons that the U.S. experience has differed from that of other high-income countries. In 2010, the share of U.S. gross domestic product devoted to health care was 7.2 percentage points higher than the share in other rich countries. We document the growth of this gap in the past five decades. Much of it developed between 1980 and the mid-1990s, though we also find another episode of outsized growth in the early 2000s. We identify six countries, including most of Scandinavia, which have seen a slowdown in health spending growth. These were also countries that had higher-than expected health spending, given their average incomes, in the 1960s and 1970s. The slowdown in health expenditure growth may simply reflect a reversion of their spending toward the OECD mean. We find no mean reversion in U.S. health spending growth. Our review of other literature suggests that the current excess in U.S. health costs is mainly traceable to higher prices for health care goods and services. Compared with other OECD countries, the United States has been slow to develop institutions or global budget constraints that restrain the pace of growth in health costs.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73965877","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: 10

Peer Choice in CEO Compensation CEO薪酬中的同伴选择

Employee benefits journal Pub Date : 2012-08-27 DOI: 10.2139/ssrn.1362047

Ana M. Albuquerque, Gus De Franco, Rodrigo S. Verdi

引用次数: 213

The Relationship between Professional Exam Performance and Certain Demographic Characteristics of Jordanian Certified Public Accountants Candidates 约旦注册会计师考生专业考试成绩与某些人口统计学特征的关系

Employee benefits journal Pub Date : 2012-08-22 DOI: 10.2139/ssrn.2134406

M. Momany

引用次数: 0

Do Boards of Trustees of South African Retirement Funds Owe Fiduciary Duties to Both the Funds and Fund Members? - The Debate Continues 南非退休基金董事会是否对基金及基金成员负有信托责任?-争论仍在继续

Employee benefits journal Pub Date : 2012-08-17 DOI: 10.17159/1727-3781/2012/V15I2A2499

Motseotsile Clement Marumoagae

{"title":"Do Boards of Trustees of South African Retirement Funds Owe Fiduciary Duties to Both the Funds and Fund Members? - The Debate Continues","authors":"Motseotsile Clement Marumoagae","doi":"10.17159/1727-3781/2012/V15I2A2499","DOIUrl":"https://doi.org/10.17159/1727-3781/2012/V15I2A2499","url":null,"abstract":"Over the years, the South African retirement fund industry has experienced major regulatory changes. These changes were aimed at imposing a higher standard of governance on the boards of trustees governing various pension funds. As such, there has been a debate within the retirement fund industry as to whom the board, as the governing and managing body of the retirement fund, is accountable. South African courts and tribunals adjudicating pension fund related disputes and the retirement industry at large seem to share the view that the board of trustees is accountable to both the fund and its members. In that the board of trustees owes fiduciary duties to both the fund and its members, meaning that the board is required to act in the best interest of the fund and its members. However, in this paper I demonstrate that the boards of trustees of South African Pension Funds are accountable to and owe fiduciary duties only to the fund they serve and not members of those funds. Furthermore, I submit that at the very best the board owes a duty of good faith towards the members of the fund. In order to substantiate my submissions, I distinguish the legal position relating to trust law from the law relating to retirement funds in South Africa.","PeriodicalId":76903,"journal":{"name":"Employee benefits journal","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89641448","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

Executive Compensation: Where We are, and How We Got There 高管薪酬:我们在哪里，以及我们是如何到达那里的

Employee benefits journal Pub Date : 2012-08-12 DOI: 10.1016/B978-0-44-453594-8.00004-5

Kevin J. Murphy

引用次数: 599

Does it Matter If Your Health Insurer is For-Profit? Effects of Ownership on Premiums, Insurance Coverage, and Medical Spending 你的健康保险公司是否以营利为目的重要吗?所有权对保费、保险范围和医疗支出的影响

Employee benefits journal Pub Date : 2012-07-01 DOI: 10.1257/pol.20130370

Leemore S. Dafny, S. Ramanarayanan

引用次数: 16