Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk

Hardcover | October 30, 2014

EditorOlivia S. Mitchell, Raimond Maurer, P. Brett Hammond

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The financial crisis and the ensuing Great Recession alerted those seeking to protect old-age security, about the extreme risks confronting the financial and political institutions comprising our retirement system. The workforce of today and tomorrow must count on longer lives and deferred retirement, while at the same time it is taking on increased responsibility for managing retirement risk. This volume explores new ways to think about, manage, and finance longevity risk, capital market risk, model risk, andregulatory risk.This volume offers an in-depth analysis of the "black swans" that threaten private and public pensions around the world. Capital market shocks, surprises to longevity, regulatory/political risk, and errors in modelling, will all have profound consequences for stakeholders ranging from pension planparticipants, plan sponsors, policymakers, and those who seek to make retirement more resistant. This book analyzes such challenges to retirement sustainability, and it explores ways to better manage and finance them. Insights provided help build retirement systems capable of withstanding what thefuture will bring.

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The financial crisis and the ensuing Great Recession alerted those seeking to protect old-age security, about the extreme risks confronting the financial and political institutions comprising our retirement system. The workforce of today and tomorrow must count on longer lives and deferred retirement, while at the same time it is takin...

Olivia S. Mitchell is International Foundation of Employee Benefit Plans Professor of Insurance/Risk Management, Professor of Business Economics/Public Policy, Executive Director of the Pension Research Council, and Director of the Boettner Center for Pensions and Retirement Research at the Wharton School. Concurrently Dr. Mitchell is ...

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Format:HardcoverDimensions:336 pages, 9.21 × 6.14 × 0.1 inPublished:October 30, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198719248

ISBN - 13:9780198719243

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Table of Contents

1. Olivia S. Mitchell and Raimond Maurer: Introduction: Recreating Retirement SustainabilityCapital Market and Model Risk2. Enrico Biffis and Robert Kosowski: Managing Capital Market Risk for Retirement3. Jim Moore and Niels Pederson: Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns4. Marlena Lee: Stress Testing Monte Carlo AssumptionsLongevity Risk5. Andrew Cairns: Modeling and Management of Longevity Risk6. Guy Coughlan: Longevity Risk Management, Corporate Finance, and Sustainable Pensions7. Michael Sherris and Qiming Zhou: Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail Risk8. Richard MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian: The Securitization of Longevity Risk and Its Implications for Retirement SecurityRegulatory and Political Risk9. E. Philip Davis: Evolving Roles for Regulators: Toward Better Risk Control?10. Stefan Lundberg, Cardano, Ruben Laros, and Laura Rebel: Developments in European Pension Regulation: Risks and Challenges11. Tim Hodgson: Extreme Risks and the Retirement AnomalyImplications for Plan Sponsors12. Amy R. Kessler: Strategies for Sustainable Defined Benefit Pension Funds13. Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino: The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget