Reorienting Retirement Risk Management

Hardcover | September 26, 2010

EditorRobert L. Clark, Olivia S. Mitchell

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Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers cando. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise toserious questions about the future of retirement in America and around the world. This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those actingas plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described that can help with the design of retirement plans. Experts provide new research and offer policy recommendations, illustrating how retirementplans can be amended to better meet the retirement needs of workers and firms. This volume is an important addition to the Pensions Research Council / Oxford Univeristy Press series and to the current debate on retirement security.

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Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers cando. Employers and employees have found it diff...

Robert L. Clark is Professor of Management, Innovation, and Entrepreneurship and Professor of Economics at North Carolina State University. His research interests include retirement decisions, the choice between defined benefit and defined contribution plans, the impact of pension conversions to defined contribution and cash balance pl...

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Format:HardcoverDimensions:304 pages, 9.21 × 6.14 × 0.88 inPublished:September 26, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199592608

ISBN - 13:9780199592609

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Table of Contents

1. Robert L. Clark and Olivia S. Mitchell: The Evolution of Retirement Risk ManagementPart I: Revisiting Retirement Saving and Dissaving Advice2. P. Brett Hammond and David P. Richardson: Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio3. Robert L. Clark, Melinda S. Morrill, and Steven G. Allen: Employer-Provided Retirement Planning Programs4. Anna M. Rappaport and John A. Turner: How Does Retirement Planning Software Handle Post-Retirement Realities?5. Lynn Pettus and R. Hall Kesmodel, Jr.: Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?Part II: The Environment for Retirement Plan Redesign6. Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla: The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios7. Craig Copeland and Jack VanDerhei: The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How8. Damon Silvers: Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform9. Joelle H.Y. Fong, Olivia S. Mitchell, and Benedict S.K. Koh: Longevity Risk and Annuities in SingaporePart III: Innovations in Retirement Risk Financing10. Igor Balevich: Outsourcing Pension Longevity Protection11. John Ameriks, Michael Hess, and Liqian Ren: Comparing Spending Approaches in Retirement12. Sterling Gunn and Tracy Livingstone: Risk Budgeting for the Canadian Pension Plan Investment Board13. Aaron Bernstein: Can VEBAs Alleviate Retiree Health Care Problems?