Reshaping Retirement Security: Lessons from the Global Financial Crisis

Hardcover | October 15, 2012

EditorRaimond Maurer, Olivia S. Mitchell, Mark J. Warshawsky

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The worldwide financial crisis has wrought deep changes in capital and labor markets, old-age retirement systems, and household retirement and consumption patterns. Confidence has been shaken in both the traditional defined benefit and defined contribution plans. Around the world, plan sponsors, fiduciaries, policymakers, and households have gained a new awareness of retirement risk. When pressed to reform post-crisis, many would recommend enhancing financial advice for plan participants, emphasizing flexibility and the positive effect of working another oneor two years to make up for investment losses in the downturn. Adding to this is the continuing need for financial education, essential as the retirement system moves increasingly toward personal account pensions. Perhaps most important of all is the need for greater understanding of risk throughoutthe retirement security system, along with new approaches to re-engineering retirement pensions. This volume explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans resulting from the financial crisis. It aims to rethink retirement in the new economic era, including theresilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.

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The worldwide financial crisis has wrought deep changes in capital and labor markets, old-age retirement systems, and household retirement and consumption patterns. Confidence has been shaken in both the traditional defined benefit and defined contribution plans. Around the world, plan sponsors, fiduciaries, policymakers, and household...

Raimond Maurer holds the endowed Chair of Investment, Portfolio Management, and Pension Finance in the Finance Department at the Goethe University of Frankfurt. His research focuses on asset management, life-time portfolio choice, and pension finance. He serves in professional capacities for the Society of Actuaries, the Association of...

other books by Raimond Maurer

Format:HardcoverDimensions:320 pages, 9.21 × 6.14 × 0.98 inPublished:October 15, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199660697

ISBN - 13:9780199660698

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Table of Contents

1. Raimond Maurer, Olivia S. Mitchell, and Mark Warshawsky: Retirement Security and the Financial Economic Crisis: An OverviewPart I. Rethinking Retirement in the New Economic Era2. Julia Coronado and Karen Dynan: Changing Retirement Behavior in the Wake of the Financial Crisis3. Barbara A. Butrica, Richard W. Johnson, and Karen E. Smith: Potential Impacts of the Great Recession on Future Retirement Incomes4. Michael Hurd and Susann Rohwedder: Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement by the Older Population Responded to Market Shocks5. Jason J. Fichtner, John W.R. Phillips, and Barbara A. Smith: Retirement Behavior and the Global Financial CrisisPart II. Rethinking the Resilience of Defined Contribution Plans6. Ning Tang, Olivia S. Mitchell, and Stephen P. Utkus: Trading in 401(k) Plans During the Financial Crisis7. Jingjing Chai, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla: Lifecycle Impacts of the Financial Crisis on Optimal Consumption-Portfolio Choices and Labor Supply8. David Wray: A Stress Test for the Private Employer Defined Contribution SystemPart III. How Defined Benefit Plans Handled the Financial Crisis9. Mark Warshawsky: Corporate Defined Benefit Pension Plans and the Financial Crisis: Impact and Sponsor and Government Reactions10. Judith F. Mazo and Eli Greenblum: Multiemployer Pension Plans in the Financial Crisis11. Robert L. Clark, Alan Glickstein, and Tomeka Hill: Adopting Hybrid Pension Plans: Effects of Economic Crisis and Regulatory Reform12. Lans Bovenberg and Theo Nijman: Collective Pensions and the Global Financial Crisis: The Case of the Netherlands13. Andrew G. Bigg: How Have Public Sector Pensions Responded to the Financial Crisis?