Restructuring Retirement Risks

Hardcover | August 3, 2006

EditorDavid Blitzstein, Olivia S. Mitchell, Stephen P. Utkus

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This book posits that retirement security is the central policy concern of our time. A generation of 'Baby Boomers' is on the verge of retirement, yet pension systems confront crushing challenges, and governments often appear confused about which direction they should move in. Contributors to this volume clarify the discussion by addressing the question: 'What are the new risks and rewards in pensions, and what paths can stakeholders chose to solve these problems?'. The chapters set their sights on employees' needs and expectations, employers' intentions and realizations,and policymakers' efforts to resolve the many challenges. Despite the fact that retirement systems face deep stresses exacerbated by volatile capital markets, poor corporate earning streams, weak macroeconomic performance, and international turmoil, nevertheless, contributors in this volume showcourage and creativity in plotting the course over uneven terrain. In the book, three aspects of the evolution of risk and reward-sharing in retirement are evaluated, to offer guidance to pension fiduciaries, plan participants, and policymakers. First, it formulates new perspectives for assessing retirement risks and rewards. Second, it evaluates efforts to insureretirement plans. Third, it proposes several new strategies for managing retirement system risk. The volume represents an invaluable addition to the Pension Research Council/Oxford University Press series. It will be especially useful for managers working toward more efficient pension plans; toscholars and policymakers seeking to maximize pension design effectiveness; and to actuaries and tax specialists concerned with pension regulation.The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden publicunderstanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.

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This book posits that retirement security is the central policy concern of our time. A generation of 'Baby Boomers' is on the verge of retirement, yet pension systems confront crushing challenges, and governments often appear confused about which direction they should move in. Contributors to this volume clarify the discussion by addre...

David Blitzstein is the Director of the United Food and Commercial Workers International Union (UFCW) Negotiated Benefits Department where he advises local unions in collective bargaining on pension and health insurance issues and consults with the Union's 150 jointly trusted health and welfare and pension plans nationwide. Mr. Blitz...
Format:HardcoverDimensions:272 pages, 9.21 × 6.14 × 0.87 inPublished:August 3, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199204659

ISBN - 13:9780199204656

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Table of Contents

Part I. Perspectives on Pension Risks and RewardsDavid Blitzstein, Olivia S. Mitchell, and Stephen P. Utkus: Understanding the Uncertainties of RetirementHenning Bohn: Who Bears What Risk? An Intergenerational PerspectiveSarah Holden and Jack VanDerhei: he Role of 401(k) Accumulations in Future Retirement IncomePhyllis C. Borzi: Changing Risks Confronting Pension ParticipantsPart II. Pooling Pension Risks and RewardsMark Warshawsky, Neal McCall, and John D. Worth: A Regulatory Framework for Strengthening Defined Benefit PensionsJulia Coronado and Nellie Liang: The Influence of PBGC Insurance on Pension Fund FinancesDavid McCarthy and Anthony Neuberger: The UK Approach to Insuring Defined Benefit Pension PlansGeorge Wagoner, Brian Fuller, Frank Yeager and Anna Rappaport: Risk-Sharing in Retiree Medical BenefitsPart III. New Strategies for Managing Retirement RiskP. Brett Hammond and Douglas Fore: Restructuring the Defined Benefit PensionOlivia S. Mitchell, Stephen P. Utkus, and Tongxuan (Stella) Yang: Dimensions of 401(k) Plan DesignPeter Albrecht, Raimond Maurer, Joachim Coche, and Ralph Rogalla: Understanding and Allocating Investment Risks in a Hybrid Pension PlanSalvador Valdes-Prieto: Market Innovations to Better Allocate Generational Risk