The Pension Challenge: Risk Transfers and Retirement Income Security

Hardcover | March 17, 2004

EditorOlivia S. Mitchell, Kent Smetters

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This book, the first in a new series produced by the Pension Research Council of the Wharton School in collaboration with Oxford University Press, explores ways to enhance retirement security in a volatile financial environment. Mitchell and Smetters begin by assessing the myriad retirement risks confronting employees, retirees, employers, and governments, and it shows how stakeholders can work to reinvent pensions that perform well in a competitive global setting. Contributors then indicate how pension systems can bebetter designed to help protect against these risks. Of special interest is a discussion of new financial products and structures to meet and manage challenges to old-age security. Examples considered include pension investment guarantees and hedges, adapting catastrophe bonds to the pension context, and key regulatory structures and portfoliorequirements designed to protect unwary or unwitting pension participants. The contributors draw important lessons for a wide range of countries, drawing from both developed and developing market experiences. Contributors include world-famous finance experts and risk management faculty, development economists, pension regulators, and pension consultants.

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This book, the first in a new series produced by the Pension Research Council of the Wharton School in collaboration with Oxford University Press, explores ways to enhance retirement security in a volatile financial environment. Mitchell and Smetters begin by assessing the myriad retirement risks confronting employees, retirees, empl...

Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Director of the Pension Research Council at the Wharton School of the University of Pennsylvania, and also a research Associate at the National Bureau of Economic Research. Her academic research explores private...

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Format:HardcoverDimensions:359 pages, 9.21 × 6.06 × 0.9 inPublished:March 17, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199266913

ISBN - 13:9780199266913

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Table of Contents

1. Olivia S. Mitchell and Kent Smetters: Overview: Developments in Risk Management for Retirement SecurityPlan Sponsors and Retirement Income Risk2. Zvi Bodie: An Analysis of Investment Advice to Retirement Plan Participants3. Olivia S. Mitchell and Stephen P. Utkus: The Role of Company Stock in Defined Contribution Plans4. Krishna Ramaswamy: Company Stock and Pension Plan Diversification5. Suzanne Doyle and John Piggott: Integrating Payouts: Annuity Design and Public Pension Benefits in Mandatory Defined Contribution Plans6. Jeremy Gold: Risk Transfer in Public Pension Plans7. Robert Placios: Securing Public Pension Promises through FundingGlobal Developments in Retirement Risk Transfer8. Marie-Eve Lachance and Olivia S. Mitchell: Understanding Individual Account Guarantees9. Raimond Maurer and Christian Schlag: Money-Back Guarantees in Individual Account Pensions: Evidence from the German Pension Reform10. Kenneth Vetzal, Peter Forsyth, and Heath Windcliff: Hedging Segregated Fund Guarantees11. Jan Walliser: Retirement Guarantees in Mandatory Defined Contribution Systems12. John Turner and David Rajnes: Retirement Guarantees in Voluntary Defined Contribution Plans13. David Cummins and Christopher Lewis: Securitized Risk Instruments as Alternative Pension Fund Investments14. Arthur Fliegelman, Moshe Milevsky, and Scott Robinson: Credit Implications of the Payout Annuity Market