Fundamentals of Private Pensions, 7th Edition / Edition 7

Fundamentals of Private Pensions, 7th Edition / Edition 7

by Dan Mays McGill, Sylvester J. Schieber, John J. Haley, Kyle N. Brown
     
 

ISBN-10: 0812233808

ISBN-13: 9780812233803

Pub. Date: 01/28/1996

Publisher: University of Pennsylvania Press

For four decades, Fundamentals of Private Pensions has been regarded as the best and most comprehensive reference and textbook on private pensions. In the ten years since publication of the last edition, there have been numerous legislative and regulatory initiatives that have affected retirement programs. Employers have also made fundamental changes in the structure…  See more details below

Overview

For four decades, Fundamentals of Private Pensions has been regarded as the best and most comprehensive reference and textbook on private pensions. In the ten years since publication of the last edition, there have been numerous legislative and regulatory initiatives that have affected retirement programs. Employers have also made fundamental changes in the structure and design of plans as they cope with the changing needs of workers and the costs of operating benefits programs. This completely revised edition represents a major restructuring of the contents, a wealth of new material, and an expanded discussion that provides new economic and policy perspectives on the provision of retirement income.

Section 1 lays out the regulatory environment in which private pension plans operate. Section 2 investigates the various forms of retirement plans available to determine how they are structured in practical terms. Section 3 focuses on the economics of pensions. Much of the material covered here is new to this edition; it includes discussion of the recent economic literature on the operations of employer-sponsored retirement plans. Section 4 explores the funding and accounting environment in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as insurance provisions behind the benefit promises implied by these plans.

As the single most authoritative source on corporate pensions, Fundamentals of Private Pensions is invaluable to managers seeking to develop efficient pension plans, scholars and policymakers concerned with pension design and regulation, and actuaries and tax specialists. Employee benefits and human resource professionals around the world will find this edition an essential reference, and investment experts as well as accountants will gain a clearer understanding of how pensions influence corporate and employee well-being.

The Seventh Edition addresses the economics of the tax incentives provided to retirement programs and evaluates the various human resource incentives in defined benefit and defined contribution programs. The discussion and development of retirement income adequacy measures, a feature dating back to the first edition, has been significantly expanded. This new edition is organized into five main sections, enabling readers to use the volume as a text, a research tool, and a general reference.

Dan McGill is Professor Emeritus of Insurance and Risk Management at The Wharton School of the University of Pennsylvania. Kyle N. Brown is an attorney with the Watson Wyatt Worldwide Research and Information Center. John J. Haley is a Vice President of Watson Wyatt Worldwide and a Fellow in the Society of Actuaries. He is a consulting actuary and the Chairman of Watson Wyatt's retirement practice. Sylvester J. Schieber is an economist and a Vice President of Watson Wyatt Worldwide. He is the Director of Watson Wyatt's Research and Information Center.

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Product Details

ISBN-13:
9780812233803
Publisher:
University of Pennsylvania Press
Publication date:
01/28/1996
Series:
Pension Research Council Publications Series
Edition description:
REVISED
Pages:
823
Product dimensions:
7.30(w) x 9.90(h) x 2.10(d)

Table of Contents

Preface
1Underlying Forces1
2Historical Review of Pension Regulation31
3Basic Regulatory Environment44
4Coverage and Participation61
5Nondiscrimination Requirements75
6Determination of Benefits100
7Tax Treatment115
8The Economics of Tax Preferences for Retirement Plans in the United States136
9Organizational Structure and Flexibility160
10Defined Benefit Plan Design: Retirement Benefits201
11Defined Benefit Plan Design: Ancillary Benefits225
12Defined Contribution Plan Design Features247
13Hybrid Plans297
14Individual Retirement Plans, Simplified Employee Pensions, Tax-Sheltered Annuities, and Keogh Plans306
15Integration of Pension Plans with Social Security322
16Overall Objectives to Designing a Retirement Program337
17Financing of Employer-Sponsored Retirement Plans359
18Total Retirement Income: Setting Goals and Meeting Them372
19Delivery of Retirement Benefits414
20Human Resources Incentives in Employer-Sponsored Retirement Plans441
21Adjustment of Retirement Benefits for Inflation and Productivity Gains478
22Actuarial Cost Factors499
23Benefit Allocation Actuarial Cost Methods519
24Cost Allocation Actuarial Cost Methods543
25Pension Cost Illustrations and Forecasts564
26Valuation of Ancillary Benefits, Employee Contributions, and Small Plans577
27Approaches to Meeting the Financial Obligations of a Defined Benefit Plan589
28Pension Accounting620
29Management of Pension Plan Assets: Policy645
30Management of Pension Plan Assets: Operations670
31Allocated Funding Instruments703
32Unallocated Funding Instruments722
33Single-Employer Plan Termination and Plan Benefits Insurance740
34Multiemployer Plan Withdrawals and Plan Benefits Insurance770
Appendix ABasic Actuarial Functions and Values for Derivation of Pension Plan Costs and Liabilities787
Appendix BList of Case Citations793
Appendix CList of Statutes, Rules, and Regulations795
Index809

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