Fundamentals of Private Pensions, 7th Edition / Edition 7

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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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Editorial Reviews

Addresses separable pension issues. Section I overviews the regulatory environment. Section II investigates various forms of retirement plans and their structures in practical terms. Section III focuses on the economics of pensions and includes discussion of the literature. Section IV explores funding and accounting aspects. Section V examines the handling of assets and their valuation, and insurance provisions. This seventh edition contains new material on tax and human resource incentives in defined benefit and defined contribution programs. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780812233803
  • Publisher: University of Pennsylvania Press
  • Publication date: 1/28/1996
  • Series: Pension Research Council Publications Series
  • Edition description: REVISED
  • Edition number: 7
  • Pages: 823
  • Product dimensions: 7.30 (w) x 9.90 (h) x 2.10 (d)

Table of Contents

1 Underlying Forces 1
2 Historical Review of Pension Regulation 31
3 Basic Regulatory Environment 44
4 Coverage and Participation 61
5 Nondiscrimination Requirements 75
6 Determination of Benefits 100
7 Tax Treatment 115
8 The Economics of Tax Preferences for Retirement Plans in the United States 136
9 Organizational Structure and Flexibility 160
10 Defined Benefit Plan Design: Retirement Benefits 201
11 Defined Benefit Plan Design: Ancillary Benefits 225
12 Defined Contribution Plan Design Features 247
13 Hybrid Plans 297
14 Individual Retirement Plans, Simplified Employee Pensions, Tax-Sheltered Annuities, and Keogh Plans 306
15 Integration of Pension Plans with Social Security 322
16 Overall Objectives to Designing a Retirement Program 337
17 Financing of Employer-Sponsored Retirement Plans 359
18 Total Retirement Income: Setting Goals and Meeting Them 372
19 Delivery of Retirement Benefits 414
20 Human Resources Incentives in Employer-Sponsored Retirement Plans 441
21 Adjustment of Retirement Benefits for Inflation and Productivity Gains 478
22 Actuarial Cost Factors 499
23 Benefit Allocation Actuarial Cost Methods 519
24 Cost Allocation Actuarial Cost Methods 543
25 Pension Cost Illustrations and Forecasts 564
26 Valuation of Ancillary Benefits, Employee Contributions, and Small Plans 577
27 Approaches to Meeting the Financial Obligations of a Defined Benefit Plan 589
28 Pension Accounting 620
29 Management of Pension Plan Assets: Policy 645
30 Management of Pension Plan Assets: Operations 670
31 Allocated Funding Instruments 703
32 Unallocated Funding Instruments 722
33 Single-Employer Plan Termination and Plan Benefits Insurance 740
34 Multiemployer Plan Withdrawals and Plan Benefits Insurance 770
Appendix A Basic Actuarial Functions and Values for Derivation of Pension Plan Costs and Liabilities 787
Appendix B List of Case Citations 793
Appendix C List of Statutes, Rules, and Regulations 795
Index 809
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