Reorienting Retirement Risk Management

Reorienting Retirement Risk Management

by Robert L. Clark, Olivia S. Mitchell
     
 

ISBN-10: 0199592608

ISBN-13: 9780199592609

Pub. Date: 10/21/2010

Publisher: Oxford University Press


Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension…  See more details below

Overview


Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise to serious questions about the future of retirement in America and around the world.

This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments and adapt to these new realities. Other areas explored include the key role for financial literacy and education programs, the necessity of those acting as plan sponsors and fiduciaries to reconsider pension design, and the arrival of novel financial products that can help with the design of retirement plans. Experts provide new research and offer policy recommendations, illustrating how retirement plans can be amended to better meet the retirement needs of workers and firms.

This volume is an important addition to the Pensions Research Council / Oxford University Press series and to the current debate on retirement security.

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Product Details

ISBN-13:
9780199592609
Publisher:
Oxford University Press
Publication date:
10/21/2010
Pages:
272
Product dimensions:
6.30(w) x 9.30(h) x 0.90(d)

Table of Contents

1. The Evolution of Retirement Risk Management, Robert L. Clark and Olivia S. Mitchell
Part I: Revisiting Retirement Saving and Dissaving Advice
2. Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio, P. Brett Hammond and David P. Richardson
3. Employer-Provided Retirement Planning Programs, Robert L. Clark, Melinda S. Morrill, and Steven G. Allen
4. How Does Retirement Planning Software Handle Post-Retirement Realities?, Anna M. Rappaport and John A. Turner
5. Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?, Lynn Pettus and R. Hall Kesmodel, Jr.
Part II: The Environment for Retirement Plan Redesign
6. The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios, Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla
7. The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How, Craig Copeland and Jack VanDerhei
8. Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform, Damon Silvers
9. Longevity Risk and Annuities in Singapore, Joelle H.Y. Fong, Olivia S. Mitchell, and Benedict S.K. Koh
Part III: Innovations in Retirement Risk Financing
10. Outsourcing Pension Longevity Protection, Igor Balevich
11. Comparing Spending Approaches in Retirement, John Ameriks, Michael Hess, and Liqian Ren
12. Risk Budgeting for the Canadian Pension Plan Investment Board, Sterling Gunn and Tracy Livingstone
13. Can VEBAs Alleviate Retiree Health Care Problems?, Aaron Bernstein

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