Reorienting Retirement Risk Management

Reorienting Retirement Risk Management

Hardback Pensions Research Council

Edited by Robert L. Clark, Edited by Olivia S. Mitchell

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  • Publisher: Oxford University Press
  • Format: Hardback | 304 pages
  • Dimensions: 154mm x 236mm x 28mm | 621g
  • Publication date: 21 October 2010
  • Publication City/Country: Oxford
  • ISBN 10: 0199592608
  • ISBN 13: 9780199592609
  • Illustrations note: Numerous figures and tables

Product description

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 to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those acting as plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described 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 Univeristy Press series and to the current debate on retirement security.

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Author information

Robert L. Clark is Professor of Management, Innovation, and Entrepreneurship and Professor of Economics at North Carolina State University. His research interests include retirement decisions, the choice between defined benefit and defined contribution plans, the impact of pension conversions to defined contribution and cash balance plans, the role of information and communications on 401(k) contributions, government regulation of pensions, and Social Security. Professor Clark serves on the Advisory Board of Wharton's Pension Research Council, is a Fellow of the Employee Benefit Research Institute and the TIAA-CREF Institute, and a member of the American Economic Association, the Gerontological Society of America, International Union for the Scientific Study of Population, and the National Academy of Social Insurance. Professor Clark earned an MA and the Ph.D. from Duke University and a BA from Millsaps College.

Table of contents

1. The Evolution of Retirement Risk Management ; PART I: REVISITING RETIREMENT SAVING AND DISSAVING ADVICE ; 2. Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio ; 3. Employer-Provided Retirement Planning Programs ; 4. How Does Retirement Planning Software Handle Post-Retirement Realities? ; 5. Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done? ; PART II: THE ENVIRONMENT FOR RETIREMENT PLAN REDESIGN ; 6. The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios ; 7. The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How ; 8. Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform ; 9. Longevity Risk and Annuities in Singapore ; PART III: INNOVATIONS IN RETIREMENT RISK FINANCING ; 10. Outsourcing Pension Longevity Protection ; 11. Comparing Spending Approaches in Retirement ; 12. Risk Budgeting for the Canadian Pension Plan Investment Board ; 13. Can VEBAs Alleviate Retiree Health Care Problems?