Financial aspects of the United States pension system / edited by Zvi Bodie and John B. Shoven.

Format:

Book

Contributor:

Bodie, Zvi.

Shoven, John B.

Series:

Project report (National Bureau of Economic Research)

A National Bureau of Economic Research project report

Language:

English

Subjects (All):

Old age pensions--United States.

Old age pensions.

Pension trusts--United States.

Pension trusts.

Old age pensions--United States--Finance.

Physical Description:

1 online resource (466 p.)

Edition:

1st ed.

Place of Publication:

Chicago : University of Chicago Press, c1983.

Language Note:

English

System Details:

Mode of access: World Wide Web.

Summary:

This book provides valuable information and analysis to managers, policymakers, and investment counselors in the rapidly expanding field of pension funding. American workers, too, need answers and insights on how to invest their money and plan for their retirement. fifteen of America's leading financial analysts address such pressing questions as -What is the current financial status of the elderly, and how vulnerable are they to inflation? -What is the impact of inflation on the private pension system, and what are the effects of alternative indexing schemes? -What roles can the social security system play in the provision of retirement income? -What is the effect of the tax code and the Employee Retirement Income Security Act of 1974 (ERISA) on corporate pension policy? -How well funded are corporate pension plans, and is a firm's unfunded pension liability fully reflected in the market value of its common stock? Many of the conclusions these experts reach contradict and challenge popular views, thus providing fertile ground for innovation in pension planning.

Contents:

Front matter

Relation of the Directors to the Work and Publications of the National Bureau of Economic Research

Contents

Acknowledgments

Introduction

1. Who Owns the Assets in a Defined-Benefit Pension Plan?

2. Economic Implications of ERISA

3. Pensions as Severance Pay

4. Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans

5. Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence from Individual Company Data

6. Investing for the Short and the Long Term

7. Pension Funding Decisions, Interest Rate Assumptions, and Share Prices

8. Should Private Pensions Be Indexed?

9. Observations on the Indexation of Old Age Pensions

10. On Consumption Indexed Public Pension Plans

11. Retirement Annuity Design in an Inflationary Climate

12. On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable

13. The Economic Status of the Elderly

14. Portfolio Composition and Pension Wealth: An Econometric Study

Contributors

Author Index

Subject Index

Notes:

Description based upon print version of record.

Includes bibliographies and indexes.

ISBN:

9786611430771

9781281430779

1281430773

9780226062891

0226062899

OCLC:

476228302