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Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning

Brown, Jeffrey R. - 2007

This paper discusses the role of annuities in retirement planning. It begins by explaining the basic theory underlying the individual welfare gains available from annuitizing resources in retirement. It then contrasts these findings with the empirical findings that so few consumers behave in a...

Persistent link: https://www.econbiz.de/10012465109

Is a Bird in Hand Worth More than a Bird in the Bush? Intergenerational Transfers and Savings Behavior

Brown, Jeffrey R. - 2002

-quarter of aggregate wealth, suggesting a larger role for life-cycle savings than some previous estimates. Despite the smaller … important effect on the savings decisions of recipients. Estimates suggest that past receipts of transfer wealth reduce life …-cycle savings by as much as dollar-for-dollar, while expected future transfers do not produce such a crowd-out effect …

Persistent link: https://www.econbiz.de/10012469962

Guaranteed Trouble : The Economic Effects of the Pension Benefit Guaranty Corporation

Brown, Jeffrey R. - 2007

This paper examines the economic rationale for, historical experience of, and current pressures facing the Pension Benefit Guaranty Corporation (PBGC). The PBGC is the government entity which partially insures participants in private-sector defined benefit pension plans against the loss of...

Persistent link: https://www.econbiz.de/10012465211

Who Chooses Defined Contribution Plans?

Brown, Jeffrey R. - 2007

This paper provides new evidence on what types of individuals are most likely to choose a defined contribution (DC) plan over a defined benefit (DB) plan. Making use of administrative data from the State Universities Retirement System (SURS) of Illinois, we study the decisions of nearly 50,000...

Persistent link: https://www.econbiz.de/10012465814

401(k) Matching Contributions in Company Stock : Costs and Benefits for Firms and Workers

Brown, Jeffrey R. - 2004

This paper examines why some employers provide matching contributions to 401(k) plans in company stock and explores the implications of match policy for employee retirement wealth. Unlike stock option grants to non-executives, a firm's decision to match in company stock does not appear to be...

Persistent link: https://www.econbiz.de/10012468274

Longevity-Insured Retirement Distributions from Pension Plans : Market and Regulatory Issues

Brown, Jeffrey R. - 2001

This paper explores the extent to which retirees can and do insure themselves against longevity risk in private pension plans. We first review the theoretical and empirical results on the value of annuities, and discuss reasons why households may choose not to further insure themselves against...

Persistent link: https://www.econbiz.de/10012470665

The In-State Equity Bias of State Pension Plans

Brown, Jeffrey R. - 2015

This paper provides evidence on the investment behavior of 27 state pension plans that manage their own equity portfolios. Even though these state plans typically hold broadly diversified portfolios, they substantially over-weight the equity of companies that are headquartered in-state. The...

Persistent link: https://www.econbiz.de/10012457648