Failure to take account of the mismatch between the assets in defined --benefit pension plans -- primarily equities -- and the liabilities -- deferred fixed annuities -- has long been a major unrecognized source of financial instability. The underfunding problems now facing state and local...

The Pension Benefit Guaranty Corporation (PBGC) multiemployer pension insurance program faces projected insolvency, driven by systemic underfunding of multiemployer pension plans. To address this brewing crisis, Congress has established a joint select committee to develop multiemployer pension...

During the financial crisis of 2008, the market value of retirement assets held in stock fell by 32 percent. The objective of this study is to show how a severe financial crisis affects the withdrawal patterns of retirees. Specifically, we examine how withdrawal patterns change when we...