Investment risk and longevity risk are borne by the plan sponsor in a defined benefit (DB) plan or by the plan … participant in a defined contribution (DC) plan. By contrast, our proposed Retirement Shares Plan (RSP) allocates the longevity … risk to the plan sponsor and investment risk to the plan participant. The RSP allows the participant sufficient control …

with risk measured by CVaR and additional sophisticated constraints. The cash outflow shortages are penalized in the … using two variations of the model. The parameters used in this case study correspond to a typical retirement situation. The …

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …