The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...

Earlier claims that pensions serve as severance pay are corroborated by a new data set drawn from the 1980 Banker's Trust corporate pension plan study. A model is developed that shows how pension values which vary with the age of retirement make both workers and firms better off by moving the...

Pension freezes have become a trend in recent years. Both the underlying firms' employees and equity shareholders need to be aware of these pension modifications, this research aims at discovering the signals of pension freezes. This paper researches on hand-collected data of three kinds of...

The Pension Benefit Guaranty Corporation (PBGC)'s Pension Insurance Modeling System (PIMS) model has taken on the Herculean task of modeling in detail and under many scenarios the cash outflows associated with the pension obligations they have assumed. This paper's comments are focused almost...