Using recovery plan data of 213 underfunded Dutch pension funds for the years 2011, 2012 and 2013, discrete choice models are estimated describing pension funds' choices between three recovery measures: higher contributions, no indexation, and pension cuts. The estimation results suggest,...

Japan had over 3.21 million people enrolled in defined contribution (DC) plans as of end-March 2009. Although the plans are steadily gaining in popularity, there are still a number of issues that must be worked out. In this article, we propose some fundamental DC reforms, including making...

This monograph surveys the results of government intervention in the market for retirement income provision throughout the world. The authors begin by looking at high-income democracies in which governments have, to a large degree, taken over the function of providing pensions. They find that...

Mexico introduced a Defined Contribution (DC) Pension System in 1997. We analyzed the behavior of affiliated workers under the institutional design of the reformed system. Before the reform, 75% of affiliated workers could receive a lifetime annuity upon retirement; we project that under the new...

In this paper we use functional analysis to examine the pension benefit guarantee system in the United States. The functional perspective on financial policy making begins with the set offunctions required, and then looks for the optimal institutional structure to perform those functions. Our...

In recent decades, management modes for pension obligations has been coevolving with political and financial economic strategies aimed to prompt and promote active financial markets and institutional investors, as well as transnational harmonisation and convergence of accounting standards...

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how...

Mutual funds are the primary providers of investment management services to 401(k) pension plans. These plans are complex to operate and administer and subject to multiple regulators. Third-party revenue sharing is used to pay some portion of plan service provider costs, other than employer/plan...

Using recovery plan data of 213 underfunded Dutch pension funds for the years 2011, 2012 and 2013, discrete choice models are estimated describing pension funds' choices between three recovery measures: higher contributions, no indexation, and pension cuts. The estimation results suggest,...