Figures
| 1-1 Trends in US Private Sector Pension Plans (number of plans by type). 3 |
| 2-1 Probability of a shortfall. 22 |
| 2-2 Cost of shortfall insurance. 22 |
| 2-3 How long will $1 million last? 26 |
| 2-4 Rate of return on New York Stock Exchange. 27 |
| 2-5 Funds remaining for retiree who started withdrawing in 1973. 27 |
| 3-1 Participant knowledge about risk/return of company stock. 52 |
| 3-2 Wealth outcomes and company stock. 55 |
| 4-1 Portfolio efficient frontier. 75 |
| 4-2 Exchange option value (1 year). 85 |
| 4-3 Exchange option value (3 year). 85 |
| 5-1 Expected annuity income paths. 96 |
| 5-2 Expected total income paths with pension guarantee. 96 |
| 5-3 Expected total income paths with universal pension. 99 |
| 6-1 Investment payoffs over 100 random trials (ordered): (a) 10-year horizon, (b) 30-year horizon. 104 |
| 6-2 Investment payoff paths for equities versus treasuries: 30 year horizon. 105 |
| 7-1 History of the fiscal investment and loan program. 130 |
| 7-2 Portfolio of PWSPC, 1998. 131 |
| 7-3 Gross pension fund returns minus T-bill rates, Japan, 1970-97. 131 |
| 7-4 Accountability of government and public pension fund returns. 146 |
| 8-1 Guarantee payments as a function of the IA Value. 162 |
| 8-2 Annual returns for US Stock and Bond Markets, 1942-2000. 165 |
| 8-3 The effect of longer time horizons on the Volatility of Stock returns. 166 |
| 9-1 Expected compounded return of saving plans in stocks and bonds. 193 |
| 9-2 Shortfall probability against a (nominal) zero percent target rate of return in stock and bond saving plans. 193 |
| 9-3 Conditional mean expected loss (MEL) against a (nominal) zero percent target rate of return in stock and bond saving plans. 194 |
| 9-4 Expected shortfall against a (nominal) zero percent target rate of return in stock and bond saving plans. 195 |
-ix-
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: The Pension Challenge: Risk Transfers and Retirement Income Security.
Contributors: Olivia S. Mitchell - Editor, Kent Smetters - Editor.
Publisher: Oxford University Press.
Place of publication: Oxford, England.
Publication year: 2003.
Page number: ix.
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