The Pension Challenge: Risk Transfers and Retirement Income Security

By Olivia S. Mitchell; Kent Smetters | Go to book overview

Tables
1-1 Global Developments in Personal Account Retirement Systems 4
2-1 Retirement Investment Advice in Websites 20
2-2 Drawdown of Retirement Fund Assuming 10% Per Year Rate of Return 24
2-3 Drawdown of Retirement Fund When Rate of Return during First 10 Years Is Zero 25
2-4 Actual Values for Retiree Starting in 1973 26
3-1 Aspects of US Private Sector Pension Plans: 1985-2001 34
3-2 Recent Performance of Company Stock in Corporate 401(k) Pension Plans 37
3-3 Company Stock and Tax Savings From Large Hybrid 401(k) and ESOP Plans (KSOPs) 39
3-4 Company Stock Holdings within DC Plans Over Time 41
3-5 Prevalence of Company Stock in 401(k) Plans 41
3-6 Participants With Concentrated Holdings in Company Stock 42
3-7 401(k) Plan Asset Allocation Patterns by Degree of Direction (%) 43
3-8 Survey Results on Qualified Plan Restrictions 44
4-1 Values of the Diversification Measure ηz82
5-1 Consumer Welfare and Public Liability for Alternative Retirement Payout Products (Individual Male aged 65) 94
5-2 Parameter Sensitivity Analysis Inflation and Rate of Return 97
5-3 Parameter Sensitivity Analysis: Equity Premium and Maximum Drawdown ($200,000 premium, male) 98
5-4 Summary of outcomes for universal pension: Male $200,000 98
6-1 Generational Balance Sheets 108
7-1 Background Statistics for Five Countries with Public Pension Plan Initiatives 123
7-2 Permitted Investments by the CPPIB 127
7-3 Irish National Pension Reserve Fund Asset Allocation Strategy 2001 128
7-4 Reference Portfolios, Returns, and Costs for Swedish AP Funds 1-4 (2001) 136
7-5 Indicators of the Five New Public Pension Funds (2001) 137
7-6 Comparison of Public Pension Plan Governance and Transparency 138

-xi-

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The Pension Challenge: Risk Transfers and Retirement Income Security
Table of contents

Table of contents

  • The Pension Challenge iii
  • Preface v
  • Contents vii
  • Figures ix
  • Tables xi
  • Notes on Contributors xv
  • Abbreviations xix
  • References 13
  • Part I Plan Sponsors and Retirement Income Risk 17
  • References 32
  • References 67
  • References 88
  • References 101
  • References 115
  • Appendix 151
  • References 153
  • Part II Global Developments in Retirement Risk Transfer 157
  • Appendix: An Illustration of Option-Pricing Techniques Applied to Individual Accounts 177
  • References 185
  • Appendix 209
  • References 212
  • Appendix 234
  • References 249
  • References 266
  • References 307
  • References 329
  • Index 331
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