Academic journal article NBER Reporter

Designing Pension Plans for the Twenty-First Century

Academic journal article NBER Reporter

Designing Pension Plans for the Twenty-First Century

Article excerpt

The NBER held a conference on "Retirement Benefits for State and Local Employees: Designing Pension Plans for the Twenty-First Century" at the Jackson Lake Lodge on August 17 and 18, 2012. NBER Research Associates Robert Clark, North Carolina State University, and Joshua Rauh, Stanford University, organized the meeting. These papers were discussed:

* Jeffrey Brown and Scott Weisbenner, University of Illinois and NBER, "Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan"

* Robert Novy-Marx, University of Rochester and NBER, and Joshua Rauh, "Linking Benefits to Investment Performance in US Public Pension Systems"

* John Chalmers, University of Oregon; Woodrow Johnson, U.S. Securities and Exchange Commission; and Jonathan Reuter, Boston College and NBER, "Pension Costs and Retirement Decisions in Plans that Combine DB and DC Elements: Evidence from Oregon"

* John Beshears, Stanford University and NBER; James Choi, Yale University and NBER; David Laibson and Brigitte Madrian, Harvard University and NBER; and Stephen Zeldes, Columbia University and NBER, "What Kind of Guaranteed Income Do Retirees Want?"

* Robert Clark, and Melinda Morrill, North Carolina State University, "The Reverse Annuity Puzzle: The Choice of Lump Sum Distributions among Separating Public Sector Workers"

* Julie Agnew, College of William and Mary, and Joshua Hurwitz, Boston College, "Financial Education and Choice in State Public Pension Systems"

* Leora Friedberg, University of Virginia, "Worker Exits from State and Local Government Jobs: The Role of Pensions in Explaining Life Cycle Patterns"

* Richard Disney, University College London, and Rowena Crawford, Institute for Fiscal Studies, "Reform of Ill-health Retirement Benefits for Police in England and Wales: The Roles of National Policy and Local Finance"

* Jeffrey Smith, Virginia Military Institute, and James West, Baylor University, "Department of Defense Retirement"

* Alicia Munnell, Jean-Pierre Aubry, and Josh Hurwitz, Boston College, and Laura Quinby, Harvard University, "Public Plans and Short-Term Employees"

* James Farrell, Florida Southern College, and Daniel Shoag, Harvard University, "Investment Behavior in Public DB and DC Pension Plans"

* Edward Glaeser, Harvard University and NBER, and Giacomo Ponzetto, CREI, Universitat Pompeu Fabra, "Shrouded Costs of Government: The Political Economy of State and Local Public Pensions"

Summaries of these papers may be available at: nber. …

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