Reorienting Retirement Risk Management

Author: Robert L. Clark; Olivia S. Mitchell
Publisher: Oxford University Press
ISBN: 9780199592609
Published In: August 2010
Format: Hardback , 304 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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This volume presents cutting-edge research on retirement risk management from some of the leading scholars, consultants, and practitioners in the field
Considers current and future challenges to the public and private pension system, such as the global financial crisis, the difficulties facing government social security systems, and the rising longevity of an aging population
Provides practical policy recommendations on improving retirement plans in response to the current financial crisis
International relevance, with particular coverage of systems in the USA, Singapore and Canada

Retirement risk management must be dramatically overhauled if workers and retirees are to better prepare themselves to meet future retirement challenges. Recent economic events including the global financial crisis have upended expectations about what pension and endowment fund managers can do. Employers and employees have found it difficult to make pension contributions, despite drops in retirement plan funding. In many countries, government social security systems are also facing insolvency. These factors, coupled with an aging population and rising longevity, are giving rise to serious questions about the future of retirement in America and around the world.

This volume explores how workers and firms can reassess the risks associated with retirement saving and dissaving, to identify creative adjustments to adapt to these new risks and realities. One area explored is the key role for financial literacy and education programs. In addition, those acting as plan sponsors and fiduciaries must reconsider pension design to help them better address the new realities. Also novel financial products are described that can help with the design of retirement plans. Experts provide new research and offer policy recommendations, illustrating how retirement plans can be amended to better meet the retirement needs of workers and firms.

This volume is an important addition to the Pensions Research Council / Oxford Univeristy Press series and to the current debate on retirement security.

Readership: Pension policymakers, Academics, researchers, and advanced students of pensions and pension policy, Economists, Actuaries, Pension and benefits consultants, Plan sponsors, Public and private employers, Benefits lawyers, Human resource / industrial relations specialists

1: Robert L. Clark and Olivia S. Mitchell: The Evolution of Retirement Risk Management
Part I: Revisiting Retirement Saving and Dissaving Advice
2: P. Brett Hammond and David P. Richardson: Retirement Saving Adequacy and Individual Investment Risk Management Using the Asset/Salary Ratio
3: Robert L. Clark, Melinda S. Morrill, and Steven G. Allen: Employer-Provided Retirement Planning Programs
4: Anna M. Rappaport and John A. Turner: How Does Retirement Planning Software Handle Post-Retirement Realities?
5: Lynn Pettus and R. Hall Kesmodel, Jr.: Impact of the Pension Protection Act on Financial Advice: What Works and What Remains to be Done?
Part II: The Environment for Retirement Plan Redesign
6: Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla: The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios
7: Craig Copeland and Jack VanDerhei: The Declining Role of Private Defined Benefit Pension Plans: Who is Affected, and How
8: Damon Silvers: Rebuilding Workers' Retirement Security: A Labor Perspective on Private Pension Reform
9: Joelle H.Y. Fong, Olivia S. Mitchell, and Benedict S.K. Koh: Longevity Risk and Annuities in Singapore
Part III: Innovations in Retirement Risk Financing
10: Igor Balevich: Outsourcing Pension Longevity Protection
11: John Ameriks, Michael Hess, and Liqian Ren: Comparing Spending Approaches in Retirement
12: Sterling Gunn and Tracy Livingstone: Risk Budgeting for the Canadian Pension Plan Investment Board
13: Aaron Bernstein: Can VEBAs Alleviate Retiree Health Care Problems?

Edited by Robert L. Clark, Professor of Management, Innovation, and Entrepreneurship and Professor of Economics, North Carolina State University, and Olivia S. Mitchell, Executive Director of the Pension Research Council, The Wharton School, University of Pennsylvania

Contributors:

Steven G. Allen, Associate Dean for Graduate Programs and Research, the College of Management at NC State University
John Ameriks, Vanguard Principal and Head of Vanguard's Investment Counseling and Research Group
Igor Balevich, Director in the Pension Solutions Group, Barclays Capital
Aaron Bernstein, Senior Research Fellow at the Labor and Worklife Program, Harvard Law School
Robert L. Clark, Professor of Management, Innovation, and Entrepreneurship and Professor of Economics, North Carolina State University
Craig Copeland, Senior Research Associate, the Employee Benefit Research Institute
Joelle H.Y. Fong, doctoral candidate in the Department of Insurance and Risk Management, The Wharton School, University of Pennsylvania
Sterling Gunn, CPP Investment Board
P. Brett Hammond, Managing Director and Chief Investment Strategist, TIAA-CREF Asset Management
Michael Hess, Project Manager in the Investment Counseling and Research department , Vanguard Group
R. Hall Kesmodel, Jr., Senior Manager at Ernst and Young, LLP
Benedict S. K. Koh, Associate Professor of Finance and Director of the MSc in Applied Finance, the Singapore Management University
Tracy Livingstone, Senior Advisor at the Investment Risk Management Group, the Canada Pension Plan
Raimond Maurer, Chair of Investment, Portfolio Management, and Pension Finance, Finance Department, Goethe University of Frankfurt
Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania
Melinda S. Morrill, Research Assistant Professor, the Department of Economics, North Carolina State University
Lynn Pettus, Director for the Employee Financial Services practice, Ernst and Young, LLP
Anna M. Rappaport, actuary, consultant, author, and speaker, Anna Rappaport Consulting
Liqian Ren, Investment Analyst in the Investment Counseling and Research department,Vanguard Group
David P. Richardson, Principal Research Fellow, the TIAA-CREF Institute
Ralph Rogalla, Assistant Professor for Investments, Portfolio Management, and Pension Finance, the Goethe University of Frankfurt
Damon Silvers, Associate General Counsel, the AFL-CIO
John A. Turner, social security and pension policy consultant
Jack VanDerhei, Research Director, the Employee Benefit Research Institute