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Fundamentals of Private Pensions, Ninth Edition

Fundamentals of Private Pensions, Ninth Edition

  • Author:
  • Publisher: Oxford University Press
  • ISBN: 9780199544516
  • Published In: November 2009
  • Format: Hardback , 848 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    • The authoritative text and reference book on private pensions in the US for professionals and academics
    • Written by leading players in pensions practice and legislation whose experience and insight gives this edition a unique insight into US pensions today
    • The 9th edition is fully revised and updated to take account of legislative, regulatory, practitioner, and academic developments in the field
    • Combines theory and practice, law and literature

    New to this edition

    • Covers all the relevant new legislation and regulation, particularly the Pension Protection Act of 2006
    • Section on investments has been expanded and completely revised to reflect theoretical and practical developments in field
    • Comprehensively updated to take account of all recent new practices, literature, and intellectual developments
    • Mark Warshawsky, a member of the Social Security Advisory Board, and a Treasury official closely involved in the PPA, joins the team of authors

    For more than five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on retirement plans in the United States. The ninth edition is completely updated and reflects recent developments in retirement plans including the passage of the US Pension Protection Act of 2006 (PPA), the widespread shift toward hybrid and defined contribution plans, and a burgeoning economics and finance research literature on retirement and retirement plans. The volume is organized into eight main sections so the reader may use the volume as a text, a research tool, or a general reference. 

    Section I (Chapter 1) introduces the historical evolution of the pension movement and the underlying forces that shaped its progress. Section II (Chapters 2 and 3) explains how employer-provided pensions fit into the patchwork of the U.S. retirement income security system, especially Social Security. The section also includes a discussion of the economics of tax incentives and their effect on retirement plan offerings and the structure of the benefits provided. Section III (Chapters 4 through 9) lays out the economic role of retirement plans--their design, workforce incentives, plan finances, production of adequate retirement income, possibilities for phased retirement, and the risk of outliving pension assets. Section IV (Chapters 10 through 13) examines the various forms of defined benefit and defined contribution plans, including hybrid plans, in terms of their structure, requirements, and operations. Section V (Chapters 14 through 20) lays out the regulatory environment in which plans operate; this extensive material has been especially updated to reflect PPA, and the reams of associated guidance and implementing regulations. Section VI (Chapters 21 through 25) explores the funding and accounting rules under which private defined benefit plans operate; this section also reflects the new PPA rules. The penultimate section (Chapters 26 through 28) includes a complete revamping of chapters on risk management and investments applicable to retirement plans. The section describes modern portfolio theory and its broad implications for retirement investing, and in two separate chapters, specific implications for defined benefit and defined contribution plans. The final section (Chapter 29) concludes the text with a discussion of the future of retirement plans in the United States and around the world--a particularly timely subject in light of the extreme financial volatility experienced in 2008 and the pending retirement of the baby boom generation.

    Readership: Academics, researchers, and graduate students working in the fields of insurance, finance, pensions, and decision-making; Employee Benefits Managers; Human Resource Management specialists; Pensions policymakers; Actuaries and tax specialists; Financial service companies and regulators.

  • Section I: Introduction
    1: Underlying Forces
    Section II: Broad Public Policy Environment for Retirement Plans
    2: Social Insurance
    3: The Politics and Economics of Tax Preferences
    Section III: The Role of Pension Plans
    4: Overall Objectives in Designing a Retirement Program
    5: Human Resource Incentives in Employer-Sponsored Retirement Plans
    6: Financing of Employer-Sponsored Retirement Plans
    7: Total Retirement Income: Setting Goals and Meeting Them
    8: Changing the End of Work: Phased Retirement
    9: Dealing with Risks of Outliving Resources in Retirement
    Section IV: Structure of Retirement Plans
    10: The Design of DB Plans
    11: The Design of DC Plans
    12: The Design of Hybrid Plans
    13: Individual Plans
    Section V: Regulatory Environment for Retirement Plans
    14: Historical Review of Pension Regulations
    15: Basic Regulatory Environment and Plan Qualification Requirements
    16: Coverage, Nondiscrimination, and Integration with Social Security
    17: Tax Consequences: Distributions and Contributions
    18: Form of Doing Business and Transactional Consideration
    19: Fiduciary Responsibility with Participant Rights
    20: Plan Termination and Participant Rights
    Section VI: Actuarial Requirements and Practices and Accounting for Pensions
    21: Actuarial Cost Factors
    22: Funding Requirements for Single Employer DB Plans
    23: Funding Requirements for Multiemployer Plans
    24: Cost Illustrations and Scope of Employer Choice/Strategy
    25: Financial Accounting and Disclosures for Retirement Plans
    Section VII: Pension Risk Management and Investments
    26: The Basics of Investments for Retirement Plans
    27: Investing for Defined Benefit Plans
    28: Investing and Defined Contribution Plans
    Section VIII: The Future of Pensions
    29: The Future of Pensions

  • Dan M. McGill, Professor Emeritus of Insurance, Wharton School, University of Pennsylvania, Kyle N. Brown, Attorney, Towers Watson Worldwide Research and Innovation Center in Arlington, VA, John J. Haley, President, Chief Executive Officer and Chairman of the Board, Towers Watson Worldwide, Sylvester Schieber, Private consultant and chairman of the US Social Security Advisory Board, and Mark J. Warshawsky, Director of Retirement Research at Towers Watson Worldwide

  • "Fundamentals of Private Pensions is one of the few classics in the field, a work that no pension library should be without. Accordingly, it is a pleasure to welcome the 9th edition, published under the auspices of the Pension Research council of the Wharton School, and featuring a dream team of authors" - David Pratt, Journal of Pension Economics and Finance

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