The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on the participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. Thi...

This paper considers the optimal asset allocation problem for defined-contribution pension plan members whose terminal utility is a function of replacement ratio, i.e. the pension-to-final wage ratio. When three asset types are available for investment, the optimal portfolio composition, which is horizon dependent, includes investment in both riskless and risky assets. The investment in risky a...

Many workers look forward to receiving benefits from private pension plans as well as from social security . Half of all full-time wage and salary workers in private industry in May 1979 were covered by pension plans ;' nearly all of them were also under the social security system . This dual retirement income has fostered interest in coordinating public and private plans . Often, social securi...

results almost half of the veterans did not demonstrate any psychopathology and half of them were diagnosed with borderline or serious psychopathology. veterans receiving disability pension had more mental problems in comparison with the employed veterans. veterans receiving disability pension had higher scores in psychosomatic disorders, obsessive-compulsive disorder, depression, anxiety, phob...

This article examines the prevalence of vested private pension benefits in 1979 as reported by full-time private wage and salary workers actively participating in pension plans. It also analyzes the effect of selected demographic, economic, labor-force, and plan characteristics on vested status. Years of participation in a plan was by far the most important predictor of vested status. Age was p...

This article, based on data from the Retirement History Study, examines coverage by an employee pension plan on the longest job and the extent to which covered workers received an employee pension upon retirement and the size of their benefits. It also examines the joint receipt of employee pension and OASDI benefits and the size of the combined benefits. Each of these pension variables is anal...

The package of increases in defined-contribution pension plan contribution limits that Congress enacted in 2001 could have benefited at most 8 percent of plan participants and 3 percent of all workers. High earners were potentially more likely to benefit than low earners, and potential beneficiaries generally had higher earnings than other participants. The increase in the percentage limit on c...

Many people delay joining a pension plan until well into their working lives. We use a stochastic simulation model to show the cost of this delay in terms of the higher pension contributions that must eventually be paid to ensure an adequate retirement income. We find the levels of contributions required for individuals who start saving late are so high it is questionable whether they are affor...

In this paper, we consider the optimal asset allocation strategy of a definedcontribution pension scheme in both accumulation phase and decumulation phase. We model the optimal problem from the view of a defined-contribution pension plan member, who is aiming at maximizing his expected utility from consumptions and bequest. Assume that pension assets can be invested into three assets: cash, sto...