We estimate values-at-risk (VaR) in the accumulation phase of defined-contribution pension plans. We examine a range of asset-return models (including stationary moments, regime-switching and fundamentals models) and a range of asset-allocation strategies (both static and with simple dynamic forms, such as lifestyle, threshold and constant proportion portfolio insurance). We draw four conclusio...

This paper analyzes retirement timing decisions of DC pension plan members. In this paper the optimal annuitization timing decision is incorporated into the retirement timing decision. I …rst develop a retirement decision model and generate a forward looking retirement likelihood measure from this model. This measure describes the probability that an individual will retire within the next few y...

The economic crisis in Argentina is affecting the country's pension system. The International Monetary Fund (IMF) withheld a US$1.3 billion loan in December 2001 because it was dissatisfied with the government's progress toward fiscal reform. As the Argentine govern­ ment struggled to avert default on its foreign debt, it undertook a series of emergency measures, including delaying public pensi...

SIGNIFICANCE OF AUTO-ENROLLMENT: Automatic enrollment of participants in 401(k) plans, which was encouraged by provisions in the Pension Protect Act of 2006, is designed to overcome the drawbacks of voluntary enrollment by getting more workers to save in their work place retirement plan. Auto-enrollment for 401(k) plans has been demonstrated by previous EBRI research to have substantial potenti...

This brief explores how the shift from defined benefit to defined contribution pension plans might affect bequests and thereby consumption and saving. Bequests can occur under two different types of circumstances: (1) individuals plan to leave an inheritance for their heirs (an intended bequest); or (2) individuals have no specific inheritance plans, but die before consuming all of their assets...

Alfred Chandler's analysis of the rise of managerial capitalism is today the dominant synthesis in U.S. business history. In the last two decades, however, stagnation has overcome the hero of the piece-American big business. No longer do Chandlerian managers and administrative structures dominate the national business cene. Seizing the initiative are traditional entrepreneurs and financiers, of...