We address the problem of a private pension plan sponsor who has to decide the best pension funds that should be offered to the pension plan members. Starting from the analysis of the population of the plan in order to identify a set of representative subscribers, we focus on an individual optimal portfolio allocation in a pension perspective. Then, the optimal allocation for each representativ...

We provide a framework in which we link the valuation and asset allocation policies of defined benefits plans with the lifetime marginal productivity schedule of the worker and the pension plan formula. In turn, we examine the retirement policies that are implied by the primitives of the model and the value of pension obligations. Our model provides an explicit valuation formula for a stylized ...

• EBRI/Mercer survey of retirement plan sponsors: In the spring of 2007, EBRI and Mercer Human Resource Consulting surveyed defined benefit (pension) sponsors to gauge their recent activity as well as planned modifications with respect to both defined benefit and defined contribution (401(k)-type) plan design and investment behavior within the defined benefit plans. The survey also was able to ...

Based on data for private wage and salary workers in May 1988, this article examined pension coverage under two types of employer-sponsored pension plans. Some of the factors associated with employer-financed pension coverage were also examined, and comparisons were made to findings on pension coverage of full-time workers in 1972, 1979, and 1983. "Covered" workers were defined as those actuall...

This article analyzes China's pension arrangement and notes that China has recently established a universal non-contributory pension plan covering urban non-employed workers and all rural residents, combined with the pension plan covering urban employees already in place. Further, in the latest reform, China has discontinued the special pension plan for civil servants and integrated this privil...

In this paper, a multi-period stochastic optimization model for solving a problem of optimal selection of a pension fund by a pension plan member is presented. In our model, a member of the pension plan is given a possibility to switch periodically between m types of the funds with different risk profile and so actively manage her risk exposure and expected return. Minimization the multi-period...

This paper investigates the determinants of public pension plan risk-taking behavior using the percentage of total plan assets invested in the equity markets and the pension asset beta as measures of investment risk. We find that government accounting standards strongly affect public fund investment risk, as higher return assumptions (used to discount pension liabilities) are associated with hi...

We present simulation results for the likely pension outcomes (measured in terms of the distribution of the pension ratio of actual pension to some fraction of final salary) for different defined contribution pension plan members distinguished by occupation and gender. Whilst our results suggest that key differences between outcomes depend on the strategic asset allocation strategy chosen (and ...