2 Pension assets exist to defease the benefit promises made by plan sponsors to participants and beneficiaries—in other words, the pension liability. It follows that pension investment policies should be set in a way that explicitly integrates the exposures of the pension liability. The traditional approach to pension investing has excluded the risks of the liability, which has resulted in port...

This paper finds that footnote transparency is effective at disciplining managerial discretion and that the market will use information provided in footnotes to assess firm value. After the introduction of FAS132R, firms used less discretion in setting pension assumptions, and the distribution of discretion across firms was reduced. The primary driver of changes in pension expense resulting fro...

The objective of this paper is to explain the reluctance of pension fund sponsors to terminate overfunded defined benefit pension plans (hereafter, pension plans). The paper extends the “pension put” option-theoretic approach of Sharpe [1976] and Bicksler and Chen [1985] to a “pension call” model to describe a general phenomenon of the unwillingness to terminate overfunded plans by their sponso...

Objective: to find out legal protection for workers over the polemic of Minister Manpower Regulation Number 2 2022 regarding Pension Plan (Jaminan Hari Tua – JHT) which is considered legally flawed. Methodology: research was normative that used a statutory approach, examined problems using regulations in form regulations. The analysis qualitative method with discussion library research. Finding...

The Implementation Measures for Personal Pensions were jointly released in November 2022 by five agencies, including the Chinese Ministry of Finance and Human Resources Social Security. Communist Party China's report on its 20th Congress makes clear recommendations welfare populace, "improving national coordination system basic pension insurance building a multi-level multi-pillar system." Chin...