ABSTRACT: Why do public-sector workers receive so much of their compensation in the form of pensions and other benefits? This paper presents a political economy model in which politicians compete for taxpayers’ and government employees’ votes by promising compensation packages, but some voters cannot evaluate every aspect of promised compensation.
Category: The Scholar
The latest academic pension studies, research, and journal articles.
Public Pension Reform in California
ABSTRACT: The Public Employee Pension Reform Act became effective in 2013. It will take many years before it has a meaningful impact on pension plan underfunding due to the so-called California Rule under which public employees are guaranteed the pension benefits in force on the date of hire.
Neoliberal Temporality: Time-Sense and the Shift from Pensions to 401(k)s
ABSTRACT: The decline of traditional pensions and the rise of individualized retirement accounts such as 401(k)s can be read as a neoliberal program of transferring risk and responsibility for providing retirement income from employers to workers.
The Influence of Pension Funds on Corporate Governance
ABSTRACT: Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This article focuses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares.
Income as the Outcome: How to Broaden the Narrow Framing of U.S. Retirement Policy
ABSTRACT: This article provides a brief review of behavioral economics research on annuitization. It applies the lessons learned from this literature to examine how public policy toward defined contribution plans has narrowly framed the conversation about retirement in a manner that may discourage the provision of lifetime income.
What do Unions do to Pension Performance?
ABSTRACT: Unions can have either positive or negative effects on risk-adjusted returns in pension plans. On the positive side, a union can improve monitoring of pension advisors and asset managers. On the negative side, the union may sacrifice returns by making investments that promote union goals.
Optimal Taxes and Pensions with Myopic Agents
ABSTRACT: So far the economic literature has concentrated on analyzing the income tax and pension scheme in isolation. The present paper asks how both transfer schemes should be optimally designed in a society where individuals differ in productivity and rationality.
Ambiguous Plan Terms on Lump-Sum Calculations
ABSTRACT: The article discusses the U.S. court case Dennison vs. MONY Life which deals with the ambiguous terms in defined benefit pension and unfunded excess benefit plans on lump-sum calculations.
Plan Abused Discretion
ABSTRACT: The article discusses the U.S. court case Helton vs. AT&T Inc. which deals with abuse of benefit discretion with pension plan.
The Times They Are a Changin’—Pension and Benefit Reforms
ABSTRACT: We all know what is on the horizon. Every stakeholder in the pension and benefit reform realm is facing enormous responsibilities and challenges. Municipal analysts are concerned about how pension and benefit changes will affect the costs of the liabilities and their impact on debt repayment.
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