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Aging Gracefully: Ideas to Improve Retirement Security in America
Manufacturer: Century Foundation Press
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Life in an Older America
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Restoring Fiscal Sanity 2007: The Health Spending Challenge
ASIN: 0870784994 |
Book Description
Aging Gracefully gathers a collection of essays that highlight policy ideas for promoting greater retirement savings among Americans. The essays were written as part of the Retirement Security Project, which is dedicated to promoting common sense solutions to improve the retirement income prospects of millions of American workers. The project is supported by The Pew Charitable Trusts, in partnership with Georgetown University's Public Policy Institute and the Brookings Institution.
Book Description
As the baby boom begins to withdraw from the labor force, ensuring a secure retirement income becomes an increasingly important issue, the number of people over age 65 is expected to double by 2030. That trend will continue, accompanied by worries about stock market volatility, corporate malfeasance, a rapidly changing economy, and the viability of Social Security. In Coming Up Short, two experts on retirement policy analyze 401(k) plans, the fastest-growing type of employer-sponsored pensions and a vital source of retirement income for the American middle class.
Alicia Munnell and Annika Sunden chronicle the development of 401(k) plans, now the dominant form of private pensions. In accessible language, they explain how such plans work and discuss their popularity. For employees, these plans are appealing becuase they have more control over their own retirement funds, and the plans are portable. For employers, the plans are generally less costly than defined benefit plans.
Despite those advantages, there are some significant downsides to 401(k) plans. These plans shift all the risk and responsibility to employees, who must decide whether to join, how much to contribute, how to invest, whether to "cash out" when changing jobs, and how to manage their nest egg in retirement. These are difficult decisions, and while in theory 401(k)s could be an effective savings vehicle for retirement, in practice many people make mistakes at every step along the way.
Coming Up Short discusses why these mistakes are made and proposes various reforms to ensure that the aging population will have adequate retirement income. Comprehensive and up-to-date, Coming Up Short is an essential resource on 401(k) plans for financial service professionals, policymakers, academics, and individuals planning for their own retirement.
Customer Reviews:
Exploring the emergence and impact of 401(k) plans.......2005-05-13
In Coming Up Short: The Challenge Of 401(k) Plans, co-authors Alica H. Munnell and Annika Sunden collaborate in exploring the emergence and impact of 401(k) plans, the fastest-growing type of employer-sponsored pensions, with respect to the American public and national economics. Written with an especial eye toward the risks and challenges of a post-Enron scandal nation, Coming Up Short covers the special case of company stock, leakages from 401(k) plans, withdrawing from 401(k) funds at retirement, how to make pension plans do their job, and much more. Researched in-depth and filled with charts and graphs revealing its findings, Coming Up Short is a highly practical resource for not only financial service professionals, students and policymakers, but also lay individuals planning their own retirement. Highly recommended.
Where will tomorrow's money come from?.......2004-09-29
In this concise volume, the authors first lay out a bleak assessment of the future of private retirement funding in the United States, and then provide a clear roadmap to reform with straightforward remedies that will lead to better funding and more secure futures for retirees. This is not a diatribe against 401(k) plans, but rather a clear explanation of the shortcomings both in current law and in the strategies (or lack thereof) employed by individuals in such retirement savings vehicles. A good choice for an anyone with a 401 K plan, a great choice for anyone interested in the public policy of retirement.
Comes up just a little short.......2004-06-29
The authors, currently academic economists, trace and bemoan the demise of traditional defined benefit pension plans and make the case that 401(k) plans, which have significantly supplanted the "DB plan" on the employee benefit plan menu, will not, without a number of changes, adequately take the DB plan's place in providing retirement income for an important number of today's American workers. Citing a broad range of studies and the developing literature on 401(k) plans, the book explains in a workmanlike way the legal underpinnings of 401(k) plans (accurately enough for the authors' purposes), how 401(k) plans might operate, in theory and, most importantly, how they seem to operate in practice. (I say "seem" because, as the authors point out more than once, good data is hard to come by.) There is a large gap.
That is, there is a gap between what 401(k) plans could, theoretically, provide in the way of retirement income and what it looks like they will in fact provide. Employees (and, it is fair to say, employers) don't contribute enough to 401(k) plans in the first place. Employees, who are almost invariably asked to decide how to invest their 401(k) plan accounts, don't invest wisely. (In the case of investments in "Company Stock," the employer's own stock, employees often aren't even given the chance to invest wisely.) Finally, at the end of the road, premature withdrawals and the failure to annuitize account balances means that the opportunity to maximize what there is of the 401(k) plan's retirement benefit potential is often squandered. The discussion of annuitization, that is, the conversion of a single sum account balance into a fixed stream of income for life, may be the most useful material in the book.
Although the Munnell and Sunden offer several suggestions for "reform" of the pension system ("change" would have been a more appropriate word to use here), they conclude that their real goal is "to stimulate a debate that we hope will generate other ideas and options." To the extent that the book accomplishes this purpose it will be useful. However, long on data and data analysis and short on thought provoking discussion, I'm not sure that's going to happen.
Another difficulty I have is that I uncertain who is going to read "Coming Up Short." What's the market? It is certainly not written for the typical employee who wants practical information that he or she can use in understanding and making the most of his (or her) employer's 401(k) plan. (Not that we need another book on that subject right now.) Moreover, the politicians, bureaucrats and other inside players in the employee benefit plan game -- actuaries, accountants, lawyers, consultants, record keepers and the financial industry, primarily mutual funds and insurance companies -- are already well aware of the shortcomings of 401(k) plans as retirement plans. After all, neither by law are 401(k) plans required, nor by employer choice and design (except in rare instances) are they intended, to be retirement plans. The challenge for those of us who are interested in pension or retirement income politics is to first take one step backward and to acknowledge that 401(k) plans are not retirement plans.
Balanced and Informative Report.......2004-05-20
Dire predictions over the future of social security divert attention from a more immediate reality. The fact is that social security benefits only replace about forty percent of pre-retirement earnings for the average worker retiring at sixty-five. Future retirees, our current generation of baby boomers, will need to develop other sources of reliable income to maintain their standard of living. The obvious supplemental program for workers atempting to build wealth is the voluntary 401(k) salary reduction plan. Technically this is a "defined contribution" plan, different from a defined "benefit" plan, with greater potential to accumulate wealth. Unfortunately a quarter of eligible workers fail to sign-up for it. Many do not begin to seriously save until they are fifty. Fewer than ten percent contribute to their maximum permitted level. And those who do contribute make basic investment errors at every step of the way according to the authors.
Among the authors' other findings:
Many employees expose themselves to excessive risk by aggressively stuffing their plans with their company stock. A misplaced sense of worker loyalty or a desire to emulate the success of their corporate leaders may partially explain why participants ignore the first rule of risk reduction, diversification. On the other hand a recent study concluded that twenty-eight percent of all participants had no stock exposure despite the undisputed historical outperformance of stocks over bonds.
Few employees buy an annuity with their plan assets. But an annuity contract addresses the biggest risk faced by retirees, namely that they will outlive their nest egg. It is telling that the main purchasers of annuities are large sponsors of defined benefit pension plans whose paramount purpose is to guarantee retirees a life-long stream of income. Surrendering control of a significant sum of money after years of accumulation is a wrenching decision. The choice of an annuity is particularly difficult for those who believe they are skilled at managing their money or who want to maximize their bequests once they pass on. Retirees may also fear extraordinary healthcare expenses that would not be covered by an annuity. My guess, however, is that participants who have never considered an annuity might be swayed here to consider a partial commitment to one.
The authors see the need for a set of default choices based on sound financial planning experience that addresses each of the shortcomings they discuss. Participants overwhelmed by their options need some structured simplicity in the process. These are choices that can be confirmed or declined. Workers can only benefit from more professional guidance and education, but employers should not risk liability if the desired investment results are not achieved. COMING UP SHORT has a grasp of the current research on its subject and clearly (albeit dryly) outlines the issues. Experienced financial planners will find this book sobering but will not likely be surprised by its findings. Policy makers will find this a balanced and objective study. Lastly, 401(k) participants who just skim it will be motivated to do more on their own behalf.
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- Public Pensions
- Pension in the Public Sector
- Sine - qua - non treatise on Pensions
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Pensions in the Public Sector (Pension Research Council Publications)
Manufacturer: University of Pennsylvania Press
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Binding: Hardcover
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A History of Public Sector Pensions in the United States (Pension Research Council Publications)
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Public Pension Fund Management
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Fundamentals of Private Pensions
ASIN: 0812235789 |
Book Description
Some 13 million public-sector workers in the United States--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks.
Pensions in the Public Sector explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come. What can be done to help public-sector pension plans perform more efficiently and thereby enhance old-age security? Should they invest with social goals in mind, or should they convert to defined contribution plans, an initiative just beginning to garner popular support? Contributors to the book show that successful public-pension systems demand careful attention to benefit and financing policy, strong funding and investment performance, and continuous actuarial oversight. Several in-depth case studies illustrate how decisions are made at the individual pension board level, making the book exceptionally useful to policymakers in the coming decades.
Customer Reviews:
Public Pensions.......2004-06-02
Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well-being. What can be done to help them perform more efficiently and enhance old-age security? This volume takes stock of public pension developments in the US and Canada, highlighting challenges these financial institutions face in coming decades. The first Pension Research Council study of public pensions in a quarter-century tackles these topics with an impressive team of international actuarial, legal, and economic experts.
Pension in the Public Sector.......2004-05-08
This book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come. Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well-being. What can be done to help these programs perform more efficiently and enhance old-age security? This volume takes stock of public pension developments in the U.S. and Canada, highlighting challenges these financial institutions will face in coming decades. The first Pension Research Council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts.
Sine - qua - non treatise on Pensions.......2001-03-29
This is a sine qua non treatise for anybody having to deal with the subject of pensions. Edited admirably by actuarial scholars Mitchell, representing academia, and Hustead, representing private industry, the book covers all aspects of pensions in the private, public and academic sectors. The editors also write several individual chapters on their areas of super - expertise. Actually the most useful and comprehensive chapter, the one on governmental and military pensions, is written by the team Mr. and Mrs. Hustead. Mrs. Hustead is an expert attached to the White Houses' office of the budget. The most interesting chapter, this by Mr. Hustead alone, is the one with his lucubration on the pensions system, sometimes debacle, of the District of Columbia, Washington DC, the capital city of the USA. Although it was not the obvious intention of the author, it shows in a very peculiar and amazing way the vicissitudes of such a political entity that fully justifies the usage of vehicular license plates with the proclamation of "Taxation Without Representation" kindly exemplified by firmer President Clinton in the First Limousine, and, of course, immediately rejected by the Bush's administration. Finally, the selection of the goddess Minerva for the cover, is a master, and artistic, stroke.
Publisher's Comment.......2001-01-04
What can be done to help public sector pension plans perform more efficiently, and thereby enhance old-age security? In much of the world, public sector pensions are in deep trouble, undermining economic policy and threatening retiree well being. By and large, North American public pension systems have performed better, boasting tremendous assets and offering reasonable retiree benefits. Even here, however, military and civil service systems are not doing as well. This volume takes stock of public pensions in the US and Canada, offering lessons and highlighting challenges these financial institutions will face in the coming decades.
The first Pension Research Council study of public pensions in a quarter-century tackles these topics with an impressive group of international experts from the actuarial, legal, and economic fields. Contributors illustrate how reform options vary across uniformed employees, teachers, legislators and the judiciary, municipal and state employees, and military personnel. This study will be invaluable to taxpayers and their representatives, and those responsible for both public and private sector pensions.
Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council at the Wharton School. Edwin Hustead is Senior Vice President in charge of governmental actuarial and benefits consulting at the HayHuggins Washington, D.C. office.
Book Description
When Movements Matter accounts for the origins of Social Security as we know it. The book tells the overlooked story of the Townsend Plan--a political organization that sought to alleviate poverty and end the Great Depression through a government-provided retirement stipend of $200 a month for every American over the age of sixty.
Both the Townsend Plan, which organized two million older Americans into Townsend clubs, and the wider pension movement failed to win the generous and universal senior citizens' pensions their advocates demanded. But the movement provided the political impetus behind old-age policy in its formative years and pushed America down the track of creating an old-age welfare state.
Drawing on a wealth of primary evidence, historical detail, and arresting images, Edwin Amenta traces the ups and downs of the Townsend Plan and its elderly leader Dr. Francis E. Townsend in the struggle to remake old age. In the process, Amenta advances a new theory of when social movements are influential.
The book challenges the conventional wisdom that U.S. old-age policy was a result mainly of the Depression or farsighted bureaucrats. It also debunks the current view that America immediately embraced Social Security when it was adopted in 1935. And it sheds new light on how social movements that fail to achieve their primary goals can still influence social policy and the way people relate to politics.
Product Description
This book presents 24 state of the art papers on the conceptual foundations and issues surrounding non-financial, or notional, defined contribution plans (NDCs), country implementation of NDCs (Italy, Latvia, Poland, and Sweden), and case studies for countries where NDCs are figured in the reform debate. This book is intended as a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.
Book Description
This digital document is an article from Government Finance Review, published by Thomson Gale on December 1, 2006. The length of the article is 1903 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: 2006 retirement roundup and insights for 2007: public sector pension plans may come under scrutiny from Congress during 2007.(Federal Focus)(Pension Protection Act of 2006)(Law overview)
Author: Barrie Tabin Berger
Publication:
Government Finance Review (Magazine/Journal)
Date: December 1, 2006
Publisher: Thomson Gale
Volume: 22
Issue: 6
Page: 60(3)
Article Type: Law overview
Distributed by Thomson Gale
Book Description
This digital document is a journal article from Journal of Public Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper tests for important determinants of why some employers provide matching contributions for 401(k) plans in company stock. We find that firms that match in company stock have lower stock price volatility and lower bankruptcy risk and are also more likely to offer a defined benefit plan, consistent with a recognition that imposing a concentrated portfolio can be costly for employees. Evidence also indicates that firms match with company stock to help deter takeovers by putting stock into friendly hands. Simulation results suggest that while portfolio-optimizing employees are made worse off by having their match restricted to company stock, sufficiently risk tolerant employees who follow naive investment strategies might prefer a 401(k) plan at a company with a company stock match to a plan at a company with an unrestricted match.
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Assessing Policies for Retirement Income: Needs for Data, Research, and Models
Panel on Retirement Income Modeling , and
National Research Council
Manufacturer: National Academies Press
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ASIN: 0309056276 |
Book Description
Still the definitive book on the subject, this volume has been thoroughly revised to cover rapidly changing aspects of the economics of aging. It provides an in-depth examination of the nation's evolving private and public policies on retirement, pension, and health, including, for instance, the dramatic changes in employer-sponsored pensions. New attention is given to the retirement of baby boomers and the financial situation of older women, many of whom still live in poverty. Other topics added to this edition include the proposed new way of measuring poverty, new economic implications of demographic aging, the concept of `productive aging', an update on reverse annuity mortgages, hybrid pension plans and pension privatization, and current information on Social Security. This highly readable book is essential for everyone concerned with gerontology. A thorough, rich, and current work, this book is the most comprehensive resource available for students, policymakers, researchers, human resource directors, and in short, all who have a personal or professional interest in the essential questions facing the growing aging population in the United States. It examines changes in retirement patterns, problems of older workers, and the complexity of retirement preparation, as well as pension plan health costs and all the programs affecting financial security.
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