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Defined Benefit Pension Plan Distribution Decisions By Public Sector Employees
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Book Synopsis Defined Benefit Pension Plan Distribution Decisions by Public Sector Employees by : Robert Louis Clark
Download or read book Defined Benefit Pension Plan Distribution Decisions by Public Sector Employees written by Robert Louis Clark and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies examining pension distribution choices have found that the tendency of private-sector workers is to select lump sum distributions instead of life annuities. In the public sector, defined benefit pensions usually offer lump sum distributions equal to employee contributions, not the present value of the annuity. Using administrative data from the North Carolina state and local government retirement systems, we find that over two-thirds of public sector workers under age 50 separating prior to retirement from public plans in North Carolina left their accounts open and did not request a cash distribution from the pension system within one year of separation. Furthermore, the evidence suggests many separating workers, particularly those with short tenure, may be forgoing important benefits due to lack of knowledge, understanding, or accessibility of benefits. In contrast to prior research in the private sector, we find no evidence of a bias toward cash distributions for public employees in North Carolina.
Author :United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service Publisher : ISBN 13 : Total Pages :248 pages Book Rating :4.:/5 ( download)
Book Synopsis Pension Plan Complexity by : United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service
Download or read book Pension Plan Complexity written by United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service and published by . This book was released on 1990 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service Publisher : ISBN 13 : Total Pages :248 pages Book Rating :4.0/5 ( download)
Book Synopsis Pension Plan Complexity by : United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service
Download or read book Pension Plan Complexity written by United States. Congress. Senate. Committee on Finance. Subcommittee on Private Retirement Plans and Oversight of the Internal Revenue Service and published by . This book was released on 1990 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Economics of Public Sector Retirement Programs by : Gregory Quick Leiserson
Download or read book Essays on the Economics of Public Sector Retirement Programs written by Gregory Quick Leiserson and published by . This book was released on 2013 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the influence of retiree health and pension policies on the retirement decisions of public sector employees. Chapter one documents the central role of eligibility for subsidized retiree health insurance. Using administrative records obtained from the Pennsylvania State Employees Retirement System, the analysis finds that the well-documented spike in the separation rate at the normal retirement age almost completely disappears in the population of workers not yet eligible for subsidized retiree health insurance. A second set of results exploits quasi-experimental variation in plan design to show that increasing the service requirement for subsidized retiree health insurance stretches the distribution of separations: early separations occur earlier and late separations occur later. Chapter two presents a structural analysis of the retirement decision for the same employees. Existing models of the retirement decision treat eligibility as a fixed characteristic of the worker rather than one that evolves over the career. This chapter estimates a model of life-cycle labor supply and uses it to simulate labor supply behavior under different health and pension policies. Changes in the eligibility requirements for subsidized retiree health insurance induce dramatic changes in retirement timing that would be missed in models that do not account for an employer's eligibility criteria. Chapter three turns to the defined benefit pension plans common in the public sector. These plans create complicated incentives in favor of continued work at some ages and in favor of retirement at others. The strength of these incentives depends on many factors, such as the age of initial employment and the number of years on the job. Because employees differ along these dimensions, the value of the pension benefits earned over the course of a career varies substantially-even among employees with the same total earnings. This chapter investigates the incentive effects and distributional consequences of four stylized plan designs. It derives simple formulas for the accrual rate of pension wealth and the distribution of benefits under each of the plans and uses these formulas to gain insight into the incentives and risks they create.
Book Synopsis The Structure of Public Pensions by : Joe Carrasco
Download or read book The Structure of Public Pensions written by Joe Carrasco and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Elected Official's Guide to Defined Benefit and Defined Contribution Retirement Plans by : Nicholas Greifer
Download or read book An Elected Official's Guide to Defined Benefit and Defined Contribution Retirement Plans written by Nicholas Greifer and published by . This book was released on 1999 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Aspects of the United States Pension System by : Zvi Bodie
Download or read book Financial Aspects of the United States Pension System written by Zvi Bodie and published by University of Chicago Press. This book was released on 2008-04-15 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides valuable information and analysis to managers, policymakers, and investment counselors in the rapidly expanding field of pension funding. American workers, too, need answers and insights on how to invest their money and plan for their retirement. fifteen of America's leading financial analysts address such pressing questions as -What is the current financial status of the elderly, and how vulnerable are they to inflation? -What is the impact of inflation on the private pension system, and what are the effects of alternative indexing schemes? -What roles can the social security system play in the provision of retirement income? -What is the effect of the tax code and the Employee Retirement Income Security Act of 1974 (ERISA) on corporate pension policy? -How well funded are corporate pension plans, and is a firm's unfunded pension liability fully reflected in the market value of its common stock? Many of the conclusions these experts reach contradict and challenge popular views, thus providing fertile ground for innovation in pension planning.
Book Synopsis Retirement Choices by State and Local Public Sector Employees by : Leslie E. Papke
Download or read book Retirement Choices by State and Local Public Sector Employees written by Leslie E. Papke and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I analyze the effects of state public pension parameters on the retirement of public employees. Using a panel data set of public sector workers from 12 waves of the Health and Retirement Study, I model the probability of retirement as a function of pension wealth at early and normal retirement eligibility and Social Security coverage in the public sector job. I find that becoming eligible for early retirement, or receiving an early-out offer, significantly increases the probability of retiring. I do not find any effect of retirement wealth levels; instead the findings are consistent with the literature on default options in defined contribution plans. These findings suggest that state legislative action to affect retirement decisions and reduce future pension costs may be most effective operating through plan eligibility rules and early-out incentives.
Book Synopsis A History of Public Sector Pensions in the United States by : Robert Louis Clark
Download or read book A History of Public Sector Pensions in the United States written by Robert Louis Clark and published by University of Pennsylvania Press. This book was released on 2003-05-12 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.
Book Synopsis Pensions in the Public Sector by : Olivia S. Mitchell
Download or read book Pensions in the Public Sector written by Olivia S. Mitchell and published by University of Pennsylvania Press. This book was released on 2001 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.
Author :Montana. Legislature. Committee on Public Employee Retirement Systems Publisher : ISBN 13 : Total Pages :51 pages Book Rating :4.:/5 (991 download)
Book Synopsis A Defined Contribution Retirement Plan by : Montana. Legislature. Committee on Public Employee Retirement Systems
Download or read book A Defined Contribution Retirement Plan written by Montana. Legislature. Committee on Public Employee Retirement Systems and published by . This book was released on 1998 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Pension Design on Employer Costs and Employee Retirement Choices by : John Chalmers
Download or read book The Effect of Pension Design on Employer Costs and Employee Retirement Choices written by John Chalmers and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oregon's Public Employees Retirement System (PERS) is a rich setting in which to study the effect of pension design on employer costs and employee retirement-timing decisions. PERS pays retirees the maximum benefit calculated using three formulas that can be characterized as defined benefit (DB), defined contribution (DC), and a combination of DB and DC. From the employer's perspective, we show that this "maximum benefit" calculation is costly. Average ex post retirement benefits are 54% higher than they if had been calculated using only the DB formula. Monte Carlo simulations verify that the higher cost could have been predicted at the start of our sample period. From the employee's perspective, we show that plan design distorts the retirement-timing decision: employees receiving DC benefits are significantly more likely to retire before the normal retirement age than employees receiving DB benefits. Exploiting two sources of exogenous variation in the level of the DC benefit, we show that employees respond to within-year variation in their retirement incentives and, consistent with peer effects, that they respond more strongly to these incentives when more of their coworkers face similar incentives. Finally, consistent with the emerging literature on financial mistakes by households, we show that a small but significant fraction of retirees would benefit from shifting their retirements by as little as one month.
Book Synopsis ERISA: A Comprehensive Guide, 5th Edition by : Ferenczy, Cohen
Download or read book ERISA: A Comprehensive Guide, 5th Edition written by Ferenczy, Cohen and published by Wolters Kluwer. This book was released on 2019-12-10 with total page 1310 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fifth Edition of ERISA: A Comprehensive Guide provides a thorough and authoritative analysis of the principal statutory provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the corresponding provisions of the Internal Revenue Code (Code) dealing with employee benefits. It also discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA; the Code provisions relating to the requirements for tax-qualified retirement plans; and the subsequent legislation amending or supplementing ERISA and such Code provisions. Cited by the Supreme Court, ERISA: A Comprehensive Guide discusses and explains the multitude of regulations, rulings, and interpretations issued by the Department of the Treasury, the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation in explanation of ERISA and the subsequent legislation amending or supplementing ERISA. ERISA: A Comprehensive Guide has been updated to include: Description of the student loan program 2018 Private Letter Ruling and the resolution of this with the "anti-conditioning" rule. Analysis of the latest version of the EPCRS, which is available for tax-qualified retirement plans with certain compliance failures, as set forth in IRS Revenue Procedure 2019-19, including an update to the IRS user fees that apply to the various correction programs. Discussion of the new self-correction options for participant loan failures, certain non-amender failures, and beneficial retroactive amendments to increase participant's benefits. Description of IRS VCAP, its uses, limitations, and procedural requirements. Description of IRS Revenue Procedure 2015-32 for correction of delinquent Forms 5500-EZ. Analysis of the DOL's guidance on the definition of an "Employer" for ERISA purposes and subsequent Court rulings eviscerating that guidance. Discussion of health plans use of "cross-plan offsetting" as a way of adjusting for overpayments. Discussion of the new DOL regulations governing review and appeal procedures for disability claims. Complete revision of the mergers and acquisitions chapter, including best practice, common pitfalls, a sample merger agreement, merger checklist, and spin-off agreement. Update on 2018 and 2019 court cases that impact labor relations, as well as actions taken by the current administration that overturn prior policies and decisions. Discussion of the most recent actions impacting ACA and litigation surrounding those actions. Discussion of recent court cases regarding discrimination on the basis of gender and sexual orientation. Discussion of ongoing litigation regarding "conscience-based objections" to a provision in the ACA requiring employers to provide no-cost birth control coverage to employees. Description of changes in Fair Labor Standard Act interpretations regarding wages, determination of independent contractor status, and regular rate.
Author :CPWR--The Center for Construction Research and Training Publisher :Cpwr - The Center for Construction Research and Training ISBN 13 : Total Pages :160 pages Book Rating :4.E/5 ( download)
Book Synopsis The Construction Chart Book by : CPWR--The Center for Construction Research and Training
Download or read book The Construction Chart Book written by CPWR--The Center for Construction Research and Training and published by Cpwr - The Center for Construction Research and Training. This book was released on 2008 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Construction Chart Book presents the most complete data available on all facets of the U.S. construction industry: economic, demographic, employment/income, education/training, and safety and health issues. The book presents this information in a series of 50 topics, each with a description of the subject matter and corresponding charts and graphs. The contents of The Construction Chart Book are relevant to owners, contractors, unions, workers, and other organizations affiliated with the construction industry, such as health providers and workers compensation insurance companies, as well as researchers, economists, trainers, safety and health professionals, and industry observers.
Book Synopsis Handbook of Financial Decision Making by : Gilles Hilary
Download or read book Handbook of Financial Decision Making written by Gilles Hilary and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: This accessible Handbook provides an essential entry point for those with an interest in the increasingly complex subject of financial decision making. It sheds light on new paradigms in society and the ways that new tools from private actors have affected financial decision making. Covering a broad range of key topics in the area, leading researchers summarize the state-of-the-art in their respective areas of expertise, delineating their projections for the future.
Book Synopsis State and Local Retirement Plans in the United States by : Robert L. Clark
Download or read book State and Local Retirement Plans in the United States written by Robert L. Clark and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and Local Retirement Plans in the United States explains how economic and political events have shaped the development of pension plans in the last century, and it argues that changes in the structure and generosity of these plans will continue to shape policy and funding in the future. It also brings to bear a new rationale to the policies behind public sector pension plans. The authors use the history of how early public pension plans were established, how they matured and how they have grown in generosity to analyze what changes may be expected in years to come. Unique in its scope, this comprehensive history of the development of public sector pension plans in the United States during the twentieth century expands upon current ideas relating to the changing economic environment, the passage and evolution of social security, and the expansion of the public sector. With the exception of military pension plans, which date from the eighteenth century, the first public sector plans, dating from the late nineteenth century, were established to cover teachers, police officers and fire fighters in large cities. Over time, these retirement plans were extended to other public sector workers and the local plans were often merged with plans for state workers; all of these date from the twentieth century. Here, the authors show just how pension coverage for public sector workers expanded steadily, through the first half of the twentieth century, so that by the 1960s the vast majority of public sector workers were covered by a plan. This analysis demonstrates how economic events and shifts in public policy at the federal, state, and local levels helped to shape public sector retirement plans. The authors also compare public plans with private sector plans, and the final chapter focuses on recent changes in public pensions in response to the 'Great Recession', concurrent sharp declines in equity markets and the aging of the public workforce.
Book Synopsis Advances in Accounting Behavioral Research by : Khondkar E. Karim
Download or read book Advances in Accounting Behavioral Research written by Khondkar E. Karim and published by Emerald Group Publishing. This book was released on 2022-08-25 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on research that examines both individual and organizational behavior relative to accounting, Volume 25 of Advances in Accounting Behavioral Research uncovers emerging theories, methods and applications.
