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Author : Frederic Meyers
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (319 download)
Download or read book Investment Policies of Bilaterally Managed Pension Plans written by Frederic Meyers and published by . This book was released on 1962 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Dimitri Vittas
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4./5 ( download)
Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Author : Sudhir Rajkumar
Publisher : World Bank Publications
ISBN 13 : 0821384708
Total Pages : 364 pages
Book Rating : 4.8/5 (213 download)
Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.
Author : Barbara D. Bovbjerg
Publisher : DIANE Publishing
ISBN 13 : 1437939961
Total Pages : 48 pages
Book Rating : 4.4/5 (379 download)
Download or read book State and Local Gov't. Pension Plans written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2011-04 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent market declines have significantly diminished the asset value of state and local pension plans (PP). Reported unfunded liabil. for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter invest. strategies to attempt to maximize returns by assuming increased risk. This report examined: (1) who makes invest. decisions for PP and what guides their decision making; (2) how PP allocate their assets and manage their invest.; and (3) practices that PP are using to meet a range of challenges in governance, invest., or funding. Illus. A print on demand report.
Author : William G. Gale
Publisher : Rowman & Littlefield
ISBN 13 : 0815796420
Total Pages : 416 pages
Book Rating : 4.8/5 (157 download)
Download or read book Private Pensions and Public Policies written by William G. Gale and published by Rowman & Littlefield. This book was released on 2004-04-21 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private pension system, together with Social Security, has provided millions of Americans with income security in retirement. But over the past thirty years, pension coverage has stagnated, leaving behind some vulnerable groups. Defined contribution plans have exposed workers to greater investment risk, while cash balance and other hybrid plans may have adverse effects on older workers caught in the transition. Pension regulations, infamous for their complexity, can be bewildering to policy analysts and policymakers. Private Pensions and Public Policies sheds timely and much-needed light on specific issues within the broader context and framework of pension reform. Contributors focus on topics that must be addressed in any reform effort, including the effects of the shift in emphasis toward defined contribution plans (after the 1974 Employee Retirement Income and Security Act) and hybrid plans (from the 1990s); regulatory issues such as nondiscrimination rules and contribution limits; how to increase the information available to participants and improve financial education; how participants in defined contribution plans make choices on questions such as asset allocation, back-loaded versus front-loaded saving, and annuities versus lump sum distributions; and the interaction of the private pension system with Social Security. Contributors include Robert L. Clark (North Carolina State University), Sylvester J. Schieber (Watson Wyatt Worldwide), Richard A. Ippolito (George Mason University School of Law), Alan L. Gustman (Dartmouth College), Thomas L. Steinmeier (Texas Tech University), John Karl Scholz (University of Wisconsin), Dean M. Maki, (JPMorgan Chase), William Even (Miami University of Ohio), Jagadeesh Gokhale (American Enterprise Institute), Laurence J. Kotlikoff (Boston University), Mark J. Warshawsky (TIAA-CREF Institute), Annika Sunden (Boston College), Andrew A. Samwick (Dartmouth College), David A. Wise (Harvard University), Joel Dickson (T
Author : Dimitri Vittas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
Author : Leslie E. Papke
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.3/5 ( download)
Download or read book The Asset Allocation of Private Pension Plans written by Leslie E. Papke and published by . This book was released on 1991 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the Form 5500 data on private pension fund investment. Using Form 5500 data from 1981 to 1987, the asset allocation of single employer and mu1tiemp1oyer defined benefit and defined contribution plans is reported, as well as the asset mix of the following subgroups: defined benefit plans categorized by plan funding ratio, sole and multiple defined contribution plans, savings or thrift, money purchase, ESOP, and 401(k) defined contribution plans. A brief survey of the literature on pension fund investment policy is also included; however, the focus of the paper is to describe the Form 5500 data and inform subsequent research on investment policies of private pension funds. The average single employer defined benefit plan holds about 50 percent in fixed-income securities, 20 percent in equities, and 20 percent in pooled funds (a 50/20/20 mix). Larger single employer defined benefit plans hold a 60/30/2 portfolio on average. While portfolio theory for these plans predicts extreme investment policies, few portfolios are extreme. About 20 percent of plans hold more than 60 percent in equity; about 9 percent of plans hold more than 60 percent in long term fixed-income securities. Multiemployer defined benefit plans hold a 63/19/8 mix. Single employer defined contribution plans invest in a 41/30/20 mix on average, where the mix is 49/38/2 for larger plans. A defined contribution plan which is one of several plans invests more in equities and less in fixed income securities than the average sole defined contribution plan. Multiemployer defined contribution plans invest more heavily in fixed-income securities (73/5/8).
Author : Zvi Bodie
Publisher : University of Chicago Press
ISBN 13 : 0226062899
Total Pages : 466 pages
Book Rating : 4.2/5 (26 download)
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.
Author : Nicholas Greifer
Publisher : Gfoa
ISBN 13 : 9780891252658
Total Pages : 32 pages
Book Rating : 4.2/5 (526 download)
Download or read book A Guide for Establishing a Pension Investment Policy written by Nicholas Greifer and published by Gfoa. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1589069277
Total Pages : 330 pages
Book Rating : 4.5/5 (89 download)
Download or read book Economics of Sovereign Wealth Funds written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-12-09 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.
Author :
Publisher :
ISBN 13 :
Total Pages : 1684 pages
Book Rating : 4.:/5 (43 download)
Download or read book Old Age Income Assurance written by and published by . This book was released on 1968 with total page 1684 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Edward Whitehouse
Publisher : World Bank Publications
ISBN 13 : 0821361856
Total Pages : 286 pages
Book Rating : 4.8/5 (213 download)
Download or read book Pensions in the Middle East and North Africa written by Edward Whitehouse and published by World Bank Publications. This book was released on 2005-01-01 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regionsCentral Asia, Eastern Europe, and Latin America, in particularhave been actively introducing reforms to their pension systems, Middle East and North African countries have lagged behind. This is explained, in part, by the common belief that, because demographics remain favorablethe countries are young and the labor force is expanding rapidlyfinancial problems are far in the future; as a result, pension reform does not have to be a priority in the broader policy agenda.However, the authors show that aging is not the only factor behind a financial crisis; the problem is the generosity of the current schemes. Moreover, badly designed benefit formulas and eligibility conditions introduce unnecessary economic distortions and make the systems vulnerable to adverse distributional transfers. The book does not present a general model that could solve the problems of all pension systems in Middle East and North Africa countries. Instead the authors focus on outlining a framework for guiding discussions on pension reform and making objective policy choices.This assessment will be useful for policy makers and government officials involved in pension reform in the Middle East and North Africa region.
Author : United States. Congress. Joint Economic Committee
Publisher :
ISBN 13 :
Total Pages : 1538 pages
Book Rating : 4.:/5 (35 download)
Download or read book Hearings, Reports and Prints of the Joint Economic Committee written by United States. Congress. Joint Economic Committee and published by . This book was released on 1968 with total page 1538 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.3/5 (243 download)
Download or read book Retirement Statistics written by and published by . This book was released on 1934 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Joseph Pascucci
Publisher :
ISBN 13 :
Total Pages : 650 pages
Book Rating : 4.F/5 ( download)
Download or read book The Investment Policies of Collectively Bargained Pension Funds written by John Joseph Pascucci and published by . This book was released on 1963 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emily S. Andrews
Publisher : World Bank Publications
ISBN 13 : 0821365525
Total Pages : 198 pages
Book Rating : 4.8/5 (213 download)
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 082136040X
Total Pages : 246 pages
Book Rating : 4.8/5 (213 download)
Download or read book Old-age Income Support in the 21st Century written by Robert Holzmann and published by World Bank Publications. This book was released on 2005-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.
