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Author : Burt S. Barnow
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.E/5 ( download)
Download or read book The Costs of Defined Benefit Pension Plans and Firm Adjustments written by Burt S. Barnow and published by . This book was released on 1977 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : DIANE Publishing Company
Publisher : DIANE Publishing
ISBN 13 : 9780788128806
Total Pages : 240 pages
Book Rating : 4.1/5 (288 download)
Download or read book Public Pensions written by DIANE Publishing Company and published by DIANE Publishing. This book was released on 1996-06 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tae-Nyun Kim
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (13 download)
Download or read book External Cost of Leverage Adjustment written by Tae-Nyun Kim and published by . This book was released on 2018 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the influence of external cost shock on the speed of adjustment (SOA) toward target capital structure. To look at the impact of an exogenous shock on the speed of adjustment, we employ mandatory contributions (MCs) of defined benefit (DB) pension plans as a measure of the external shock, and find a significant impact of MCs on SOA toward target leverage. This impact of MCs on SOA is negative and more significant for over-levered firms, whereas it is positive but less significant for under-levered firms. This result demonstrates that firms, especially over-levered firms, adjust to their target leverage actively rather than passively. Additionally, we show that this impact of MCs on SOA is heterogeneously determined for the firms with different levels of leverage volatility and managerial entrenchment. Our results are robust when using system GMM estimation to reduce the bias in estimation.
Author : Greg Niehaus
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 (91 download)
Download or read book Defined Benefit Pension Plans and a Firm's Choice of Labor and Capital written by Greg Niehaus and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Randall D. Weiss
Publisher :
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4.E/5 ( download)
Download or read book The Value of Defined Benefit Pension Plans written by Randall D. Weiss and published by . This book was released on 1977 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Federal Reserve Federal Reserve Board
Publisher : CreateSpace
ISBN 13 : 9781503223714
Total Pages : 54 pages
Book Rating : 4.2/5 (237 download)
Download or read book Cost Shifting and the Freezing of Corporate Pension Plans written by Federal Reserve Federal Reserve Board and published by CreateSpace. This book was released on 2014-11-14 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many U.S. corporations have frozen defined benefit (DB) pension plans, replacing new DB promises with contributions to defined contribution (DC) plans. We estimate expected DB accruals from the age-service and salary distributions of a large sample of U.S. corporate pension plans with more than 1,000 employees. Comparing the counterfactual DB accruals to the actual increase in 401(k) and other DC contributions for firms that freeze, we find only partial compensation to employees for the lost DB accruals. Net of the increase in total DC contributions, firms save 2.7-3.6% of payroll per year, and over a 10-year horizon they save 3.1% of total firm assets. Workers would have to value the structure, choice, flexibility, or portability of DC plans by at least this much more to experience welfare gains from freezes. The forgone accruals and net cost effects are initially largest for older employees but over time become largest for middle-aged employees who plan to stay with the firms until retirement. Furthermore, the probability that a firm freezes a pension plan is positively related to the value of new accruals as a share of firm assets. While there are differences in the age-service distributions of firms that freeze versus those that do not, we find that the differential accrual effect is largely driven by differences in benefit factors and the relative importance of labor in the freeze firm's production function. The results overall support the hypothesis that pension freezes affect overall compensation and therefore that they change compensation costs relative to a worker's marginal product.
Author : Kenneth W. Shaw
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Revised Pension Rules and the Cost of Debt written by Kenneth W. Shaw and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statement of Financial Accounting Standards No. 158 significantly changes how firms report the financial position of their defined-benefit pension plans. Under this new standard, firms must report the funded status, equal to the net of the projected benefit obligation and the fair value of their pension plan assets, on the balance sheet. As a result, prior service costs and gains or losses, previously unrecognized but disclosed in footnotes to the financial statements, are included on the balance sheet. Using a sample of firms with defined-benefit pension plans over 1999-2005, this study examines the relation between yield spreads on new debt issues and recognized or disclosed pension information. The results show that both recognized and disclosed pension information are related to yield spreads. Further, there is no significant difference in the relation between pension information and yield spreads depending on the location of pension information in the financial statements. Overall, the results suggest that bond investors utilize both recognized and disclosed pension information in their pricing decisions, suggesting little potential impact of SFAS No. 158 on the cost of debt.
Author : President's Private Sector Survey on Cost Control (U.S.). Management Office
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (89 download)
Download or read book President's Private Sector Survey on Cost Control: Anomalies in the federal work environment written by President's Private Sector Survey on Cost Control (U.S.). Management Office and published by . This book was released on 1983 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jeffrey R. Brown
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 (121 download)
Download or read book 401(k) Matching Contributions in Company Stock written by Jeffrey R. Brown and published by . This book was released on 2004 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark J. Warshawsky
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Accounting for Pensions written by Mark J. Warshawsky and published by . This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : President's Private Sector Survey on Cost Control (U.S.). Management Office
Publisher :
ISBN 13 :
Total Pages : 294 pages
Book Rating : 4.:/5 (327 download)
Download or read book President's Private Sector Survey on Cost Control written by President's Private Sector Survey on Cost Control (U.S.). Management Office and published by . This book was released on 1983 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alicia Haydock Munnell
Publisher : Brookings Institution Press
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Economics of Private Pensions written by Alicia Haydock Munnell and published by Brookings Institution Press. This book was released on 1982 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monograph comparing the economic implications of private pension schemes with the social costs of social security-based old age benefits in the USA - describes the historical background of retirement savings, the taxation system allowing tax deductions for employers' contributions, to private schemes, examines investment behaviour, the effect of inflation on cost of living allowance, social security financing problems, etc. Diagrams, graphs, references and statistical tables.
Author : Charles Brown
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Post-Retirement Adjustments in Defined Benefit Pensions written by Charles Brown and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few private defined benefit pension plans commit to indexing benefits after a worker begins receiving them. Previous (now dated) research found that most plans did, nonetheless, make "voluntary" adjustments, which compensated for roughly 40 percent of the price increases experienced since retirement. In analyzing changes in pension benefits reported by HRS respondents between 1994 and 2008, I find annual increases that are about one third of the increase in the CPI. The increases are concentrated among respondents who report that their benefits are adjusted for inflation. They are larger for workers in public administration than in other industries; perhaps surprisingly, they are not larger in jobs covered by union contracts than those in the non-union sector. The HRS data also show that benefits paid out of defined contribution plans increased, again by roughly one third of the increase in consumer prices.
Author : Julia D'Souza
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Cash Balance Pension Plan Conversions written by Julia D'Souza and published by . This book was released on 2012 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, many corporations have replaced their traditional defined benefit (DB) pension plans with ldquo;cash balancerdquo; (CB) plans, which share many of the characteristics of defined contribution plans. This study provides empirical evidence on the characteristics of CB converters and the behavior of pension costs and obligations pre- and post-conversion. We find that CB converters are larger than firms that retain traditional DB plans as well as those that terminate DB plans. They are less profitable than the former, but more profitable than the latter. CB conversions are not associated with proxies for greater labor mobility (e.g., firm-specific employee turnover rate). They are associated with a workforce that is closer to retirement, on average, lending credence to the breach of implicit contract rather than the labor market hypothesis as a motivator of CB conversions. Consistent with this intuition, we document that CB converters recognize a reduction of unrecognized prior service costs in the year of conversion, consistent with a negative plan amendment. Unlike pre-conversion, pension costs and obligations are significantly lower for CB firms post-conversion than for a matched sample of firms retaining traditional DB plans. CB conversions are more popular than DB plan terminations among firms with overfunded pension plan assets in periods when expected return on plan assets is likely to be high, with a consequent positive effect on reported income.
Author : Joshua Rauh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)
Download or read book Cost Shifting and the Freezing of Corporate Pension Plans written by Joshua Rauh and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. Barton Waring
Publisher :
ISBN 13 : 9781119204725
Total Pages : 288 pages
Book Rating : 4.2/5 (47 download)
Download or read book Pension Finance written by M. Barton Waring and published by . This book was released on 2011 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Defined benefit pension plans are in a severe crisis. With nearly a $4 trillion deficit in the U.S. alone, Canada, the UK, Japan, and Holland also suffer from unfunded liabilities. In short, the pension crisis is nearly global in proportion, and there is little likelihood that plan sponsors will be able to come up with the funds to repair the damage. One of the major problems behind the crisis is the approach: pension plans use actuarial science as the basis of assumptions but are subject to the laws of economic finance in terms of their returns. In short, there is a gap between the world presumed by actuaries who determine funding levels and the world as it come to be as determined by market performance and investment outcomes. Waring tackles this thorny issue head on. Well versed in both economic and actuarial science, he walks professionals through the differences and shows why plan sponsors need to focus on the economic account perspective to meaningfully measure present values. Complete coverage of credit risk and the discount rate to determine liability values is examined, contribution levels are then presented based on this revised approach to actuarial accounting. Pension plan sponsors and their employee representatives must face the economics - and adjust their accounting and actuarial view - to gain a true perspective on achieving sustainable benefit levels. Waring is one of the first investment professionals to tackle this controversial topic head on to present realistic solutions to potentially catastrophic problems looming in the very near term"--
