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Underfunded Pensions Pension Dumping And Retirement Security
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Book Synopsis Underfunded Pensions, Pension Dumping, and Retirement Security by : Peter Orszag
Download or read book Underfunded Pensions, Pension Dumping, and Retirement Security written by Peter Orszag and published by TheCapitol.Net Inc. This book was released on 2010-12-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. The Pension Benefit Guarantee Corporation (PBGC) is a federal corporation created by ERISA. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans. Although the PBGC's liabilities are not explicitly backed by the full faith and credit of the federal government, Congress could face political pressure to bail out the PBGC at taxpayer expense should the agency become financially insolvent. Bradley Belt, former executive director of the Pension Benefit Guaranty Corporation (PBGC), testified before Congress in October, 2004: "I am particularly concerned with the temptation, and indeed, growing tendency, to use the pension insurance fund as a means to obtain an interest-free and risk-free loan to enable companies to restructure. Unfortunately, the current calculation appears to be that shifting pension liabilities onto other premium payers or potentially taxpayers is the path of least resistance rather than a last resort."
Download or read book Pension Dumping written by Fran Hawthorne and published by John Wiley & Sons. This book was released on 2010-05-20 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fran Hawthorne, author of Pension Dumping, is a recipient of the New York State Society of Certified Public Accountants award for Excellence in Financial Journalism for 2009—the first year books have been honored. Pension plans in America no longer represent commitments that financially troubled companies will honor. Neither bankruptcy courts, nor Washington, nor unions have the clout to make them do so. The disposition of these plans is instead left to serve the needs of big investors. Often these investors are a failing company’s best hope of restructuring after bankruptcy. Investors want a lean investment unburdened with financial promises to employees no longer on the payroll. Despite laws passed to discourage the termination of plans, the courts allow it, caving in to the forces garnered to reinvigorate a failing company. Unions are often compelled to choose between the financial welfare of retirees and jobs for active workers. Pension Dumping explains in shocking detail how terminating the pension plan became a knee-jerk strategy for bankrupt companies that hope to attract big investors to help them reorganize. Hawthorne traces the dynamics and the players involved as a pension is targeted for termination: thebankruptcy court and the hierarchy of power that dictates whose interests will prevail the choices forced on unions the burden placed on the Pension Benefit Guaranty Corporation the risks investors take and the returns they look for the companies’ efforts to salvage what they can as they restructure, as well as the backlash they risk by breaking pension promises In 2008, Pension Dumping was cited in testimony before a Congressional committee investigating bankruptcies in relation to pensions.
Book Synopsis Global Pension Crisis by : Richard A. Marin
Download or read book Global Pension Crisis written by Richard A. Marin and published by John Wiley & Sons. This book was released on 2013-09-03 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future As the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion. Even while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. Global Pension Crisis looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future. Offers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economists Includes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisis Written by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin
Download or read book Pension Ponzi written by Bill Tufts and published by John Wiley & Sons. This book was released on 2011-01-25 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: The vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come. You may think you have planned for your retirement and are safe, but the government must find a way to recover this borrowed money, and they can only do that by raising your taxes and reducing your hard-earned benefits. How did this debt come about, and why can't we simply pay it off? Pension Ponzi lays the blame squarely at the feet of the politicians who refused to stand up to Canada's public sector unions. The fact is Canada's public sector, which accounts for 20% of the workforce, has been grossly overpaid relative to their counterparts in the private sector with cushy pensions paid for with your taxes and new debt. There is no denying that the country does not have the financial resources to ensure that the next generation of Canadians will have the same standard of living as the ones before it-or to support our growing seniors population. Meeting our public sector pension obligations will break the current social safety net that is a pillar of the Canadian way. Can you escape this bleak future? Can you afford to live longer? Nationally-recognized pension expert Bill Tufts and award-winning journalist Lee Fairbanks explore how this catastrophe came about and then suggest ways that government can fix what's broken, and how you as an individual can protect yourself from the financial calamity that is about to engulf Canada.
Book Synopsis How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter by : Gregorio Impavido
Download or read book How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter written by Gregorio Impavido and published by International Monetary Fund. This book was released on 2009-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
Book Synopsis Rescuing Retirement by : Teresa Ghilarducci
Download or read book Rescuing Retirement written by Teresa Ghilarducci and published by Columbia Business School Publi. This book was released on 2018 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. It offers a practical guide to the future of secure retirement.
Book Synopsis State and Local Pension Fund Management by : Jun Peng
Download or read book State and Local Pension Fund Management written by Jun Peng and published by CRC Press. This book was released on 2008-08-21 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intense media coverage of the public pension funding crisis continues to fuel heightened awareness in and debate over public pension benefits. With over $3 trillion in assets currently under management, the ramifications of poor oversight are severe. It is important that practitioners, researchers, and taxpayers be well-advised regarding any concer
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security Publisher : ISBN 13 : Total Pages :936 pages Book Rating :4.3/5 (121 download)
Book Synopsis Retirement Income Security in the United States by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security
Download or read book Retirement Income Security in the United States written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security and published by . This book was released on 1986 with total page 936 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Retirement Heist by : Ellen E. Schultz
Download or read book Retirement Heist written by Ellen E. Schultz and published by National Geographic Books. This book was released on 2012-10-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the 2012 Helen Bernstein Book Award for Excellence in Journalism Hundreds of companies have slashed pensions and health coverage for millions of retirees, claiming that a “perfect storm” of stock market losses, aging workers, and spiraling costs have forced them to take drastic measures. But this so-called retirement crisis is no accident. Ellen E. Schultz, an award-winning investigative reporter formerly of The Wall Street Journal, reveals how large employers and the retirement industry have all played a huge and hidden role in the death spiral of American pensions and benefits. A little over a decade ago, pension plans were fat. But companies used slick accounting and dubious loopholes to turn their pension plans into piggy banks, tax shelters, and profit centers. As pensions weakened, companies slashed benefits for workers while doling out gargantuan pensions to their top executives. Drawing on original analysis of company data, government filings, and confidential memos, Schultz uncovers decades of widespread deception during which employers exaggerated their retiree burdens while tricking employees, misleading shareholders, and lobbying for taxpayer handouts.
Book Synopsis Keeping the Promise of Social Security in Latin America by : Indermit S. Gill
Download or read book Keeping the Promise of Social Security in Latin America written by Indermit S. Gill and published by World Bank Publications. This book was released on 2004-10-25 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling this unfinished agenda, a great deal can be learned from the reform experience of countries in the region. 'Keeping the Promise,' produced by the chief economist's office for the Latin America and Caribbean region at the World Bank, evaluates policy reforms in 12 countries, points to successes and shortcomings, and proposes priorities and options for future reform.
Book Synopsis Fundamentals of Private Pensions by : Dan Mays McGill
Download or read book Fundamentals of Private Pensions written by Dan Mays McGill and published by Oxford University Press, USA. This book was released on 2005 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt: For almost five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on private pensions in the world. The revised and updated Eighth Edition adds to past knowledge while providing exciting new perspectives on the provision of retirement income. This new edition is organized into six main sections dealing with a variety of separable pension issues. Section I provides an introductory discussion on the historical evolution of the pension movement and how pensions fit into the patchwork of the whole retirement income security system in the United States. It includes a discussion about the economics of the tax incentives that have played a role in stimulating pension offerings and in the structure of the benefits provided. Section 2 lays out the regulatory environment in which private pension plans operate. Section 3 investigates the various forms of retirement plans that are available to workers to determine how they are structured in practical terms. Section 4 focuses on the economics of pensions. Several of the chapters in this section update and refine material from the prior. New chapters in this volume describe the conversion of some traditional pensions to new hybrid forms, including cash balance and pension equity plans, and the growing phenomenon of phased retirement and the issues raised for employer-sponsored pensions. Section 5 explores the funding and accounting environments in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as the insurance provision behind the benefit promises implied by the plans. This latest edition of Fundamentals of Private Pensions will prove invaluable reading for both academics and professionals working in the area of pensions and pension management.
Book Synopsis H.R. 3396, the Retirement Protection Act of 1993 by : United States. Congress. House. Committee on Ways and Means
Download or read book H.R. 3396, the Retirement Protection Act of 1993 written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1994 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Restructuring Retirement Risks by : David Blitzstein
Download or read book Restructuring Retirement Risks written by David Blitzstein and published by Oxford University Press, USA. This book was released on 2006-08-03 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting retirement security as a major policy concern, this book addresses the question 'What are the risks & rewards in pensions, & what paths can stakeholders chose to solve these problems?'. It deals with employees' needs & expectations, employers' intentions & realizations, & policymakers' efforts to resolve the many challenges.
Author :United States. Congress. House. Committee on Education and the Workforce Publisher : ISBN 13 : Total Pages :118 pages Book Rating :4.:/5 (327 download)
Book Synopsis The retirement security crisis by : United States. Congress. House. Committee on Education and the Workforce
Download or read book The retirement security crisis written by United States. Congress. House. Committee on Education and the Workforce and published by . This book was released on 2005 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Labor Publisher : ISBN 13 : Total Pages :360 pages Book Rating :4.0/5 ( download)
Book Synopsis Overfunding and underfunding of pension plans by : United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Labor
Download or read book Overfunding and underfunding of pension plans written by United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Labor and published by . This book was released on 1988 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Reform written by Robert Holzmann and published by World Bank Publications. This book was released on 2006 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be 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.
Author :United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions. Subcommittee on Employment, Safety, and Training Publisher : ISBN 13 : Total Pages :120 pages Book Rating :4.0/5 ( download)
Book Synopsis Retirement Security for Working Americans by : United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions. Subcommittee on Employment, Safety, and Training
Download or read book Retirement Security for Working Americans written by United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions. Subcommittee on Employment, Safety, and Training and published by . This book was released on 2002 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
