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The regulation of private and public pension plans in the United States begins with the premise that employer-sponsored plans resemble traditional donative, or gift, trusts. Accordingly, the Employee Retirement Income Security Act of 1974 (ERISA) famously “imports” major principles of...
Persistent link: https://www.econbiz.de/10012982283
composition of teacher workforce, and that program benefits far exceeded its costs. We propose mechanisms for observed long …
Persistent link: https://www.econbiz.de/10014247978
Several states have recently attempted to boost retirement saving by adopting "auto-IRA" policies that require employers not currently offering an employer-sponsored retirement plan (ESRP) to either (1) establish an ESRP or (2) enroll employees in state-facilitated Individual Retirement Accounts...
Persistent link: https://www.econbiz.de/10015056142
, funding and policy making. It discusses 'national interest' as defined by the Federal authorities in relation to UI: income … they encourage the acceptance of national standards through conditional funding. During the great recession this proved to … federal intervention including funding mirrors debates on the role of automatic stabilisation mechanisms in the Euro Area. …
Persistent link: https://www.econbiz.de/10011873610
, funding and policy making. It discusses “national interest” as defined by the Federal authorities in relation to UI: income … they encourage the acceptance of national standards through conditional funding. During the great recession this proved to … federal intervention including funding mirrors debates on the role of automatic stabilisation mechanisms in the Euro Area. …
Persistent link: https://www.econbiz.de/10011658805
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited partner. While non U.S. institutional investors gain exposure to infrastructure assets through a mix of direct investments and private fund vehicles, U.S. investors predominantly...
Persistent link: https://www.econbiz.de/10011901262
We examine the impact of population aging on municipal access to credit. A one standard deviation increase in a state's population age leads to a 23 basis point increase in municipal bond issue spread. Three mechanisms drive this effect: income tax revenue, healthcare liabilities, and pension...
Persistent link: https://www.econbiz.de/10012850634
Recordkeepers in DC pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be...
Persistent link: https://www.econbiz.de/10013477213
of healthy funding at the cost of future underfunding. Conversely, adopting a US Treasury discount rate, or another … alternative suggested by previous literature, would cause overstated funding gaps and contribution increases, mainly due to … statutory reserve regulation. For funding purposes, we identify a lower limit to the discount rate, defined as the Value …
Persistent link: https://www.econbiz.de/10014254596
This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and financial information provided by the U.S. Department of Labor, we construct a longevity variable...
Persistent link: https://www.econbiz.de/10013089786