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In this paper we investigate the governance structure of Italian pensions funds. First, we conduct a brief but critical … of interest. Secondly, we assess the governance of closed and open pension funds in Italy by analyzing their bylaws and …
Persistent link: https://www.econbiz.de/10008565781
Companies that freeze defined benefit pension plans save the equivalent of 13.5 percent of the long-horizon payroll of current employees. Furthermore, firms with higher prospective accruals are more likely to freeze their plans. Cost savings would not be possible in a benchmark model in which i)...
Persistent link: https://www.econbiz.de/10011864545
In a defined contribution pension system, one of the main risks faced by members refers to the investment of funds. In this context, we discuss which is the most suitable risk measurement for the affiliates to the pension system. Different life-cycle investment strategies are evaluated under...
Persistent link: https://www.econbiz.de/10013050037
We use the 2008 crisis as an exogenous shock to the annual pension funding ratios of U.S. corporate defined benefit (DB) pension plans to examine the causal impact on the assumption of expected return on pension assets (EROA). Contrary to prior literature, we find that DB pension plans...
Persistent link: https://www.econbiz.de/10012850000
The asset allocation decision is one of the most important decisions made by defined benefit pension schemes, with a major effect on the scheme contribution rate, funding ratio and financial position of the sponsoring company. We investigate the determinants of the equity allocation of UK...
Persistent link: https://www.econbiz.de/10013245402
U.S. corporate sponsors of defined benefit (DB) pension plans in recent years have been de‐risking by paying premiums to transfer their pension plan assets and liabilities to the balance sheets of third‐party insurers. The passage of the Moving Ahead for Progress in the 21st Century Act...
Persistent link: https://www.econbiz.de/10013246003
In this paper we investigate the governance structure of Italian pensions funds. First, we conduct a brief but critical … of interest. Secondly, we assess the governance of closed and open pension funds in Italy by analyzing their bylaws and …
Persistent link: https://www.econbiz.de/10013136610
This paper suggests avenues for strengthening the governance and management of the Japanese Government Pension … major governance reform that aimed at increasing the transparency and autonomy of the fund. While much improved, the new … governance structure still falls short of international best practices and in some aspects does not meet some of the basic …
Persistent link: https://www.econbiz.de/10008784404
guidelines. The paper focuses mainly on the general size and structure of the funds, the investment framework and the governance … of the funds. The internal management of the funds appears to be strong, with governance and risk management structures … la structure des fonds, le cadre des investissements et la gouvernance des fonds. La gestion interne des fonds apparait …
Persistent link: https://www.econbiz.de/10011276656
place internal and external governance mechanisms and investment controls to ensure the sound management of these funds and … pension fund governance and investment management. In particular, the requirements of accountability, suitability and … transparency are broadly met by these reserve funds. However, some specific details of the funds’ governance and investment …
Persistent link: https://www.econbiz.de/10004962905