Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and the Danish …

PAYG and funding may and do coexist in social security systems. The proportions of this coexistence, however, are quite …

Employer-sponsored pensions, the second tier of the United States retirement system, ought to be a major source of … lifetime income in retirement for many, if not most, Americans. However, while employer-sponsored pensions are mandatory or … quasimandatory in many countries, they are voluntary in the United States. That is, employers are not required to offer pensions, and …

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 …