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Reinventing the Retirement Paradigm
Edited by Robert L. Clark and Olivia S. Mitchell
312 pages
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numerous tables and line drawings
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234x156mm
978-0-19-928460-3
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Hardback
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11 August 2005
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- How should pension and retirement plans deal with an aging workforce, projected labor shortages, low savings rates, and rising pension and health costs?
- Companies are altering, amending, and terminating the conventional plans in the face of poor investment performance and new methods of pension accounting
- A leading group of international pensions and retirement academics and experts consider the issues
- Covers employment trends, pension accounting and investment, the changing meaning of work and retirement, and the eroding trust in traditional pension offerings
This book explores how rising pension and healthcare costs, along with workforce aging, are affecting pension and retirement planning around the world. Many middle-aged workers now realize that they will have to work longer than intended, as they begin to recognize that their retirement resources will be inadequate to finance retirement consumption. Volatile capital markets, rising medical-care costs, and low saving rates make retirement behavior and policy a moving target.
Olivia Mitchell, executive director of The Pension Research
Council at Wharton, and Robert L. Clark, Professor of Business Management and Economics at North Carolina State University, explore these themes with colleagues, touching on a diverse set of issues ranging from employment trends to pension accounting and investment, to retirement system overhaul. They illustrate how employers are actively reformulating the meaning of work and retirement, seeking to encourage more people to work longer than ever before in the face of projected labor shortages. At the same time, public and private trust in traditional pension offerings is rapidly eroding, as companies alter, amend, and terminate their conventional plans in the face of poor investment performance and new methods of pension accounting. Experts from the UK, the US, Japan, Sweden, and Canada
offer international perspectives on the evolving institutions of retirement practice.
This book provides readers a range of insights and strategies not available in other volumes, and it represents an invaluable addition to the PRC/OUP series. It will be particularly valuable for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize pension design and effectiveness; and to actuaries and tax specialists concerned with pension regulation. The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden
public understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.Readership: Economists, actuaries, pension and benefits consultants, pension policymakers, human resource/ industrial relations specialists, public and private employers, and benefits lawyers.
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Edited by Robert L. Clark, Professor of Business Management and Economics, North Carolina State University, and Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania Contributors:
Katharine Abraham, Professor of Survey Methodology and Adjunt Professor of Economics, University of Maryland
Keith Ambachtsheer, President and founder of KPA Advisory Services Ltd.
Gary Anderson, Executive Director of the Texas Municipal Retirement System
William J. Arnone, Partner in the Human Capital Practice of Ernst & Young LLP, New Yrok
Keith Brainard, Research Director, National Association of State Retirement Administrators (NASRA)
Robert L. Clark, Professor of Business Management and Economics, North Carolina State University
Douglas Fore, Principal Research Fellow, TIAA-CREF Institute
Susan Houseman, Senior Economicst at the W.E. Upjohn Institute for Employment Research
Robert Hutchens, Professor of Labor Economics, New York State School of Industrial and Labor Relations, Cornell University
James Klein, President of the American Benefits Council
David McCarthy, Faculty Member, Imperial College, University of London
Olivia S. Mitchell, Executive Director of the Pension Research Council, Wharton School, University of
Pennsylvania
Janemarie Mulvey, Assistant Director of the Research Information Center at Watson Wyatt Worldwide
Steven Nyce, Senior Retirement Research Associate, Research and INformation Centre of Watson Wyatt Worldwide
Pamela Perun, independent consultant on retirement income policy issues
Kerry Papps, doctoral candidate in labor economics, Cornell University
Silvana Pozzebon, Assocaiate Professor, Department of Human Resources Management, HEC Montreal, University of Montreal
Patrick Purcell, CRS
Eugene Steuerle, Senior Fellow at the The Urban Institute, and Co-Director of the Urban-Brookings Tax Policy Center
Annika Sundén, Senior Economist at the Swedish National Social Insurance
Board and a Research Associate at the Center for Retirement Research at Boston College
Masaharu Usuki, Senior Research Fellow at NLI Research Institute, a research affiliate of Nippon Life Insurance Company
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Part I: The State of Play
1: Robert L. Clark and Olivia S. Mitchell: The Changing Retirement Paradigm
2: James Klein: Looking Backward, Looking Forward: Where is Pension Policy Headed?
3: Pamela Perun and Eugene Steuerle: Reality Testing for Pension Reform
Part II: Redefining Retirement
4: Patrick Purcell: Older Workers: Employment and Retirement Trends
5: Katharine Abraham and Susan Houseman: Work and Retirement Plans Among Older Americans
6: David McCarthy: The Future of Pension Plan Design
7: Janemarie Mulvey and Steven Nyce: Strategies to Retain Older Workers
8: Robert Hutchens and Kerry Papps: Developments in Phased Retirement
Part III: Managing the Retirement Promise
9: William J. Arnone: Educating Pension Plan Participants
10: Douglas Fore: Changes in Accounting Practices Will Drive Pension Paradigm Shifts
11: Keith Ambachtsheer: Why Pension Fund Management Needs a Paradigm Shift
12: Gary Anderson and Keith Brainard: Profitable Prudence: the Case For Public Employer Defined Benefit Plans
Part IV: In Search off a New Pension Paradigm: The Global outlook
13: Silvana Pozzebon: The Future of Pensions in Canada
14: Annika Sundén: The Future of Retirement in Sweden
15: Masaharu Usuki: Risk Management and Pension Plan Choice in Japan
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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